DCF Tool

AMKR

AMKOR Technology Inc. – Semiconductor and Related Device Manufacturing
Amkor Technology, Inc. is one of the world's largest providers of outsourced semiconductor packaging and test services. Founded in 1968, Amkor pioneered the outsourcing of IC packaging and test and is now a strategic manufacturing partner for the world's leading semiconductor companies, foundries and electronics OEMs. Amkor's operational base includes production facilities, product development centers, and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the USA.
Analysis Results
Intrinsic Value $66.17
Latest Price $22.57
Relative Value 66% undervalued
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Cash Flow (Billions)
Analysis Parameters
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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 28.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 28.8%, 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)
2022 0.778 0.696
2023 1.0 0.802
2024 1.29 0.925
2025 1.66 1.07
2026 2.14 1.23
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 22.4 billion. This corresponds to a present value of 11.5 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.72 billion. Adding in the terminal value gives a total present value of 16.2 billion.

There are presently 245.0 million outstanding shares, so the intrinsic value per share is 66.17.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,856,563,000
Current Cash 1,078,274,000
Current Liabilities 1,679,735,000
Current Debt 183,927,000
Non-Cash Working Capital (NCWC) 282,481,000
Change in NCWC 135,666,000
EBIT 763,433,000
Tax Provision 69,459,000
Depreciation and Amortization 563,582,000
Capital Expenditure -779,779,000
Unlevered Free Cash Flow 608,744,799
Current Assets 2,132,932,000
Current Cash 831,771,000
Current Liabilities 1,315,987,000
Current Debt 161,641,000
Non-Cash Working Capital (NCWC) 146,815,000
Change in NCWC -53,567,000
EBIT 457,245,000
Tax Provision 46,183,000
Depreciation and Amortization 510,396,000
Capital Expenditure -553,021,000
Unlevered Free Cash Flow 306,442,374
Current Assets 2,001,533,000
Current Cash 894,948,000
Current Liabilities 1,059,803,000
Current Debt 153,600,000
Non-Cash Working Capital (NCWC) 200,382,000
Change in NCWC 254,587,000
EBIT 229,868,000
Tax Provision 37,182,000
Depreciation and Amortization 524,177,000
Capital Expenditure -472,433,000
Unlevered Free Cash Flow 482,717,040
Current Assets 1,671,208,000
Current Cash 681,569,000
Current Liabilities 1,158,423,000
Current Debt 114,579,000
Non-Cash Working Capital (NCWC) -54,205,000
Change in NCWC 129,230,000
EBIT 258,144,000
Tax Provision 56,250,000
Depreciation and Amortization 571,961,000
Capital Expenditure -547,122,000
Unlevered Free Cash Flow 334,067,532
Current Assets 1,650,870,000
Current Cash 596,364,000
Current Liabilities 1,361,789,000
Current Debt 123,848,000
Non-Cash Working Capital (NCWC) -183,435,000
Change in NCWC -73,144,000
EBIT 293,204,000
Tax Provision 38,982,000
Depreciation and Amortization 581,940,000
Capital Expenditure -550,943,000
Unlevered Free Cash Flow 213,443,289
Current Assets 1,409,696,000
Current Cash 549,518,000
Current Liabilities 1,005,661,000
Current Debt 35,192,000
Non-Cash Working Capital (NCWC) -110,291,000
Change in NCWC 36,815,000
EBIT 293,940,000
Tax Provision 47,853,000
Depreciation and Amortization 555,186,000
Capital Expenditure -650,038,000
Unlevered Free Cash Flow 170,527,898
Current Assets 1,317,480,000
Current Cash 523,172,000
Current Liabilities 1,018,184,000
Current Debt 76,770,000
Non-Cash Working Capital (NCWC) -147,106,000
Change in NCWC -199,518,000
EBIT 184,946,000
Tax Provision 28,035,000
Depreciation and Amortization 494,200,000
Capital Expenditure -537,975,000
Unlevered Free Cash Flow -117,507,689
Current Assets 1,197,948,000
Current Cash 449,946,000
Current Liabilities 700,590,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 52,412,000
Change in NCWC 60,024,000
EBIT 253,114,000
Tax Provision 33,845,000
Depreciation and Amortization 464,706,000
Capital Expenditure -681,120,000
Unlevered Free Cash Flow 45,650,601
Current Assets 1,232,416,000
Current Cash 610,442,000
Current Liabilities 690,936,000
Current Debt 61,350,000
Non-Cash Working Capital (NCWC) -7,612,000
Change in NCWC -33,345,000
EBIT 242,425,000
Tax Provision 22,646,000
Depreciation and Amortization 410,346,000
Capital Expenditure -566,256,000
Unlevered Free Cash Flow 12,292,606
Current Assets 1,091,408,000
Current Cash 413,048,000
Current Liabilities 652,627,000
Current Debt 0
Non-Cash Working Capital (NCWC) 25,733,000
Change in NCWC 46,325,000
EBIT 158,284,000
Tax Provision 17,001,000
Depreciation and Amortization 370,479,000
Capital Expenditure -533,512,000
Unlevered Free Cash Flow -3,496,882

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