DCF Tool

KLIC

Kulicke & Soffa Industries, Inc. – Semiconductor and Related Device Manufacturing
Kulicke & Soffa is a leading provider of semiconductor, LED and electronic assembly solutions serving the global automotive, consumer, communications, computing and industrial markets. Founded in 1951, K&S prides itself on establishing foundations for technological advancement - creating pioneering interconnect solutions that enable performance improvements, power efficiency, form-factor reductions and assembly excellence of current and next-generation semiconductor devices.
Analysis Results
Intrinsic Value $1,669.25
Latest Price $52.62
Relative Value 97% 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 49.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 49.2%, 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)
2023 0.717 0.692
2024 1.07 0.997
2025 1.6 1.44
2026 2.38 2.07
2027 3.55 2.98
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 107 billion. This corresponds to a present value of 86.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 8.18 billion. Adding in the terminal value gives a total present value of 94.6 billion.

There are presently 56.7 million outstanding shares, so the intrinsic value per share is 1669.25.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,332,046,000
Current Cash 775,537,000
Current Liabilities 248,681,000
Current Debt 0
Non-Cash Working Capital (NCWC) 307,828,000
Change in NCWC 47,601,000
EBIT 470,072,000
Tax Provision 43,443,000
Depreciation and Amortization 21,293,000
Capital Expenditure -22,985,000
Unlevered Free Cash Flow 473,167,893
Current Assets 1,351,890,000
Current Cash 739,788,000
Current Liabilities 351,875,000
Current Debt 0
Non-Cash Working Capital (NCWC) 260,227,000
Change in NCWC 88,051,000
EBIT 412,353,000
Tax Provision 47,295,000
Depreciation and Amortization 19,810,000
Capital Expenditure -22,775,000
Unlevered Free Cash Flow 450,383,980
Current Assets 860,196,000
Current Cash 530,127,000
Current Liabilities 157,893,000
Current Debt 0
Non-Cash Working Capital (NCWC) 172,176,000
Change in NCWC -14,653,000
EBIT 58,473,000
Tax Provision 11,998,000
Depreciation and Amortization 19,739,000
Capital Expenditure -11,719,000
Unlevered Free Cash Flow 40,928,944
Current Assets 893,751,000
Current Cash 593,184,000
Current Liabilities 174,642,000
Current Debt 60,904,000
Non-Cash Working Capital (NCWC) 186,829,000
Change in NCWC -12,738,000
EBIT 21,486,000
Tax Provision 22,910,000
Depreciation and Amortization 20,304,000
Capital Expenditure -11,742,000
Unlevered Free Cash Flow 3,068,057
Current Assets 987,273,000
Current Cash 613,630,000
Current Liabilities 174,076,000
Current Debt 0
Non-Cash Working Capital (NCWC) 199,567,000
Change in NCWC 47,576,000
EBIT 166,503,000
Tax Provision 120,744,000
Depreciation and Amortization 19,015,000
Capital Expenditure -20,496,000
Unlevered Free Cash Flow 99,283,614
Current Assets 953,382,000
Current Cash 608,410,000
Current Liabilities 192,981,000
Current Debt 0
Non-Cash Working Capital (NCWC) 151,991,000
Change in NCWC 37,553,000
EBIT 148,480,000
Tax Provision -7,394,000
Depreciation and Amortization 16,257,000
Capital Expenditure -25,590,000
Unlevered Free Cash Flow 176,700,000
Current Assets 780,942,000
Current Cash 547,907,000
Current Liabilities 118,597,000
Current Debt 0
Non-Cash Working Capital (NCWC) 114,438,000
Change in NCWC -20,383,000
EBIT 52,539,000
Tax Provision 7,638,000
Depreciation and Amortization 16,230,000
Capital Expenditure -6,218,000
Unlevered Free Cash Flow 34,838,449
Current Assets 707,369,000
Current Cash 498,614,000
Current Liabilities 73,934,000
Current Debt 0
Non-Cash Working Capital (NCWC) 134,821,000
Change in NCWC -24,433,000
EBIT 37,251,000
Tax Provision -12,934,000
Depreciation and Amortization 18,972,000
Capital Expenditure -10,269,000
Unlevered Free Cash Flow 21,521,000
Current Assets 837,691,000
Current Cash 597,086,000
Current Liabilities 81,351,000
Current Debt 0
Non-Cash Working Capital (NCWC) 159,254,000
Change in NCWC 7,308,000
EBIT 76,984,000
Tax Provision 14,145,000
Depreciation and Amortization 13,520,000
Capital Expenditure -10,138,000
Unlevered Free Cash Flow 73,556,324
Current Assets 754,388,000
Current Cash 525,040,000
Current Liabilities 77,402,000
Current Debt 0
Non-Cash Working Capital (NCWC) 151,946,000
Change in NCWC 2,243,000
EBIT 65,806,000
Tax Provision 7,310,000
Depreciation and Amortization 18,489,000
Capital Expenditure -17,172,000
Unlevered Free Cash Flow 62,150,516
Current Assets 713,316,000
Current Cash 440,244,000
Current Liabilities 123,369,000
Current Debt 0
Non-Cash Working Capital (NCWC) 149,703,000
Change in NCWC 23,372,000
EBIT 179,226,000
Tax Provision 13,671,000
Depreciation and Amortization 17,265,000
Capital Expenditure -6,902,000
Unlevered Free Cash Flow 198,899,682

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