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Fair, Isaac Corp. – Data Processing, Hosting, and Related Services
besi netherlands b.v. is a product division of be semiconductor industries n.v., which is publicly listed as besi on euronext (amsterdam, the netherlands). besi netherlands b.v. develops and manufactures machines for the semiconductor industry under the brand name fico. this includes molding systems, trim & form equipment, laser markers, and singulation systems for leadframe and array connect substrates. besi netherlands b.v. outsources part of its production to sister companies in malaysia and china. the customers of besi netherlands b.v. are leading global manufacturers of chips and their suppliers.
Analysis Results
Intrinsic Value $362.99
Latest Price $889.98
Relative Value 145% overvalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
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 18.1%.

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 18.1%, 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 504 456
2024 595 487
2025 703 520
2026 830 556
2027 981 594
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 11700 million. This corresponds to a present value of 6420 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2610 million. Adding in the terminal value gives a total present value of 9040 million.

There are presently 24.9 million outstanding shares, so the intrinsic value per share is 362.99.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 484,715,000
Current Cash 133,202,000
Current Liabilities 331,459,000
Current Debt 30,000,000
Non-Cash Working Capital (NCWC) 50,054,000
Change in NCWC 3,641,000
EBIT 542,414,000
Tax Provision 97,768,000
Depreciation and Amortization 20,465,000
Capital Expenditure -6,029,000
Unlevered Free Cash Flow 447,973,029
Current Assets 550,974,000
Current Cash 195,354,000
Current Liabilities 559,207,000
Current Debt 250,000,000
Non-Cash Working Capital (NCWC) 46,413,000
Change in NCWC -10,760,000
EBIT 413,307,000
Tax Provision 81,058,000
Depreciation and Amortization 25,592,000
Capital Expenditure -7,569,000
Unlevered Free Cash Flow 349,762,845
Current Assets 534,078,000
Current Cash 157,394,000
Current Liabilities 414,511,000
Current Debt 95,000,000
Non-Cash Working Capital (NCWC) 57,173,000
Change in NCWC -19,279,000
EBIT 340,998,000
Tax Provision 20,589,000
Depreciation and Amortization 30,367,000
Capital Expenditure -21,989,000
Unlevered Free Cash Flow 302,778,681
Current Assets 455,706,000
Current Cash 106,426,000
Current Liabilities 490,828,000
Current Debt 218,000,000
Non-Cash Working Capital (NCWC) 76,452,000
Change in NCWC 15,178,000
EBIT 253,548,000
Tax Provision 23,948,000
Depreciation and Amortization 31,612,000
Capital Expenditure -23,981,000
Unlevered Free Cash Flow 248,255,406
Current Assets 338,512,000
Current Cash 90,023,000
Current Liabilities 422,215,000
Current Debt 235,000,000
Non-Cash Working Capital (NCWC) 61,274,000
Change in NCWC 40,616,000
EBIT 206,437,000
Tax Provision 45,595,000
Depreciation and Amortization 30,182,000
Capital Expenditure -31,299,000
Unlevered Free Cash Flow 195,872,200
Current Assets 310,931,000
Current Cash 105,618,000
Current Liabilities 326,655,000
Current Debt 142,000,000
Non-Cash Working Capital (NCWC) 20,658,000
Change in NCWC -1,977,000
EBIT 181,671,000
Tax Provision 23,068,000
Depreciation and Amortization 36,214,000
Capital Expenditure -19,828,000
Unlevered Free Cash Flow 168,385,869
Current Assets 267,638,000
Current Cash 75,926,000
Current Liabilities 246,077,000
Current Debt 77,000,000
Non-Cash Working Capital (NCWC) 22,635,000
Change in NCWC -25,972,000
EBIT 169,592,000
Tax Provision 35,121,000
Depreciation and Amortization 31,633,000
Capital Expenditure -21,969,000
Unlevered Free Cash Flow 112,084,014
Current Assets 286,602,000
Current Cash 86,120,000
Current Liabilities 243,875,000
Current Debt 92,000,000
Non-Cash Working Capital (NCWC) 48,607,000
Change in NCWC 36,559,000
EBIT 155,747,000
Tax Provision 22,736,000
Depreciation and Amortization 33,889,000
Capital Expenditure -24,999,000
Unlevered Free Cash Flow 168,779,956
Current Assets 288,527,000
Current Cash 105,075,000
Current Liabilities 341,404,000
Current Debt 170,000,000
Non-Cash Working Capital (NCWC) 12,048,000
Change in NCWC -11,082,000
EBIT 166,149,000
Tax Provision 38,252,000
Depreciation and Amortization 32,632,000
Capital Expenditure -12,590,000
Unlevered Free Cash Flow 127,370,069
Current Assets 249,188,000
Current Cash 83,178,000
Current Liabilities 165,880,000
Current Debt 23,000,000
Non-Cash Working Capital (NCWC) 23,130,000
Change in NCWC 18,027,000
EBIT 165,079,000
Tax Provision 41,889,000
Depreciation and Amortization 33,214,000
Capital Expenditure -24,147,000
Unlevered Free Cash Flow 139,780,329
Current Assets 259,325,000
Current Cash 93,617,000
Current Liabilities 209,605,000
Current Debt 49,000,000
Non-Cash Working Capital (NCWC) 5,103,000
Change in NCWC 20,698,000
EBIT 173,483,000
Tax Provision 44,239,000
Depreciation and Amortization 21,549,000
Capital Expenditure -25,483,000
Unlevered Free Cash Flow 133,915,926

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