DCF Tool

LSCC

Lattice Semiconductor Corp. – Semiconductor and Related Device Manufacturing
Lattice Semiconductor is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the growing communications, computing, industrial, automotive, and consumer markets. Our technology, long-standing relationships, and commitment to world-class support lets our customers quickly and easily unleash their innovation to create a smart, secure and connected world.
Analysis Results
Intrinsic Value $12.02
Latest Price $62.99
Relative Value 424% 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 25.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 15.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 25.2%, 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 (million) Present value (million)
2022 130 112
2023 162 121
2024 203 131
2025 254 142
2026 319 154
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2370 million. This corresponds to a present value of 990 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 660 million. Adding in the terminal value gives a total present value of 1650 million.

There are presently 137.0 million outstanding shares, so the intrinsic value per share is 12.02.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 301,351,000
Current Cash 131,570,000
Current Liabilities 106,181,000
Current Debt 17,173,000
Non-Cash Working Capital (NCWC) 80,773,000
Change in NCWC -3,769,000
EBIT 102,927,000
Tax Provision 1,704,000
Depreciation and Amortization 31,016,000
Capital Expenditure -21,697,000
Unlevered Free Cash Flow 106,680,474
Current Assets 333,843,000
Current Cash 182,332,000
Current Liabilities 79,731,000
Current Debt 12,762,000
Non-Cash Working Capital (NCWC) 84,542,000
Change in NCWC 18,538,000
EBIT 56,303,000
Tax Provision 1,064,000
Depreciation and Amortization 31,100,000
Capital Expenditure -20,868,000
Unlevered Free Cash Flow 83,836,695
Current Assets 262,430,000
Current Cash 118,081,000
Current Liabilities 99,819,000
Current Debt 21,474,000
Non-Cash Working Capital (NCWC) 66,004,000
Change in NCWC -28,616,000
EBIT 63,705,000
Tax Provision 1,572,000
Depreciation and Amortization 33,056,000
Capital Expenditure -25,191,000
Unlevered Free Cash Flow 40,731,781
Current Assets 284,423,000
Current Cash 128,675,000
Current Liabilities 69,418,000
Current Debt 8,290,000
Non-Cash Working Capital (NCWC) 94,620,000
Change in NCWC 25,185,000
EBIT 28,246,000
Tax Provision 2,353,000
Depreciation and Amortization 39,261,000
Capital Expenditure -16,507,000
Unlevered Free Cash Flow 76,185,000
Current Assets 263,371,000
Current Cash 111,797,000
Current Liabilities 83,647,000
Current Debt 1,508,000
Non-Cash Working Capital (NCWC) 69,435,000
Change in NCWC -4,622,000
EBIT -8,836,000
Tax Provision 849,000
Depreciation and Amortization 57,861,000
Capital Expenditure -21,387,000
Unlevered Free Cash Flow 23,016,000
Current Assets 314,700,000
Current Cash 116,860,000
Current Liabilities 157,550,000
Current Debt 33,767,000
Non-Cash Working Capital (NCWC) 74,057,000
Change in NCWC -5,612,000
EBIT -4,720,000
Tax Provision 9,917,000
Depreciation and Amortization 61,806,000
Capital Expenditure -25,752,000
Unlevered Free Cash Flow 25,722,000
Current Assets 285,863,000
Current Cash 102,574,000
Current Liabilities 111,177,000
Current Debt 7,557,000
Non-Cash Working Capital (NCWC) 79,669,000
Change in NCWC -3,163,000
EBIT -44,380,000
Tax Provision 32,540,000
Depreciation and Amortization 60,808,000
Capital Expenditure -27,724,000
Unlevered Free Cash Flow -14,459,000
Current Assets 398,422,000
Current Cash 254,844,000
Current Liabilities 60,746,000
Current Debt 0
Non-Cash Working Capital (NCWC) 82,832,000
Change in NCWC 31,454,000
EBIT 41,633,000
Tax Provision -5,639,000
Depreciation and Amortization 22,248,000
Capital Expenditure -10,267,000
Unlevered Free Cash Flow 85,068,000
Current Assets 325,801,000
Current Cash 215,815,000
Current Liabilities 58,608,000
Current Debt 0
Non-Cash Working Capital (NCWC) 51,378,000
Change in NCWC 524,000
EBIT 27,174,000
Tax Provision 4,165,000
Depreciation and Amortization 20,807,000
Capital Expenditure -12,500,000
Unlevered Free Cash Flow 31,731,810
Current Assets 287,348,000
Current Cash 183,401,000
Current Liabilities 53,093,000
Current Debt 0
Non-Cash Working Capital (NCWC) 50,854,000
Change in NCWC 12,359,000
EBIT -3,348,000
Tax Provision 20,745,000
Depreciation and Amortization 22,149,000
Capital Expenditure -13,593,000
Unlevered Free Cash Flow 17,567,000

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