DCF Tool


Ichor Holdings Ltd – Semiconductor and Related Device Manufacturing
ichor is a preferred vendor in the semiconductor, led, oled, alternative energy, data storage and flat panel display markets. ichor operates from a global footprint and combines its world class-design and manufact-uring processes with proven capability for large scale equipment integration and legacy services. as a “turnkey” partner to major original equipment manufacturers (oems), ichor’s customers are able to outsource all non-critical elements of their tool design, production and support in order to focus their resources on process and technology development. ichor possesses deep experience in managing rapid product introductions, worldwide supply chain networks, scheduling flexibility and exacting production quality standards. customers rely on ichor to continually improve product costs, quality, and lead times with expanded services, resulting in numerous supplier-of-the-year awards from leading oems.
Analysis Results
Intrinsic Value $99.95
Latest Price $30.61
Relative Value 69% undervalued
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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 13.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 13.3%, 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 (million) Present value (million)
2023 196 177
2024 222 181
2025 252 185
2026 285 189
2027 323 193
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 3720 million. This corresponds to a present value of 2000 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 925 million. Adding in the terminal value gives a total present value of 2930 million.

There are presently 29.3 million outstanding shares, so the intrinsic value per share is 99.95.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 513,458,000
Current Cash 86,470,000
Current Liabilities 166,292,000
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 268,196,000
Change in NCWC 81,723,000
EBIT 85,823,000
Tax Provision 2,526,000
Depreciation and Amortization 35,100,000
Capital Expenditure -29,433,000
Unlevered Free Cash Flow 170,335,143
Current Assets 462,771,000
Current Cash 75,495,000
Current Liabilities 208,303,000
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 186,473,000
Change in NCWC 96,942,000
EBIT 81,014,000
Tax Provision 2,857,000
Depreciation and Amortization 25,992,000
Capital Expenditure -20,839,000
Unlevered Free Cash Flow 179,970,855
Current Assets 495,714,000
Current Cash 252,899,000
Current Liabilities 162,034,000
Current Debt 8,750,000
Non-Cash Working Capital (NCWC) 89,531,000
Change in NCWC 28,313,000
EBIT 41,552,000
Tax Provision -988,000
Depreciation and Amortization 24,246,000
Capital Expenditure -10,301,000
Unlevered Free Cash Flow 83,810,000
Current Assets 276,947,000
Current Cash 60,612,000
Current Liabilities 163,867,000
Current Debt 8,750,000
Non-Cash Working Capital (NCWC) 61,218,000
Change in NCWC -27,519,000
EBIT 14,977,000
Tax Provision -6,454,000
Depreciation and Amortization 21,869,000
Capital Expenditure -12,343,000
Unlevered Free Cash Flow -3,016,000
Current Assets 211,575,000
Current Cash 43,834,000
Current Liabilities 87,754,000
Current Debt 8,750,000
Non-Cash Working Capital (NCWC) 88,737,000
Change in NCWC 19,808,000
EBIT 63,965,000
Tax Provision -3,664,000
Depreciation and Amortization 23,064,000
Capital Expenditure -13,920,000
Unlevered Free Cash Flow 92,917,000
Current Assets 278,454,000
Current Cash 68,794,000
Current Liabilities 147,221,000
Current Debt 6,490,000
Non-Cash Working Capital (NCWC) 68,929,000
Change in NCWC 63,763,000
EBIT 46,180,000
Tax Provision -13,886,000
Depreciation and Amortization 12,509,000
Capital Expenditure -8,226,000
Unlevered Free Cash Flow 114,226,000

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