DCF Tool

COHU

Cohu, Inc. – Semiconductor and Related Device Manufacturing
cohu is a publicly traded (nasdaq: cohu) global company with headquarters in poway, ca in san diego county. we are a leader in the semiconductor test and inspection equipment industry. our customers are global leaders in industries that include automotive, computing, mobility, iot, communications, high-speed memory, industrial, and solid state lighting. the company offers the broadest portfolio of enabling technologies in the industry that can be integrated in any of its handler platforms to optimize semiconductor test and solve some of the most challenging customer requirements. our business groups and products include: digital test handlers – pick-and-place semiconductor test handlers, burn-in related equipment and thermal sub-systems (reference delta design products). analog test handlers – gravity feed, test-in-strip handlers and mems test units (reference rasco products) and turret-based test handling and back-end finishing equipment for ics, leds and discrete components (referenc
Analysis Results
Intrinsic Value $111.35
Latest Price $34.00
Relative Value 69% undervalued
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Cash Flow (Millions)
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 29.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 29.5%, 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)
2023 214 194
2024 277 227
2025 359 266
2026 465 311
2027 602 365
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 7190 million. This corresponds to a present value of 3940 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1360 million. Adding in the terminal value gives a total present value of 5300 million.

There are presently 47.6 million outstanding shares, so the intrinsic value per share is 111.35.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 764,851,000
Current Cash 385,576,000
Current Liabilities 160,872,000
Current Debt 6,311,000
Non-Cash Working Capital (NCWC) 224,714,000
Change in NCWC 31,888,000
EBIT 126,162,000
Tax Provision 29,868,000
Depreciation and Amortization 46,016,000
Capital Expenditure -14,770,000
Unlevered Free Cash Flow 159,558,347
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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