DCF Tool


ACM Research Inc – Semiconductor and Related Device Manufacturing
acm research, inc., together with its subsidiaries, develops, manufactures, and sells single-wafer wet cleaning equipment for enhancing the manufacturing process and yield for integrated chips worldwide. it offers space alternated phase of megasonic waves to deliver megasonic energy to flat and patterned wafer surfaces in a uniform manner on a microscopic level; timely energized bubble oscillation cleaning equipment for two-dimensional and three-dimensional patterned wafers at advanced process nodes; and single-wafer tools for back-end assembly and packaging equipment, as well as electro-chemical plating equipment for advanced metal plating. the company markets and sells its products under the ultra c brand name through direct sales force and third-party representatives. acm research, inc. was founded in 1998 and is headquartered in fremont, california.
Analysis Results
Intrinsic Value $134.18
Latest Price $17.62
Relative Value 87% undervalued
Thoughts on this result? Let us know.
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 51.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 13.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 51.2%, 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 0.236 0.208
2024 0.356 0.278
2025 0.539 0.372
2026 0.815 0.497
2027 1.23 0.664
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 11.3 billion. This corresponds to a present value of 5.36 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.02 billion. Adding in the terminal value gives a total present value of 7.38 billion.

There are presently 55.0 million outstanding shares, so the intrinsic value per share is 134.18.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 963,806,000
Current Cash 268,160,000
Current Liabilities 396,214,000
Current Debt 58,326,000
Non-Cash Working Capital (NCWC) 357,758,000
Change in NCWC 191,327,000
EBIT 63,701,000
Tax Provision 16,798,000
Depreciation and Amortization 5,366,000
Capital Expenditure -92,520,000
Unlevered Free Cash Flow 151,988,940
Current Assets 952,934,000
Current Cash 592,565,000
Current Liabilities 205,939,000
Current Debt 12,001,000
Non-Cash Working Capital (NCWC) 166,431,000
Change in NCWC 80,950,000
EBIT 43,339,000
Tax Provision 134,000
Depreciation and Amortization 2,353,000
Capital Expenditure -9,712,000
Unlevered Free Cash Flow 116,795,116
Current Assets 260,656,000
Current Cash 100,005,000
Current Liabilities 102,908,000
Current Debt 27,738,000
Non-Cash Working Capital (NCWC) 85,481,000
Change in NCWC -14,905,000
EBIT 22,147,000
Tax Provision -2,382,000
Depreciation and Amortization 1,055,000
Capital Expenditure -5,535,000
Unlevered Free Cash Flow 2,762,000
Current Assets 198,396,000
Current Cash 58,261,000
Current Liabilities 53,502,000
Current Debt 13,753,000
Non-Cash Working Capital (NCWC) 100,386,000
Change in NCWC 68,175,000
EBIT 17,959,000
Tax Provision -518,000
Depreciation and Amortization 788,000
Capital Expenditure -971,000
Unlevered Free Cash Flow 85,951,000
Current Assets 96,028,000
Current Cash 27,124,000
Current Liabilities 46,140,000
Current Debt 9,447,000
Non-Cash Working Capital (NCWC) 32,211,000
Change in NCWC 3,689,000
EBIT 6,594,000
Tax Provision 806,000
Depreciation and Amortization 417,000
Capital Expenditure -1,830,000
Unlevered Free Cash Flow 8,149,842

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.