DCF Tool

ASML

ASML Holding NV – Semiconductor and Related Device Manufacturing
Analysis Results
Intrinsic Value $382.57
Latest Price $532.84
Relative Value 39% overvalued
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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 30.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 13.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 30.3%, 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 8.29 7.33
2023 10.8 8.45
2024 14.1 9.75
2025 18.3 11.2
2026 23.9 12.9
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 221 billion. This corresponds to a present value of 106 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 49.7 billion. Adding in the terminal value gives a total present value of 156 billion.

There are presently 406.0 million outstanding shares, so the intrinsic value per share is 382.57.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 41,149,131,725
Current Cash 17,170,468,413
Current Liabilities 27,553,101,362
Current Debt 1,151,665,345
Non-Cash Working Capital (NCWC) -2,422,772,706
Change in NCWC -4,868,811,273
EBIT 15,236,774,567
Tax Provision 2,310,569,600
Depreciation and Amortization 1,065,477,072
Capital Expenditure -2,127,108,473
Unlevered Free Cash Flow 7,052,350,266
Current Assets 19,577,648,789
Current Cash 9,034,968,163
Current Liabilities 8,115,568,347
Current Debt 18,926,289
Non-Cash Working Capital (NCWC) 2,446,038,567
Change in NCWC -773,383,534
EBIT 5,088,099,419
Tax Provision 677,782,379
Depreciation and Amortization 603,183,303
Capital Expenditure -1,229,963,019
Unlevered Free Cash Flow 3,004,391,682
Current Assets 13,595,269,768
Current Cash 5,287,553,667
Current Liabilities 5,088,293,998
Current Debt 0
Non-Cash Working Capital (NCWC) 3,219,422,102
Change in NCWC -32,462,667
EBIT 3,148,033,795
Tax Provision 214,837,336
Depreciation and Amortization 502,631,953
Capital Expenditure -992,824,186
Unlevered Free Cash Flow 2,408,612,344
Current Assets 12,037,151,335
Current Cash 4,611,227,694
Current Liabilities 4,334,055,695
Current Debt 160,016,824
Non-Cash Working Capital (NCWC) 3,251,884,769
Change in NCWC 383,482,707
EBIT 3,396,357,102
Tax Provision 401,870,825
Depreciation and Amortization 483,136,512
Capital Expenditure -696,644,675
Unlevered Free Cash Flow 3,160,596,678
Current Assets 10,755,910,648
Current Cash 3,926,797,045
Current Liabilities 3,990,804,684
Current Debt 30,093,144
Non-Cash Working Capital (NCWC) 2,868,402,062
Change in NCWC 1,318,299,568
EBIT 2,960,950,422
Tax Provision 371,029,359
Depreciation and Amortization 498,566,969
Capital Expenditure -427,513,712
Unlevered Free Cash Flow 3,971,591,203
Current Assets 9,038,264,933
Current Cash 4,284,820,567
Current Liabilities 3,464,930,388
Current Debt 261,588,515
Non-Cash Working Capital (NCWC) 1,550,102,493
Change in NCWC 244,727,110
EBIT 1,750,880,910
Tax Provision 231,816,652
Depreciation and Amortization 376,983,533
Capital Expenditure -342,967,901
Unlevered Free Cash Flow 1,802,418,174
Current Assets 8,412,416,102
Current Cash 3,720,375,995
Current Liabilities 3,391,260,735
Current Debt 4,596,011
Non-Cash Working Capital (NCWC) 1,305,375,382
Change in NCWC -528,263,521
EBIT 1,708,235,293
Tax Provision 176,207,007
Depreciation and Amortization 324,028,104
Capital Expenditure -406,970,235
Unlevered Free Cash Flow 918,943,503
Current Assets 8,693,716,909
Current Cash 3,350,805,709
Current Liabilities 3,514,456,015
Current Debt 5,183,719
Non-Cash Working Capital (NCWC) 1,833,638,904
Change in NCWC 250,173,637
EBIT 1,559,902,989
Tax Provision 93,668,267
Depreciation and Amortization 309,787,158
Capital Expenditure -439,456,789
Unlevered Free Cash Flow 1,586,106,249

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