DCF Tool

MXL

MaxLinear Inc – Semiconductor and Related Device Manufacturing
MaxLinear, Inc. is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for the connectivity and access, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California.
Analysis Results
Intrinsic Value $72.41
Latest Price $35.64
Relative Value 51% undervalued
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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 3.6%. 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)
2023 127 123
2024 143 133
2025 162 145
2026 182 158
2027 205 172
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 6160 million. This corresponds to a present value of 4970 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 731 million. Adding in the terminal value gives a total present value of 5700 million.

There are presently 78.7 million outstanding shares, so the intrinsic value per share is 72.41.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 563,124,000
Current Cash 205,882,000
Current Liabilities 341,086,000
Current Debt 0
Non-Cash Working Capital (NCWC) 16,156,000
Change in NCWC -49,981,000
EBIT 185,319,000
Tax Provision 49,158,000
Depreciation and Amortization 80,731,000
Capital Expenditure -52,437,000
Unlevered Free Cash Flow 111,335,696
Current Assets 404,104,000
Current Cash 130,572,000
Current Liabilities 207,395,000
Current Debt 0
Non-Cash Working Capital (NCWC) 66,137,000
Change in NCWC 86,981,000
EBIT 67,449,000
Tax Provision 5,901,000
Depreciation and Amortization 91,792,000
Capital Expenditure -46,757,000
Unlevered Free Cash Flow 191,150,470
Current Assets 361,718,000
Current Cash 148,901,000
Current Liabilities 233,661,000
Current Debt 0
Non-Cash Working Capital (NCWC) -20,844,000
Change in NCWC -43,344,000
EBIT -97,220,000
Tax Provision -16,259,000
Depreciation and Amortization 76,513,000
Capital Expenditure -15,286,000
Unlevered Free Cash Flow -79,337,000
Current Assets 181,770,000
Current Cash 92,708,000
Current Liabilities 66,562,000
Current Debt 0
Non-Cash Working Capital (NCWC) 22,500,000
Change in NCWC -14,402,000
EBIT -19,421,000
Tax Provision -12,586,000
Depreciation and Amortization 66,401,000
Capital Expenditure -6,973,000
Unlevered Free Cash Flow 25,605,000
Current Assets 180,611,000
Current Cash 73,142,000
Current Liabilities 70,567,000
Current Debt 0
Non-Cash Working Capital (NCWC) 36,902,000
Change in NCWC -16,144,000
EBIT -13,061,000
Tax Provision -6,653,000
Depreciation and Amortization 79,027,000
Capital Expenditure -7,825,000
Unlevered Free Cash Flow 41,997,000
Current Assets 201,304,000
Current Cash 71,872,000
Current Liabilities 76,386,000
Current Debt 0
Non-Cash Working Capital (NCWC) 53,046,000
Change in NCWC 22,560,000
EBIT -10,147,000
Tax Provision -24,811,000
Depreciation and Amortization 66,738,000
Capital Expenditure -12,846,000
Unlevered Free Cash Flow 66,305,000
Current Assets 214,043,000
Current Cash 129,014,000
Current Liabilities 54,543,000
Current Debt 0
Non-Cash Working Capital (NCWC) 30,486,000
Change in NCWC 7,572,000
EBIT 67,791,000
Tax Provision 2,398,000
Depreciation and Amortization 26,703,000
Capital Expenditure -8,902,000
Unlevered Free Cash Flow 90,611,592
Current Assets 190,002,000
Current Cash 111,256,000
Current Liabilities 55,832,000
Current Debt 0
Non-Cash Working Capital (NCWC) 22,914,000
Change in NCWC 24,341,000
EBIT -7,963,000
Tax Provision -575,000
Depreciation and Amortization 40,641,000
Capital Expenditure -3,096,000
Unlevered Free Cash Flow 53,923,000
Current Assets 100,914,000
Current Cash 69,095,000
Current Liabilities 33,246,000
Current Debt 0
Non-Cash Working Capital (NCWC) -1,427,000
Change in NCWC 3,959,000
EBIT -8,858,000
Tax Provision -1,704,000
Depreciation and Amortization 5,107,000
Capital Expenditure -8,800,000
Unlevered Free Cash Flow -8,592,000
Current Assets 93,716,000
Current Cash 61,944,000
Current Liabilities 37,158,000
Current Debt 0
Non-Cash Working Capital (NCWC) -5,386,000
Change in NCWC -1,763,000
EBIT -12,350,000
Tax Provision 402,000
Depreciation and Amortization 3,715,000
Capital Expenditure -4,117,000
Unlevered Free Cash Flow -14,515,000
Current Assets 98,018,000
Current Cash 72,075,000
Current Liabilities 29,568,000
Current Debt 2,000
Non-Cash Working Capital (NCWC) -3,623,000
Change in NCWC -5,058,000
EBIT -12,908,000
Tax Provision 341,000
Depreciation and Amortization 3,531,000
Capital Expenditure -5,445,000
Unlevered Free Cash Flow -19,880,000

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