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Axcelis Technologies Inc – Semiconductor and Related Device Manufacturing
Axcelis Technologies Inc., headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process.
Analysis Results
Intrinsic Value $54.02
Latest Price $78.76
Relative Value 46% overvalued
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Cash Flow (Millions)
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 27.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 14.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 27.0%, 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 (million) Present value (million)
2022 121 106
2023 154 117
2024 195 130
2025 248 143
2026 315 159
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2540 million. This corresponds to a present value of 1120 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 654 million. Adding in the terminal value gives a total present value of 1770 million.

There are presently 32.8 million outstanding shares, so the intrinsic value per share is 54.02.

Financial Statements

The following data was to determine the past cash flows.

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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