Discounted Cash Flow (DCF) Analysis Unlevered
Veeco Instruments Inc. (VECO)
$25.08
+0.23 (+0.93%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 542.08 | 419.35 | 454.16 | 583.28 | 646.14 | 686.31 | 728.97 | 774.29 | 822.42 | 873.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -362.32 | -21.47 | 46.97 | 80.10 | 70.31 | -50.79 | -53.95 | -57.30 | -60.86 | -64.65 |
| EBITDA (%) | ||||||||||
| EBIT | -412.32 | -55.87 | 16.27 | 54.04 | 44.67 | -95.57 | -101.51 | -107.82 | -114.52 | -121.64 |
| EBIT (%) | ||||||||||
| Depreciation | 50 | 34.40 | 30.70 | 26.06 | 25.65 | 44.78 | 47.56 | 50.52 | 53.66 | 56.99 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 260.46 | 244.55 | 319.40 | 223.93 | 302.41 | 359.47 | 381.81 | 405.55 | 430.76 | 457.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 77.20 | 71.02 | 101.24 | 127.90 | 140.73 | 133.39 | 141.68 | 150.49 | 159.84 | 169.78 |
| Account Receivables (%) | ||||||||||
| Inventories | 156.31 | 133.07 | 145.91 | 170.86 | 206.91 | 211.39 | 224.54 | 238.49 | 253.32 | 269.07 |
| Inventories (%) | ||||||||||
| Accounts Payable | 39.61 | 21.28 | 33.66 | 44.46 | 52.05 | 48.69 | 51.71 | 54.93 | 58.34 | 61.97 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -12.65 | -10.87 | -6.80 | -40.64 | -24.60 | -23.61 | -25.08 | -26.64 | -28.29 | -30.05 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 25.08 |
|---|---|
| Beta | 1.267 |
| Diluted Shares Outstanding | 65.61 |
| Cost of Debt | |
| Tax Rate | -227.43 |
| After-tax Cost of Debt | 3.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.673 |
| Total Debt | 308.24 |
| Total Equity | 1,645.42 |
| Total Capital | 1,953.66 |
| Debt Weighting | 15.78 |
| Equity Weighting | 84.22 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 542.08 | 419.35 | 454.16 | 583.28 | 646.14 | 686.31 | 728.97 | 774.29 | 822.42 | 873.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -362.32 | -21.47 | 46.97 | 80.10 | 70.31 | -50.79 | -53.95 | -57.30 | -60.86 | -64.65 |
| EBIT | -412.32 | -55.87 | 16.27 | 54.04 | 44.67 | -95.57 | -101.51 | -107.82 | -114.52 | -121.64 |
| Tax Rate | 6.17% | -1.00% | 0.86% | -1.39% | -227.43% | -44.56% | -44.56% | -44.56% | -44.56% | -44.56% |
| EBIAT | -386.90 | -56.43 | 16.13 | 54.79 | 146.26 | -138.15 | -146.74 | -155.86 | -165.55 | -175.84 |
| Depreciation | 50 | 34.40 | 30.70 | 26.06 | 25.65 | 44.78 | 47.56 | 50.52 | 53.66 | 56.99 |
| Accounts Receivable | - | 6.19 | -30.22 | -26.66 | -12.83 | 7.34 | -8.29 | -8.81 | -9.36 | -9.94 |
| Inventories | - | 23.24 | -12.84 | -24.95 | -36.05 | -4.49 | -13.14 | -13.96 | -14.83 | -15.75 |
| Accounts Payable | - | -18.33 | 12.37 | 10.80 | 7.59 | -3.36 | 3.03 | 3.21 | 3.41 | 3.63 |
| Capital Expenditure | -12.65 | -10.87 | -6.80 | -40.64 | -24.60 | -23.61 | -25.08 | -26.64 | -28.29 | -30.05 |
| UFCF | -349.55 | -21.80 | 9.35 | -0.61 | 106.02 | -117.49 | -142.66 | -151.53 | -160.95 | -170.96 |
| WACC | ||||||||||
| PV UFCF | -108.16 | -120.92 | -118.24 | -115.63 | -113.07 | |||||
| SUM PV UFCF | -576.02 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.62 |
| Free cash flow (t + 1) | -174.38 |
| Terminal Value | -2,634.07 |
| Present Value of Terminal Value | -1,742.12 |
Intrinsic Value
| Enterprise Value | -2,318.14 |
|---|---|
| Net Debt | 153.32 |
| Equity Value | -2,471.46 |
| Shares Outstanding | 65.61 |
| Equity Value Per Share | -37.67 |