Discounted Cash Flow (DCF) Analysis Unlevered

Vishay Intertechnology, Inc. (VSH)

$21.51

+0.51 (+2.43%)

All numbers are in Millions, Currency in USD

Stock DCF: 32.00 | 21.51 | undervalue

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	3,034.69	2,668.30	2,501.90	3,240.49	3,497.40	3,664.75	3,840.11	4,023.85	4,216.39	4,418.14
Revenue (%)
EBITDA	614.54	423.59	355.25	618.22	772.95	670.67	702.76	736.39	771.63	808.55
EBITDA (%)
EBIT	452.68	259.13	189.02	451.18	608.96	465.56	487.83	511.18	535.64	561.27
EBIT (%)
Depreciation	161.86	164.46	166.23	167.04	163.99	205.12	214.93	225.22	235.99	247.28
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	764.32	802.96	778.35	920.85	916.10	1,033.46	1,082.91	1,134.72	1,189.02	1,245.91
Total Cash (%)
Account Receivables	397.02	328.19	338.63	396.46	416.18	462.13	484.25	507.42	531.70	557.14
Account Receivables (%)
Inventories	479.66	431.68	448.25	536.50	618.88	616.79	646.30	677.23	709.64	743.59
Inventories (%)
Accounts Payable	218.32	173.91	196.20	254.05	189.10	255.07	267.28	280.07	293.47	307.51
Accounts Payable (%)
Capital Expenditure	-229.90	-156.64	-123.60	-218.37	-325.31	-252.33	-264.40	-277.06	-290.31	-304.20
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 21.51
Beta	1.301
Diluted Shares Outstanding	143.91
Cost of Debt
Tax Rate	27.75
After-tax Cost of Debt	1.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.623
Total Debt	634.75
Total Equity	3,095.61
Total Capital	3,730.36
Debt Weighting	17.02
Equity Weighting	82.98
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	3,034.69	2,668.30	2,501.90	3,240.49	3,497.40	3,664.75	3,840.11	4,023.85	4,216.39	4,418.14
EBITDA	614.54	423.59	355.25	618.22	772.95	670.67	702.76	736.39	771.63	808.55
EBIT	452.68	259.13	189.02	451.18	608.96	465.56	487.83	511.18	535.64	561.27
Tax Rate	17.04%	27.56%	22.36%	31.44%	27.75%	25.23%	25.23%	25.23%	25.23%	25.23%
EBIAT	375.54	187.72	146.75	309.33	439.98	348.10	364.76	382.21	400.50	419.66
Depreciation	161.86	164.46	166.23	167.04	163.99	205.12	214.93	225.22	235.99	247.28
Accounts Receivable	-	68.83	-10.44	-57.83	-19.72	-45.96	-22.11	-23.17	-24.28	-25.44
Inventories	-	47.98	-16.57	-88.25	-82.38	2.09	-29.51	-30.93	-32.41	-33.96
Accounts Payable	-	-44.41	22.29	57.85	-64.95	65.97	12.21	12.79	13.40	14.04
Capital Expenditure	-229.90	-156.64	-123.60	-218.37	-325.31	-252.33	-264.40	-277.06	-290.31	-304.20
UFCF	307.51	267.94	184.66	169.77	111.61	322.99	275.86	289.06	302.89	317.39
WACC
PV UFCF						298.18	235.11	227.44	220.02	212.84
SUM PV UFCF										1,193.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.32
Free cash flow (t + 1)	323.73
Terminal Value	5,122.37
Present Value of Terminal Value	3,435.01

Intrinsic Value

Enterprise Value	4,628.59
Net Debt	23.92
Equity Value	4,604.66
Shares Outstanding	143.91
Equity Value Per Share	32.00