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Photronics, Inc. – Semiconductor and Related Device Manufacturing
photronics is the industry leader in the design, development and production of reticles and photomasks for semiconductor and microelectronic applications. established in connecticut in 1969, the company became a publicly-held corporation in 1987 and today operates nine manufacturing facilities around the globe.
Analysis Results
Intrinsic Value $41.20
Latest Price $28.72
Relative Value 30% 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 24.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 12.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 24.0%, 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)
2024 161 143
2025 200 157
2026 248 172
2027 307 189
2028 381 207
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 3550 million. This corresponds to a present value of 1710 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 868 million. Adding in the terminal value gives a total present value of 2580 million.

There are presently 62.6 million outstanding shares, so the intrinsic value per share is 41.2.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 785,450,000
Current Cash 512,207,000
Current Liabilities 185,223,000
Current Debt 6,621,000
Non-Cash Working Capital (NCWC) 94,641,000
Change in NCWC -7,738,000
EBIT 253,050,000
Tax Provision 70,312,000
Depreciation and Amortization 80,835,000
Capital Expenditure -131,412,000
Unlevered Free Cash Flow 128,823,848
Current Assets 644,652,000
Current Cash 358,500,000
Current Liabilities 193,797,000
Current Debt 10,024,000
Non-Cash Working Capital (NCWC) 102,379,000
Change in NCWC -17,667,000
EBIT 211,883,000
Tax Provision 59,791,000
Depreciation and Amortization 80,330,000
Capital Expenditure -112,543,000
Unlevered Free Cash Flow 109,003,219
Current Assets 550,616,000
Current Cash 276,670,000
Current Liabilities 176,148,000
Current Debt 22,248,000
Non-Cash Working Capital (NCWC) 120,046,000
Change in NCWC 27,833,000
EBIT 91,029,000
Tax Provision 23,190,000
Depreciation and Amortization 90,396,000
Capital Expenditure -109,269,000
Unlevered Free Cash Flow 79,294,506
Current Assets 500,139,000
Current Cash 278,665,000
Current Liabilities 142,939,000
Current Debt 13,678,000
Non-Cash Working Capital (NCWC) 92,213,000
Change in NCWC 12,297,000
EBIT 63,928,000
Tax Provision 21,258,000
Depreciation and Amortization 93,814,000
Capital Expenditure -70,974,000
Unlevered Free Cash Flow 77,003,971
Current Assets 427,527,000
Current Cash 206,530,000
Current Liabilities 151,954,000
Current Debt 10,873,000
Non-Cash Working Capital (NCWC) 79,916,000
Change in NCWC 40,085,000
EBIT 52,121,000
Tax Provision 10,210,000
Depreciation and Amortization 83,879,000
Capital Expenditure -178,470,000
Unlevered Free Cash Flow -12,880,954
Current Assets 502,731,000
Current Cash 329,277,000
Current Liabilities 191,076,000
Current Debt 57,453,000
Non-Cash Working Capital (NCWC) 39,831,000
Change in NCWC -24,135,000
EBIT 65,627,000
Tax Provision 7,335,000
Depreciation and Amortization 84,333,000
Capital Expenditure -92,803,000
Unlevered Free Cash Flow 26,001,917
Current Assets 449,124,000
Current Cash 308,021,000
Current Liabilities 81,776,000
Current Debt 4,639,000
Non-Cash Working Capital (NCWC) 63,966,000
Change in NCWC 12,343,000
EBIT 31,868,000
Tax Provision 5,276,000
Depreciation and Amortization 81,699,000
Capital Expenditure -92,799,000
Unlevered Free Cash Flow 26,781,786
Current Assets 441,586,000
Current Cash 314,074,000
Current Liabilities 81,317,000
Current Debt 5,428,000
Non-Cash Working Capital (NCWC) 51,623,000
Change in NCWC 20,573,000
EBIT 52,475,000
Tax Provision 4,798,000
Depreciation and Amortization 77,613,000
Capital Expenditure -50,160,000
Unlevered Free Cash Flow 96,337,639
Current Assets 364,114,000
Current Cash 205,867,000
Current Liabilities 192,692,000
Current Debt 65,495,000
Non-Cash Working Capital (NCWC) 31,050,000
Change in NCWC 16,223,000
EBIT 72,233,000
Tax Provision 13,181,000
Depreciation and Amortization 75,684,000
Capital Expenditure -104,804,000
Unlevered Free Cash Flow 45,742,293
Current Assets 336,492,000
Current Cash 192,929,000
Current Liabilities 139,117,000
Current Debt 10,381,000
Non-Cash Working Capital (NCWC) 14,827,000
Change in NCWC 4,745,000
EBIT 28,795,000
Tax Provision 9,295,000
Depreciation and Amortization 72,859,000
Capital Expenditure -91,449,000
Unlevered Free Cash Flow 8,474,086
Current Assets 318,466,000
Current Cash 215,615,000
Current Liabilities 104,587,000
Current Debt 11,818,000
Non-Cash Working Capital (NCWC) 10,082,000
Change in NCWC -13,937,000
EBIT 30,569,000
Tax Provision 7,229,000
Depreciation and Amortization 65,994,000
Capital Expenditure -63,792,000
Unlevered Free Cash Flow 10,589,892
Current Assets 319,794,000
Current Cash 218,043,000
Current Liabilities 85,513,000
Current Debt 7,781,000
Non-Cash Working Capital (NCWC) 24,019,000
Change in NCWC -942,000
EBIT 45,743,000
Tax Provision 10,793,000
Depreciation and Amortization 78,623,000
Capital Expenditure -96,978,000
Unlevered Free Cash Flow 14,300,157

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