DCF Tool

TTMI

TTM Technologies Inc – Bare Printed Circuit Board Manufacturing
would you like to be part of a global technology leader focused on bringing the world’s rapidly evolving products to market? at ttm technologies, we manufacture the printed circuit boards (pcbs) that go into just about everything you can imagine. our high technology pcbs are the electronic foundation for products as varied as cutting edge smart phones, to the newest computerized automobiles, to computing and communication networks that support the internet, to the world’s most advanced radar systems used in military aircraft and ships. at ttm you can be part of a company built upon honesty, integrity, performance and clear communication. no matter what discipline you are interested in, whether it is manufacturing, sales, finance, hr, management or many others, the teams at ttm all work together to collaborate and achieve the best solutions for our customers. with over 30,000 employees in factories and offices located around the world, you can create a future at ttm that will provide gr
Analysis Results
Intrinsic Value $42.08
Latest Price $14.97
Relative Value 64% 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 10.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.9%, 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)
2023 229 211
2024 254 215
2025 282 219
2026 313 224
2027 347 228
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5270 million. This corresponds to a present value of 3190 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1100 million. Adding in the terminal value gives a total present value of 4290 million.

There are presently 102.0 million outstanding shares, so the intrinsic value per share is 42.08.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,493,056,000
Current Cash 402,749,000
Current Liabilities 761,325,000
Current Debt 50,000,000
Non-Cash Working Capital (NCWC) 378,982,000
Change in NCWC 66,697,000
EBIT 162,698,000
Tax Provision 88,280,000
Depreciation and Amortization 133,907,000
Capital Expenditure -102,884,000
Unlevered Free Cash Flow 181,872,972
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

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