DCF Tool

PLXS

Plexus Corp. – Bare Printed Circuit Board Manufacturing
Since 1979, Plexus has been partnering with companies to create the products that build a better world. The company is formed by a team of approximately 19,000 individuals who are dedicated to providing global Design and Development, Supply Chain Solutions, New Product Introduction, Manufacturing, and Aftermarket Services. Plexus is a global leader that specializes in serving customers in industries with highly complex products and demanding regulatory environments. Plexus delivers customer service excellence to leading global companies by providing innovative, comprehensive solutions throughout the product's lifecycle.
Analysis Results
Intrinsic Value $136.62
Latest Price $80.92
Relative Value 41% 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 6.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 6.8%, 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)
2022 185 172
2023 198 171
2024 211 170
2025 225 169
2026 241 168
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 4520 million. This corresponds to a present value of 2940 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 851 million. Adding in the terminal value gives a total present value of 3790 million.

There are presently 27.7 million outstanding shares, so the intrinsic value per share is 136.62.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,861,772,000
Current Cash 540,344,000
Current Liabilities 2,257,406,000
Current Debt 132,626,000
Non-Cash Working Capital (NCWC) 1,196,648,000
Change in NCWC 659,984,000
EBIT 359,070,000
Tax Provision 42,998,000
Depreciation and Amortization 122,028,000
Capital Expenditure -114,198,000
Unlevered Free Cash Flow 978,759,831
Current Assets 1,779,159,000
Current Cash 385,807,000
Current Liabilities 1,003,517,000
Current Debt 146,829,000
Non-Cash Working Capital (NCWC) 536,664,000
Change in NCWC -13,065,000
EBIT 159,375,000
Tax Provision 17,918,000
Depreciation and Amortization 56,690,000
Capital Expenditure -50,088,000
Unlevered Free Cash Flow 131,820,829
Current Assets 1,538,291,000
Current Cash 223,761,000
Current Liabilities 865,503,000
Current Debt 100,702,000
Non-Cash Working Capital (NCWC) 549,729,000
Change in NCWC 61,978,000
EBIT 143,733,000
Tax Provision 17,339,000
Depreciation and Amortization 52,206,000
Capital Expenditure -90,600,000
Unlevered Free Cash Flow 147,530,675
Current Assets 1,517,161,000
Current Cash 297,269,000
Current Liabilities 737,673,000
Current Debt 5,532,000
Non-Cash Working Capital (NCWC) 487,751,000
Change in NCWC 59,813,000
EBIT 118,283,000
Tax Provision 94,570,000
Depreciation and Amortization 48,296,000
Capital Expenditure -62,780,000
Unlevered Free Cash Flow 59,662,336
Current Assets 1,617,455,000
Current Cash 568,860,000
Current Liabilities 907,591,000
Current Debt 286,934,000
Non-Cash Working Capital (NCWC) 427,938,000
Change in NCWC -516,000
EBIT 129,908,000
Tax Provision 9,761,000
Depreciation and Amortization 45,330,000
Capital Expenditure -38,538,000
Unlevered Free Cash Flow 125,775,193
Current Assets 1,433,347,000
Current Cash 432,964,000
Current Liabilities 650,436,000
Current Debt 78,507,000
Non-Cash Working Capital (NCWC) 428,454,000
Change in NCWC 16,620,000
EBIT 106,473,000
Tax Provision 10,967,000
Depreciation and Amortization 47,414,000
Capital Expenditure -31,123,000
Unlevered Free Cash Flow 126,022,792
Current Assets 1,344,725,000
Current Cash 357,106,000
Current Liabilities 579,298,000
Current Debt 3,513,000
Non-Cash Working Capital (NCWC) 411,834,000
Change in NCWC 70,533,000
EBIT 117,127,000
Tax Provision 11,963,000
Depreciation and Amortization 48,378,000
Capital Expenditure -35,076,000
Unlevered Free Cash Flow 187,779,909
Current Assets 1,230,839,000
Current Cash 346,591,000
Current Liabilities 547,315,000
Current Debt 4,368,000
Non-Cash Working Capital (NCWC) 341,301,000
Change in NCWC 71,946,000
EBIT 111,887,000
Tax Provision 6,112,000
Depreciation and Amortization 47,864,000
Capital Expenditure -65,284,000
Unlevered Free Cash Flow 159,085,345
Current Assets 1,079,022,000
Current Cash 341,865,000
Current Liabilities 471,376,000
Current Debt 3,574,000
Non-Cash Working Capital (NCWC) 269,355,000
Change in NCWC -59,903,000
EBIT 96,623,000
Tax Provision 2,724,000
Depreciation and Amortization 49,476,000
Capital Expenditure -108,122,000
Unlevered Free Cash Flow -25,023,102
Current Assets 1,096,537,000
Current Cash 297,619,000
Current Liabilities 479,871,000
Current Debt 10,211,000
Non-Cash Working Capital (NCWC) 329,258,000
Change in NCWC 122,000
EBIT 104,159,000
Tax Provision 29,142,000
Depreciation and Amortization 49,214,000
Capital Expenditure -63,697,000
Unlevered Free Cash Flow 56,526,397

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