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Sanmina Corp – Bare Printed Circuit Board Manufacturing
sanmina corporation (nasdaq: sanm) is a leading integrated manufacturing solutions provider serving the fastest-growing segments of the global electronics manufacturing services (ems) market. recognized as a technology leader, sanmina corporationprovides end-to-end manufacturing solutions, delivering superior quality and support to original equipment manufacturers (oems) primarily in the communications networks, defense and aerospace, industrial and semiconductor systems, medical, multimedia, computing and storage, automotive and clean technology sectors. sanmina corporation has facilities strategically located in key regions throughout the world.
Analysis Results
Intrinsic Value $280.98
Latest Price $65.56
Relative Value 77% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
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 25.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 25.0%, 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 (billion) Present value (billion)
2024 0.661 0.602
2025 0.826 0.685
2026 1.03 0.78
2027 1.29 0.887
2028 1.61 1.01
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 21.0 billion. This corresponds to a present value of 12.0 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.96 billion. Adding in the terminal value gives a total present value of 16.0 billion.

There are presently 56.8 million outstanding shares, so the intrinsic value per share is 280.98.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,879,570,000
Current Cash 667,570,000
Current Liabilities 2,033,332,000
Current Debt 25,945,000
Non-Cash Working Capital (NCWC) 1,204,613,000
Change in NCWC 297,780,000
EBIT 461,712,000
Tax Provision 85,294,000
Depreciation and Amortization 118,237,000
Capital Expenditure -191,367,000
Unlevered Free Cash Flow 590,963,270
Current Assets 3,890,615,000
Current Cash 529,857,000
Current Liabilities 2,471,425,000
Current Debt 17,500,000
Non-Cash Working Capital (NCWC) 906,833,000
Change in NCWC 19,432,000
EBIT 356,294,000
Tax Provision 61,936,000
Depreciation and Amortization 108,783,000
Capital Expenditure -138,639,000
Unlevered Free Cash Flow 272,876,399
Current Assets 3,281,664,000
Current Cash 650,026,000
Current Liabilities 1,762,987,000
Current Debt 18,750,000
Non-Cash Working Capital (NCWC) 887,401,000
Change in NCWC 52,324,000
EBIT 296,357,000
Tax Provision 38,007,000
Depreciation and Amortization 109,656,000
Capital Expenditure -73,296,000
Unlevered Free Cash Flow 348,352,214
Current Assets 2,819,442,000
Current Cash 480,526,000
Current Liabilities 1,522,589,000
Current Debt 18,750,000
Non-Cash Working Capital (NCWC) 835,077,000
Change in NCWC 13,557,000
EBIT 262,212,000
Tax Provision 61,045,000
Depreciation and Amortization 114,218,000
Capital Expenditure -65,982,000
Unlevered Free Cash Flow 244,273,524
Current Assets 2,920,929,000
Current Cash 454,741,000
Current Liabilities 1,683,022,000
Current Debt 38,354,000
Non-Cash Working Capital (NCWC) 821,520,000
Change in NCWC 35,195,000
EBIT 299,870,000
Tax Provision 104,104,000
Depreciation and Amortization 116,949,000
Capital Expenditure -134,674,000
Unlevered Free Cash Flow 190,242,069
Current Assets 3,014,427,000
Current Cash 419,528,000
Current Liabilities 2,401,895,000
Current Debt 593,321,000
Non-Cash Working Capital (NCWC) 786,325,000
Change in NCWC 104,363,000
EBIT 179,197,000
Tax Provision 193,072,000
Depreciation and Amortization 118,820,000
Capital Expenditure -118,881,000
Unlevered Free Cash Flow 90,427,000
Current Assets 2,616,250,000
Current Cash 406,661,000
Current Liabilities 1,616,043,000
Current Debt 88,416,000
Non-Cash Working Capital (NCWC) 681,962,000
Change in NCWC 77,445,000
EBIT 230,955,000
Tax Provision 74,647,000
Depreciation and Amortization 118,751,000
Capital Expenditure -111,833,000
Unlevered Free Cash Flow 234,560,561
Current Assets 2,375,652,000
Current Cash 398,288,000
Current Liabilities 1,401,263,000
Current Debt 28,416,000
Non-Cash Working Capital (NCWC) 604,517,000
Change in NCWC -114,004,000
EBIT 228,486,000
Tax Provision 16,779,000
Depreciation and Amortization 111,910,000
Capital Expenditure -120,400,000
Unlevered Free Cash Flow 87,255,694
Current Assets 2,397,915,000
Current Cash 412,253,000
Current Liabilities 1,380,557,000
Current Debt 113,416,000
Non-Cash Working Capital (NCWC) 718,521,000
Change in NCWC 110,897,000
EBIT 209,431,000
Tax Provision -201,068,000
Depreciation and Amortization 100,567,000
Capital Expenditure -119,097,000
Unlevered Free Cash Flow 301,798,000
Current Assets 2,450,974,000
Current Cash 466,607,000
Current Liabilities 1,534,137,000
Current Debt 157,394,000
Non-Cash Working Capital (NCWC) 607,624,000
Change in NCWC -9,666,000
EBIT 211,702,000
Tax Provision -35,426,000
Depreciation and Amortization 97,677,000
Capital Expenditure -69,507,000
Unlevered Free Cash Flow 230,206,000
Current Assets 2,204,588,000
Current Cash 402,875,000
Current Liabilities 1,206,724,000
Current Debt 22,301,000
Non-Cash Working Capital (NCWC) 617,290,000
Change in NCWC -139,839,000
EBIT 161,278,000
Tax Provision 24,055,000
Depreciation and Amortization 96,021,000
Capital Expenditure -75,950,000
Unlevered Free Cash Flow 3,992,425
Current Assets 2,326,299,000
Current Cash 409,618,000
Current Liabilities 1,219,547,000
Current Debt 59,995,000
Non-Cash Working Capital (NCWC) 757,129,000
Change in NCWC -26,144,000
EBIT 169,953,000
Tax Provision -130,291,000
Depreciation and Amortization 99,477,000
Capital Expenditure -78,631,000
Unlevered Free Cash Flow 164,655,000

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