DCF Tool

UCTT

Ultra Clean Hldgs Inc – Semiconductor and Related Device Manufacturing
Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, ultra-high purity cleaning and analytical services primarily for the semiconductor industry. Ultra Clean offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping and component manufacturing, and tool chamber parts cleaning and coating, as well as micro-contamination analytical services. Ultra Clean is headquartered in Hayward, California.
Analysis Results
Intrinsic Value $224.93
Latest Price $36.59
Relative Value 84% 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 41.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 41.1%, 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)
2022 0.325 0.292
2023 0.458 0.371
2024 0.646 0.472
2025 0.912 0.6
2026 1.29 0.762
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 14.5 billion. This corresponds to a present value of 7.74 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.5 billion. Adding in the terminal value gives a total present value of 10.2 billion.

There are presently 45.5 million outstanding shares, so the intrinsic value per share is 224.93.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,137,100,000
Current Cash 466,500,000
Current Liabilities 469,100,000
Current Debt 22,100,000
Non-Cash Working Capital (NCWC) 223,600,000
Change in NCWC 72,600,000
EBIT 185,700,000
Tax Provision 27,900,000
Depreciation and Amortization 67,500,000
Capital Expenditure -59,300,000
Unlevered Free Cash Flow 232,922,359
Current Assets 545,100,000
Current Cash 200,300,000
Current Liabilities 201,200,000
Current Debt 7,400,000
Non-Cash Working Capital (NCWC) 151,000,000
Change in NCWC 48,300,000
EBIT 121,400,000
Tax Provision 19,300,000
Depreciation and Amortization 44,800,000
Capital Expenditure -36,400,000
Unlevered Free Cash Flow 154,599,297
Current Assets 467,000,000
Current Cash 162,500,000
Current Liabilities 210,600,000
Current Debt 8,800,000
Non-Cash Working Capital (NCWC) 102,700,000
Change in NCWC -86,453,000
EBIT 29,900,000
Tax Provision 10,000,000
Depreciation and Amortization 41,600,000
Capital Expenditure -26,300,000
Unlevered Free Cash Flow -51,253,000
Current Assets 462,925,000
Current Cash 144,145,000
Current Liabilities 139,298,000
Current Debt 9,671,000
Non-Cash Working Capital (NCWC) 189,153,000
Change in NCWC 44,977,000
EBIT 60,704,000
Tax Provision 15,319,000
Depreciation and Amortization 21,115,000
Capital Expenditure -26,152,000
Unlevered Free Cash Flow 82,852,529
Current Assets 407,448,000
Current Cash 68,306,000
Current Liabilities 207,347,000
Current Debt 12,381,000
Non-Cash Working Capital (NCWC) 144,176,000
Change in NCWC 43,433,000
EBIT 89,397,000
Tax Provision 11,857,000
Depreciation and Amortization 10,712,000
Capital Expenditure -16,149,000
Unlevered Free Cash Flow 115,201,191
Current Assets 237,450,000
Current Cash 52,465,000
Current Liabilities 101,061,000
Current Debt 16,819,000
Non-Cash Working Capital (NCWC) 100,743,000
Change in NCWC 12,674,000
EBIT 22,391,000
Tax Provision 8,896,000
Depreciation and Amortization 11,739,000
Capital Expenditure -7,278,000
Unlevered Free Cash Flow 29,012,972
Current Assets 190,139,000
Current Cash 50,103,000
Current Liabilities 64,711,000
Current Debt 12,744,000
Non-Cash Working Capital (NCWC) 88,069,000
Change in NCWC 15,246,000
EBIT 5,841,000
Tax Provision 14,339,000
Depreciation and Amortization 10,940,000
Capital Expenditure -10,152,000
Unlevered Free Cash Flow 7,536,000
Current Assets 208,447,000
Current Cash 78,997,000
Current Liabilities 66,168,000
Current Debt 9,541,000
Non-Cash Working Capital (NCWC) 72,823,000
Change in NCWC -4,882,000
EBIT 18,184,000
Tax Provision 4,973,000
Depreciation and Amortization 7,888,000
Capital Expenditure -5,334,000
Unlevered Free Cash Flow 10,318,398
Current Assets 200,459,000
Current Cash 60,415,000
Current Liabilities 100,044,000
Current Debt 37,705,000
Non-Cash Working Capital (NCWC) 77,705,000
Change in NCWC -2,573,000
EBIT 15,908,000
Tax Provision 2,175,000
Depreciation and Amortization 9,113,000
Capital Expenditure -2,963,000
Unlevered Free Cash Flow 16,738,758
Current Assets 165,119,000
Current Cash 54,311,000
Current Liabilities 79,236,000
Current Debt 48,706,000
Non-Cash Working Capital (NCWC) 80,278,000
Change in NCWC 12,124,000
EBIT 10,776,000
Tax Provision 1,544,000
Depreciation and Amortization 6,981,000
Capital Expenditure -609,000
Unlevered Free Cash Flow 26,787,582

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