DCF Tool

SMCI

Super Micro Computer Inc – Electronic Computer Manufacturing
Supermicro, the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced server Building Block SolutionsĀ® for Enterprise Data Center, Cloud Computing, Artificial Intelligence, and Edge Computing Systems worldwide. Supermicro is committed to protecting the environment through its 'We Keep IT GreenĀ®' initiative and provides customers with the most energy-efficient, environmentally-friendly solutions available on the market.
Analysis Results
Intrinsic Value $76.67
Latest Price $55.07
Relative Value 28% undervalued
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Cash Flow (Billions)
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 11.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 11.2%, 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 (billion) Present value (billion)
2023 0.255 0.232
2024 0.284 0.235
2025 0.315 0.237
2026 0.35 0.24
2027 0.389 0.242
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5.0 billion. This corresponds to a present value of 2.83 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1.19 billion. Adding in the terminal value gives a total present value of 4.01 billion.

There are presently 52.3 million outstanding shares, so the intrinsic value per share is 76.67.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,806,315,000
Current Cash 267,397,000
Current Liabilities 1,470,024,000
Current Debt 449,146,000
Non-Cash Working Capital (NCWC) 1,518,040,000
Change in NCWC 788,453,000
EBIT 336,373,000
Tax Provision 52,876,000
Depreciation and Amortization 32,471,000
Capital Expenditure -45,182,000
Unlevered Free Cash Flow 1,059,499,595
Current Assets 1,867,259,000
Current Cash 232,266,000
Current Liabilities 968,896,000
Current Debt 63,490,000
Non-Cash Working Capital (NCWC) 729,587,000
Change in NCWC 31,290,000
EBIT 124,120,000
Tax Provision 6,936,000
Depreciation and Amortization 28,185,000
Capital Expenditure -58,016,000
Unlevered Free Cash Flow 118,332,458
Current Assets 1,592,761,000
Current Cash 210,533,000
Current Liabilities 707,635,000
Current Debt 23,704,000
Non-Cash Working Capital (NCWC) 698,297,000
Change in NCWC 107,012,000
EBIT 88,056,000
Tax Provision 2,922,000
Depreciation and Amortization 28,472,000
Capital Expenditure -44,338,000
Unlevered Free Cash Flow 176,252,330
Current Assets 1,421,771,000
Current Cash 248,164,000
Current Liabilities 605,969,000
Current Debt 23,647,000
Non-Cash Working Capital (NCWC) 591,285,000
Change in NCWC -128,840,000
EBIT 94,512,000
Tax Provision 14,884,000
Depreciation and Amortization 24,202,000
Capital Expenditure -24,849,000
Unlevered Free Cash Flow -51,181,039
Current Assets 1,530,878,000
Current Cash 115,377,000
Current Liabilities 811,557,000
Current Debt 116,181,000
Non-Cash Working Capital (NCWC) 720,125,000
Change in NCWC 80,648,000
EBIT 91,107,000
Tax Provision 38,443,000
Depreciation and Amortization 21,846,000
Capital Expenditure -24,824,000
Unlevered Free Cash Flow 127,381,075
Current Assets 1,261,166,000
Current Cash 110,606,000
Current Liabilities 672,530,000
Current Debt 161,447,000
Non-Cash Working Capital (NCWC) 639,477,000
Change in NCWC 192,468,000
EBIT 94,875,000
Tax Provision 24,434,000
Depreciation and Amortization 16,357,000
Capital Expenditure -29,365,000
Unlevered Free Cash Flow 248,940,909
Current Assets 938,002,000
Current Cash 180,964,000
Current Liabilities 363,618,000
Current Debt 53,589,000
Non-Cash Working Capital (NCWC) 447,009,000
Change in NCWC -11,336,000
EBIT 106,850,000
Tax Provision 33,406,000
Depreciation and Amortization 13,282,000
Capital Expenditure -34,108,000
Unlevered Free Cash Flow 40,831,102
Current Assets 914,415,000
Current Cash 95,442,000
Current Liabilities 454,107,000
Current Debt 93,479,000
Non-Cash Working Capital (NCWC) 458,345,000
Change in NCWC 169,468,000
EBIT 146,746,000
Tax Provision 44,033,000
Depreciation and Amortization 8,133,000
Capital Expenditure -35,100,000
Unlevered Free Cash Flow 244,957,460
Current Assets 654,081,000
Current Cash 96,872,000
Current Liabilities 310,886,000
Current Debt 42,554,000
Non-Cash Working Capital (NCWC) 288,877,000
Change in NCWC 71,749,000
EBIT 80,259,000
Tax Provision 25,437,000
Depreciation and Amortization 6,364,000
Capital Expenditure -40,567,000
Unlevered Free Cash Flow 92,155,476
Current Assets 523,192,000
Current Cash 93,038,000
Current Liabilities 241,664,000
Current Debt 28,638,000
Non-Cash Working Capital (NCWC) 217,128,000
Change in NCWC 23,247,000
EBIT 27,158,000
Tax Provision 5,317,000
Depreciation and Amortization 7,835,000
Capital Expenditure -5,001,000
Unlevered Free Cash Flow 47,809,646
Current Assets 481,912,000
Current Cash 80,885,000
Current Liabilities 220,508,000
Current Debt 13,362,000
Non-Cash Working Capital (NCWC) 193,881,000
Change in NCWC 34,317,000
EBIT 46,014,000
Tax Provision 15,498,000
Depreciation and Amortization 7,071,000
Capital Expenditure -24,862,000
Unlevered Free Cash Flow 46,815,430

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