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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 135.16103.42230.80256.78319.36415.81377.86445.53525.32619.41730.35
EBITDA (%)
EBIT 96.3219.72129.18156.89217.07288.52231.61273.09322.01379.68447.68
EBIT (%)
Depreciation 38.8383.70101.6299.89102.29127.29146.24172.44203.32239.73282.67
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 384.45394.34351.99406.38625.44482.01735.06866.701,021.931,204.961,420.77
Total Cash (%)
Account Receivables 101.87153.93141.40165.70183.38222.01261.59308.44363.69428.82505.62
Account Receivables (%)
Inventories 94.10163.16173.18183.57198.14268.21287.00338.40399.01470.48554.74
Inventories (%)
Accounts Payable 38.4257.4336.8661.5868.7393.0295.24112.30132.41156.13184.09
Accounts Payable (%)
Capital Expenditure -60.33-57.72-72.00-65.22-93.57-110.08-124.86-147.22-173.58-204.67-241.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 47.96
Diluted Shares Outstanding 141.03
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 6,763.61
Total Capital 7,698.47
Debt Weighting 12.14
Equity Weighting 87.86
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 135.16103.42230.80256.78319.36415.81377.86445.53525.32619.41730.35
EBIT 96.3219.72129.18156.89217.07288.52231.61273.09322.01379.68447.68
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 74.62-11.37114.62127.0199.96273.01127.46150.29177.21208.95246.37
Depreciation 38.8383.70101.6299.89102.29127.29146.24172.44203.32239.73282.67
Accounts Receivable --52.0612.53-24.30-17.67-38.64-39.58-46.85-55.24-65.14-76.80
Inventories --69.06-10.02-10.38-14.58-70.07-18.79-51.40-60.61-71.46-84.26
Accounts Payable -19.02-20.5724.727.1524.292.2217.0620.1123.7127.96
Capital Expenditure --2.6114.28-6.7728.3416.5114.7822.3626.3731.0936.66
UFCF 113.46-32.38212.45210.16205.50332.39232.34263.89311.16366.89432.59
WACC
PV UFCF 207.28210.04220.94232.41244.48
SUM PV UFCF 1,205.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.09
Free cash flow (t + 1) 449.90
Terminal Value 5,561.16
Present Value of Terminal Value 3,142.90

Intrinsic Value

Enterprise Value 4,348.32
Net Debt 452.85
Equity Value 3,895.47
Shares Outstanding 141.03
Equity Value Per Share 27.62