DCF Tool


Axcelis Technologies Inc – Semiconductor and Related Device Manufacturing
axcelis technologies, inc. is a world-leading provider of equipment and services to the semiconductor manufacturing industry. for thirty five years, chipmakers from around the globe have relied on axcelis'‚Äč tools and process expertise to form the transistors that power all electronics - from smartphones and laptops, cameras, personal music players and more. our equipment portfolio comprises a powerful suite of manufacturing technologies for ion implantation, one of the most critical steps in the ic manufacturing process. in addition, we provide extensive aftermarket service and support, including spare parts, equipment upgrades, maintenance services, and customer training. our customers include all of the 20 largest semiconductor manufacturers in the world. more than 3000 of our products are in use worldwide. at our advanced technology center in beverly, mass., we collaborate with customers and other industry experts to develop next-generation applications and process capabilities. we
Analysis Results
Intrinsic Value $375.42
Latest Price $157.82
Relative Value 58% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 55.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 12.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 55.7%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 0.312 0.279
2024 0.487 0.387
2025 0.757 0.538
2026 1.18 0.747
2027 1.84 1.04
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 18.5 billion. This corresponds to a present value of 9.33 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.99 billion. Adding in the terminal value gives a total present value of 12.3 billion.

There are presently 32.8 million outstanding shares, so the intrinsic value per share is 375.42.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 877,645,000
Current Cash 432,166,000
Current Liabilities 248,132,000
Current Debt 1,229,000
Non-Cash Working Capital (NCWC) 198,576,000
Change in NCWC 23,414,000
EBIT 212,361,000
Tax Provision 21,806,000
Depreciation and Amortization 11,607,000
Capital Expenditure -10,683,000
Unlevered Free Cash Flow 214,097,326
Current Assets 619,246,000
Current Cash 294,923,000
Current Liabilities 150,140,000
Current Debt 979,000
Non-Cash Working Capital (NCWC) 175,162,000
Change in NCWC -8,475,000
EBIT 127,325,000
Tax Provision 21,778,000
Depreciation and Amortization 10,818,000
Capital Expenditure -8,718,000
Unlevered Free Cash Flow 97,924,757
Current Assets 470,791,000
Current Cash 203,479,000
Current Liabilities 84,431,000
Current Debt 756,000
Non-Cash Working Capital (NCWC) 183,637,000
Change in NCWC 16,104,000
EBIT 58,041,000
Tax Provision 5,904,000
Depreciation and Amortization 9,939,000
Capital Expenditure -7,434,000
Unlevered Free Cash Flow 70,518,337
Current Assets 375,679,000
Current Cash 139,881,000
Current Liabilities 68,664,000
Current Debt 399,000
Non-Cash Working Capital (NCWC) 167,533,000
Change in NCWC 33,752,000
EBIT 24,205,000
Tax Provision 3,888,000
Depreciation and Amortization 7,880,000
Capital Expenditure -11,969,000
Unlevered Free Cash Flow 49,369,909
Current Assets 396,771,000
Current Cash 177,993,000
Current Liabilities 84,997,000
Current Debt 0
Non-Cash Working Capital (NCWC) 133,781,000
Change in NCWC 6,700,000
EBIT 59,959,000
Tax Provision 8,820,000
Depreciation and Amortization 5,772,000
Capital Expenditure -4,715,000
Unlevered Free Cash Flow 58,048,905
Current Assets 339,775,000
Current Cash 133,407,000
Current Liabilities 79,287,000
Current Debt 0
Non-Cash Working Capital (NCWC) 127,081,000
Change in NCWC 4,874,000
EBIT 47,842,000
Tax Provision -83,128,000
Depreciation and Amortization 5,002,000
Capital Expenditure -7,285,000
Unlevered Free Cash Flow 50,433,000
Current Assets 240,729,000
Current Cash 70,791,000
Current Liabilities 47,731,000
Current Debt 0
Non-Cash Working Capital (NCWC) 122,207,000
Change in NCWC 9,011,000
EBIT 16,905,000
Tax Provision 23,000
Depreciation and Amortization 4,258,000
Capital Expenditure -2,506,000
Unlevered Free Cash Flow 27,632,730
Current Assets 236,453,000
Current Cash 78,889,000
Current Liabilities 44,368,000
Current Debt 0
Non-Cash Working Capital (NCWC) 113,196,000
Change in NCWC -3,618,000
EBIT 20,736,000
Tax Provision 527,000
Depreciation and Amortization 4,869,000
Capital Expenditure -1,830,000
Unlevered Free Cash Flow 19,438,297
Current Assets 185,135,000
Current Cash 30,753,000
Current Liabilities 52,098,000
Current Debt 14,530,000
Non-Cash Working Capital (NCWC) 116,814,000
Change in NCWC 13,185,000
EBIT -8,040,000
Tax Provision 1,099,000
Depreciation and Amortization 4,589,000
Capital Expenditure -896,000
Unlevered Free Cash Flow 8,838,000
Current Assets 184,908,000
Current Cash 46,290,000
Current Liabilities 35,460,000
Current Debt 471,000
Non-Cash Working Capital (NCWC) 103,629,000
Change in NCWC 3,172,000
EBIT -13,451,000
Tax Provision 1,040,000
Depreciation and Amortization 5,075,000
Capital Expenditure -821,000
Unlevered Free Cash Flow -6,025,000
Current Assets 175,225,000
Current Cash 44,986,000
Current Liabilities 29,782,000
Current Debt 0
Non-Cash Working Capital (NCWC) 100,457,000
Change in NCWC -17,227,000
EBIT -34,673,000
Tax Provision 1,646,000
Depreciation and Amortization 6,877,000
Capital Expenditure -591,000
Unlevered Free Cash Flow -45,614,000

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