DCF Tool

TTMI

TTM Technologies Inc – Bare Printed Circuit Board Manufacturing
TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market.
Analysis Results
Intrinsic Value $69.83
Latest Price $16.24
Relative Value 77% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 13.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 13.6%, 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 235 220
2023 267 234
2024 303 250
2025 344 266
2026 391 284
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 8590 million. This corresponds to a present value of 5840 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1250 million. Adding in the terminal value gives a total present value of 7100 million.

There are presently 102.0 million outstanding shares, so the intrinsic value per share is 69.83.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,407,413,000
Current Cash 537,678,000
Current Liabilities 558,148,000
Current Debt 698,000
Non-Cash Working Capital (NCWC) 312,285,000
Change in NCWC 33,138,000
EBIT 130,236,000
Tax Provision 15,639,000
Depreciation and Amortization 127,331,000
Capital Expenditure -81,951,000
Unlevered Free Cash Flow 179,679,430
Current Assets 1,248,758,000
Current Cash 451,565,000
Current Liabilities 518,046,000
Current Debt 0
Non-Cash Working Capital (NCWC) 279,147,000
Change in NCWC 33,308,000
EBIT 114,056,000
Tax Provision -29,891,000
Depreciation and Amortization 166,129,000
Capital Expenditure -103,289,000
Unlevered Free Cash Flow 210,204,000
Current Assets 1,342,684,000
Current Cash 400,154,000
Current Liabilities 946,666,000
Current Debt 249,975,000
Non-Cash Working Capital (NCWC) 245,839,000
Change in NCWC -61,501,000
EBIT 127,102,000
Tax Provision 4,883,000
Depreciation and Amortization 219,870,000
Capital Expenditure -142,576,000
Unlevered Free Cash Flow 129,456,599
Current Assets 1,206,914,000
Current Cash 256,360,000
Current Liabilities 673,214,000
Current Debt 30,000,000
Non-Cash Working Capital (NCWC) 307,340,000
Change in NCWC 211,137,000
EBIT 164,603,000
Tax Provision -83,816,000
Depreciation and Amortization 225,734,000
Capital Expenditure -150,127,000
Unlevered Free Cash Flow 451,347,000
Current Assets 1,221,307,000
Current Cash 409,326,000
Current Liabilities 720,356,000
Current Debt 4,578,000
Non-Cash Working Capital (NCWC) 96,203,000
Change in NCWC -81,948,000
EBIT 213,950,000
Tax Provision 15,231,000
Depreciation and Amortization 174,443,000
Capital Expenditure -151,345,000
Unlevered Free Cash Flow 131,816,783
Current Assets 1,012,841,000
Current Cash 256,277,000
Current Liabilities 689,065,000
Current Debt 110,652,000
Non-Cash Working Capital (NCWC) 178,151,000
Change in NCWC 2,350,000
EBIT 185,750,000
Tax Provision 31,427,000
Depreciation and Amortization 180,481,000
Capital Expenditure -85,139,000
Unlevered Free Cash Flow 196,316,761
Current Assets 1,022,520,000
Current Cash 259,100,000
Current Liabilities 744,994,000
Current Debt 157,375,000
Non-Cash Working Capital (NCWC) 175,801,000
Change in NCWC 24,687,000
EBIT 66,219,000
Tax Provision 34,594,000
Depreciation and Amortization 152,396,000
Capital Expenditure -99,925,000
Unlevered Free Cash Flow 108,783,000
Current Assets 798,123,000
Current Cash 279,042,000
Current Liabilities 496,012,000
Current Debt 128,045,000
Non-Cash Working Capital (NCWC) 151,114,000
Change in NCWC 38,476,000
EBIT 48,384,000
Tax Provision 7,598,000
Depreciation and Amortization 103,736,000
Capital Expenditure -109,624,000
Unlevered Free Cash Flow 64,480,069
Current Assets 804,991,000
Current Cash 330,554,000
Current Liabilities 458,003,000
Current Debt 96,204,000
Non-Cash Working Capital (NCWC) 112,638,000
Change in NCWC -27,275,000
EBIT 65,438,000
Tax Provision 15,879,000
Depreciation and Amortization 101,452,000
Capital Expenditure -103,347,000
Unlevered Free Cash Flow 10,141,830
Current Assets 765,612,000
Current Cash 285,823,000
Current Liabilities 369,880,000
Current Debt 30,004,000
Non-Cash Working Capital (NCWC) 139,913,000
Change in NCWC -15,745,000
EBIT 76,400,000
Tax Provision 12,728,000
Depreciation and Amortization 98,970,000
Capital Expenditure -139,550,000
Unlevered Free Cash Flow 20,075,000

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.