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Discounted Cash Flow (DCF) Analysis Unlevered


Entegris Inc.

Entegris Inc. (ENTG)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 693.46962.041,081.041,175.201,342.431,550.371,828.042,155.442,541.482,996.663,533.37
Revenue (%)
EBITDA 135.16103.42230.80256.78319.36415.81382.24450.70531.42626.60738.83
EBITDA (%)
EBIT 96.3219.72129.18156.89217.07288.52227.04267.71315.65372.19438.84
EBIT (%)
Depreciation 38.8383.70101.6299.89102.29127.29155.20183.00215.77254.42299.98
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 384.45394.34351.99406.38625.44482.01679.30800.96944.421,113.561,313.00
Total Cash (%)
Account Receivables 101.87153.93141.40165.70183.38222.01260.13306.72361.65426.43502.80
Account Receivables (%)
Inventories 94.10163.16173.18183.57198.14268.21294.86347.67409.94483.36569.93
Inventories (%)
Accounts Payable 38.4257.4336.8661.5868.7393.0294.14111.01130.89154.33181.97
Accounts Payable (%)
Capital Expenditure -60.33-57.72-72.00-65.22-93.57-110.08-118.09-139.24-164.18-193.58-228.26
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 41.4
Diluted Shares Outstanding 142.61
Cost of Debt
Tax Rate 5.38
After-tax Cost of Debt -0.22
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.11
Total Debt 934.86
Total Equity 5,904.05
Total Capital 6,838.92
Debt Weighting 13.67
Equity Weighting 86.33
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 693.46962.041,081.041,175.201,342.431,550.371,828.042,155.442,541.482,996.663,533.37
EBITDA 135.16103.42230.80256.78319.36415.81382.24450.70531.42626.60738.83
EBIT 96.3219.72129.18156.89217.07288.52227.04267.71315.65372.19438.84
Tax Rate 22.53%157.63%11.27%19.04%53.95%5.38%44.97%44.97%44.97%44.97%44.97%
EBIAT 74.62-11.37114.62127.0199.96273.01124.95147.33173.71204.82241.51
Depreciation 38.8383.70101.6299.89102.29127.29155.20183.00215.77254.42299.98
Accounts Receivable --52.0612.53-24.30-17.67-38.64-38.12-46.59-54.93-64.77-76.37
Inventories --69.06-10.02-10.38-14.58-70.07-26.65-52.81-62.27-73.42-86.57
Accounts Payable -19.02-20.5724.727.1524.291.1216.8619.8823.4427.64
Capital Expenditure --2.6114.28-6.7728.3416.518.0221.1524.9429.4034.67
UFCF 113.46-32.38212.45210.16205.50332.39224.52268.94317.10373.90440.86
WACC
PV UFCF 200.54214.55225.95237.96250.60
SUM PV UFCF 1,219.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.96
Free cash flow (t + 1) 458.49
Terminal Value 5,759.98
Present Value of Terminal Value 3,274.21

Intrinsic Value

Enterprise Value 4,493.94
Net Debt 452.85
Equity Value 4,041.09
Shares Outstanding 142.61
Equity Value Per Share 28.34

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
13.96 (%) 18.60 Sell 19.77 Sell 21.13 Sell 22.75 Sell 24.68 Sell 27.05 Sell 30.02 Sell 33.84 Sell 38.93 Sell
13.46 (%) 17.86 Sell 18.92 Sell 20.16 Sell 21.62 Sell 23.35 Sell 25.45 Sell 28.04 Sell 31.33 Sell 35.64 Sell
12.96 (%) 17.17 Sell 18.15 Sell 19.28 Sell 20.59 Sell 22.15 Sell 24.01 Sell 26.30 Sell 29.16 Sell 32.84 Sell
12.46 (%) 16.54 Sell 17.43 Sell 18.46 Sell 19.66 Sell 21.06 Sell 22.73 Sell 24.75 Sell 27.26 Sell 30.43 Sell
11.96 (%) 15.95 Sell 16.77 Sell 17.71 Sell 18.80 Sell 20.07 Sell 21.57 Sell 23.37 Sell 25.58 Sell 28.34 Sell
11.46 (%) 15.40 Sell 16.16 Sell 17.02 Sell 18.02 Sell 19.17 Sell 20.52 Sell 22.14 Sell 24.09 Sell 26.50 Sell
10.96 (%) 14.89 Sell 15.59 Sell 16.39 Sell 17.30 Sell 18.35 Sell 19.57 Sell 21.02 Sell 22.76 Sell 24.89 Sell
10.46 (%) 14.42 Sell 15.07 Sell 15.80 Sell 16.63 Sell 17.59 Sell 18.70 Sell 20.01 Sell 21.57 Sell 23.45 Sell
9.96 (%) 13.97 Sell 14.58 Sell 15.25 Sell 16.02 Sell 16.90 Sell 17.91 Sell 19.09 Sell 20.49 Sell 22.17 Sell