DCF Tool

COHU

Cohu, Inc. – Semiconductor and Related Device Manufacturing
Cohu is a global leader in back-end semiconductor equipment and services, delivering leading-edge solutions for the manufacturing of semiconductors and printed circuit boards.
Analysis Results
Intrinsic Value $171.67
Latest Price $35.57
Relative Value 79% 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 44.2%.

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 44.2%, 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)
2022 0.272 0.243
2023 0.393 0.313
2024 0.567 0.403
2025 0.817 0.518
2026 1.18 0.667
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 11.9 billion. This corresponds to a present value of 6.03 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.14 billion. Adding in the terminal value gives a total present value of 8.18 billion.

There are presently 47.6 million outstanding shares, so the intrinsic value per share is 171.67.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 750,793,000
Current Cash 379,905,000
Current Liabilities 192,459,000
Current Debt 14,397,000
Non-Cash Working Capital (NCWC) 192,826,000
Change in NCWC 43,871,000
EBIT 132,626,000
Tax Provision 25,019,000
Depreciation and Amortization 48,568,000
Capital Expenditure -12,000,000
Unlevered Free Cash Flow 195,813,773
Current Assets 485,046,000
Current Cash 170,027,000
Current Liabilities 174,453,000
Current Debt 8,389,000
Non-Cash Working Capital (NCWC) 148,955,000
Change in NCWC 7,725,000
EBIT 17,637,000
Tax Provision 666,000
Depreciation and Amortization 52,746,000
Capital Expenditure -18,660,000
Unlevered Free Cash Flow 59,448,000
Current Assets 439,696,000
Current Cash 156,098,000
Current Liabilities 148,885,000
Current Debt 6,517,000
Non-Cash Working Capital (NCWC) 141,230,000
Change in NCWC -25,187,000
EBIT -38,844,000
Tax Provision -3,082,000
Depreciation and Amortization 58,871,000
Capital Expenditure -18,000,000
Unlevered Free Cash Flow -23,160,000
Current Assets 485,239,000
Current Cash 165,020,000
Current Liabilities 160,589,000
Current Debt 6,787,000
Non-Cash Working Capital (NCWC) 166,417,000
Change in NCWC 105,473,000
EBIT -11,077,000
Tax Provision 631,000
Depreciation and Amortization 26,047,000
Capital Expenditure -4,967,000
Unlevered Free Cash Flow 115,476,000
Current Assets 297,438,000
Current Cash 155,615,000
Current Liabilities 85,267,000
Current Debt 4,388,000
Non-Cash Working Capital (NCWC) 60,944,000
Change in NCWC 12,519,000
EBIT 34,748,000
Tax Provision 2,244,000
Depreciation and Amortization 9,195,000
Capital Expenditure -6,093,000
Unlevered Free Cash Flow 48,164,150
Current Assets 245,149,000
Current Cash 128,035,000
Current Liabilities 68,689,000
Current Debt 0
Non-Cash Working Capital (NCWC) 48,425,000
Change in NCWC -5,825,000
EBIT 5,665,000
Tax Provision 2,747,000
Depreciation and Amortization 10,412,000
Capital Expenditure -3,452,000
Unlevered Free Cash Flow 4,209,396
Current Assets 234,463,000
Current Cash 117,022,000
Current Liabilities 63,191,000
Current Debt 0
Non-Cash Working Capital (NCWC) 54,250,000
Change in NCWC -18,974,000
EBIT 4,761,000
Tax Provision 2,211,000
Depreciation and Amortization 11,273,000
Capital Expenditure -6,586,000
Unlevered Free Cash Flow -10,841,328
Current Assets 214,817,000
Current Cash 72,040,000
Current Liabilities 69,553,000
Current Debt 0
Non-Cash Working Capital (NCWC) 73,224,000
Change in NCWC 255,000
EBIT 14,098,000
Tax Provision 3,293,000
Depreciation and Amortization 13,528,000
Capital Expenditure -1,660,000
Unlevered Free Cash Flow 21,135,032
Current Assets 186,848,000
Current Cash 52,868,000
Current Liabilities 61,011,000
Current Debt 0
Non-Cash Working Capital (NCWC) 72,969,000
Change in NCWC -1,505,000
EBIT -35,800,000
Tax Provision -2,328,000
Depreciation and Amortization 13,469,000
Capital Expenditure -3,908,000
Unlevered Free Cash Flow -27,744,000
Current Assets 221,083,000
Current Cash 110,229,000
Current Liabilities 36,380,000
Current Debt 0
Non-Cash Working Capital (NCWC) 74,474,000
Change in NCWC -12,469,000
EBIT -14,084,000
Tax Provision -874,000
Depreciation and Amortization 9,403,000
Capital Expenditure -3,267,000
Unlevered Free Cash Flow -20,417,000

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