DCF Tool

DIOD

Diodes, Inc. – Semiconductor and Related Device Manufacturing
Diodes Incorporated, a Standard and Poor's SmallCap 600 and Russell 3000 Index company, delivers high-quality semiconductor products to the world's leading companies in the consumer electronics, computing, communications, industrial, and automotive markets. Diodes Incorporated leverages its expanded product portfolio of discrete, analog, and mixed-signal products and leading-edge packaging technology to meet customers' needs. Its broad range of application-specific solutions and solutions-focused sales, coupled with worldwide operations of 31 sites, including engineering, testing, manufacturing, and customer service, enables us to be a premier provider for high-volume, high-growth markets.
Analysis Results
Intrinsic Value $70.68
Latest Price $79.82
Relative Value 13% overvalued
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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 12.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 12.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 12.8%, 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 (million) Present value (million)
2022 249 223
2023 281 224
2024 317 226
2025 358 227
2026 404 229
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 4120 million. This corresponds to a present value of 2090 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1130 million. Adding in the terminal value gives a total present value of 3210 million.

There are presently 45.5 million outstanding shares, so the intrinsic value per share is 70.68.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,187,672,000
Current Cash 370,141,000
Current Liabilities 471,034,000
Current Debt 35,464,000
Non-Cash Working Capital (NCWC) 381,961,000
Change in NCWC -20,629,000
EBIT 276,231,000
Tax Provision 78,807,000
Depreciation and Amortization 122,435,000
Capital Expenditure -141,195,000
Unlevered Free Cash Flow 167,755,101
Current Assets 1,023,987,000
Current Cash 274,207,000
Current Liabilities 509,762,000
Current Debt 162,572,000
Non-Cash Working Capital (NCWC) 402,590,000
Change in NCWC 93,818,000
EBIT 134,438,000
Tax Provision 21,112,000
Depreciation and Amortization 108,007,000
Capital Expenditure -75,813,000
Unlevered Free Cash Flow 236,864,895
Current Assets 809,959,000
Current Cash 263,215,000
Current Liabilities 285,322,000
Current Debt 47,350,000
Non-Cash Working Capital (NCWC) 308,772,000
Change in NCWC 38,643,000
EBIT 176,179,000
Tax Provision 44,131,000
Depreciation and Amortization 109,584,000
Capital Expenditure -98,505,000
Unlevered Free Cash Flow 186,682,274
Current Assets 734,838,000
Current Cash 248,552,000
Current Liabilities 254,024,000
Current Debt 37,867,000
Non-Cash Working Capital (NCWC) 270,129,000
Change in NCWC 41,701,000
EBIT 154,442,000
Tax Provision 44,556,000
Depreciation and Amortization 104,644,000
Capital Expenditure -87,507,000
Unlevered Free Cash Flow 167,392,923
Current Assets 662,324,000
Current Cash 208,378,000
Current Liabilities 247,162,000
Current Debt 21,644,000
Non-Cash Working Capital (NCWC) 228,428,000
Change in NCWC -55,693,000
EBIT 92,708,000
Tax Provision 62,325,000
Depreciation and Amortization 95,681,000
Capital Expenditure -111,161,000
Unlevered Free Cash Flow -70,779,008
Current Assets 732,782,000
Current Cash 277,644,000
Current Liabilities 185,373,000
Current Debt 14,356,000
Non-Cash Working Capital (NCWC) 284,121,000
Change in NCWC -13,929,000
EBIT 38,056,000
Tax Provision 6,558,000
Depreciation and Amortization 98,965,000
Capital Expenditure -58,549,000
Unlevered Free Cash Flow 54,574,106
Current Assets 750,551,000
Current Cash 283,120,000
Current Liabilities 179,663,000
Current Debt 10,282,000
Non-Cash Working Capital (NCWC) 298,050,000
Change in NCWC 14,178,000
EBIT 43,715,000
Tax Provision 14,082,000
Depreciation and Amortization 80,100,000
Capital Expenditure -133,244,000
Unlevered Free Cash Flow -10,415,296
Current Assets 686,805,000
Current Cash 254,726,000
Current Liabilities 149,271,000
Current Debt 1,064,000
Non-Cash Working Capital (NCWC) 283,872,000
Change in NCWC 4,446,000
EBIT 83,528,000
Tax Provision 20,359,000
Depreciation and Amortization 76,771,000
Capital Expenditure -57,766,000
Unlevered Free Cash Flow 87,203,363
Current Assets 650,085,000
Current Cash 219,557,000
Current Liabilities 156,916,000
Current Debt 5,814,000
Non-Cash Working Capital (NCWC) 279,426,000
Change in NCWC 51,026,000
EBIT 49,350,000
Tax Provision 14,481,000
Depreciation and Amortization 73,607,000
Capital Expenditure -47,054,000
Unlevered Free Cash Flow 108,407,881
Current Assets 491,410,000
Current Cash 157,121,000
Current Liabilities 113,518,000
Current Debt 7,629,000
Non-Cash Working Capital (NCWC) 228,400,000
Change in NCWC 32,823,000
EBIT 21,340,000
Tax Provision 4,825,000
Depreciation and Amortization 64,193,000
Capital Expenditure -58,166,000
Unlevered Free Cash Flow 56,847,723

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