DCF Tool

VSH

Vishay Intertechnology, Inc. – Semiconductor and Related Device Manufacturing
Vishay manufactures one of the world's largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech.™ Vishay Intertechnology, Inc. is a Fortune 1,000 Company listed on the NYSE.
Analysis Results
Intrinsic Value $41.95
Latest Price $22.26
Relative Value 47% 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 10.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.0%, 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 (million) Present value (million)
2022 296 272
2023 325 275
2024 357 279
2025 393 282
2026 432 286
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6640 million. This corresponds to a present value of 4040 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1390 million. Adding in the terminal value gives a total present value of 5440 million.

There are presently 130.0 million outstanding shares, so the intrinsic value per share is 41.95.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,010,498,000
Current Cash 920,851,000
Current Liabilities 693,667,000
Current Debt 0
Non-Cash Working Capital (NCWC) 395,980,000
Change in NCWC 39,417,000
EBIT 467,802,000
Tax Provision 135,673,000
Depreciation and Amortization 167,037,000
Capital Expenditure -218,372,000
Unlevered Free Cash Flow 309,849,392
Current Assets 1,697,336,000
Current Cash 778,350,000
Current Liabilities 562,423,000
Current Debt 0
Non-Cash Working Capital (NCWC) 356,563,000
Change in NCWC -24,172,000
EBIT 210,453,000
Tax Provision 34,545,000
Depreciation and Amortization 166,230,000
Capital Expenditure -123,599,000
Unlevered Free Cash Flow 182,994,039
Current Assets 1,704,116,000
Current Cash 802,955,000
Current Liabilities 520,428,000
Current Debt 2,000
Non-Cash Working Capital (NCWC) 380,735,000
Change in NCWC 5,255,000
EBIT 286,569,000
Tax Provision 61,508,000
Depreciation and Amortization 164,461,000
Capital Expenditure -156,641,000
Unlevered Free Cash Flow 221,754,287
Current Assets 1,783,886,000
Current Cash 764,318,000
Current Liabilities 644,106,000
Current Debt 18,000
Non-Cash Working Capital (NCWC) 375,480,000
Change in NCWC 42,689,000
EBIT 485,120,000
Tax Provision 70,239,000
Depreciation and Amortization 161,863,000
Capital Expenditure -229,899,000
Unlevered Free Cash Flow 378,016,028
Current Assets 2,192,290,000
Current Cash 1,295,168,000
Current Liabilities 564,335,000
Current Debt 4,000
Non-Cash Working Capital (NCWC) 332,791,000
Change in NCWC 23,574,000
EBIT 322,861,000
Tax Provision 298,924,000
Depreciation and Amortization 163,146,000
Capital Expenditure -170,432,000
Unlevered Free Cash Flow 40,225,000
Current Assets 1,864,472,000
Current Cash 1,098,408,000
Current Liabilities 456,850,000
Current Debt 3,000
Non-Cash Working Capital (NCWC) 309,217,000
Change in NCWC -26,008,000
EBIT 201,796,000
Tax Provision 44,843,000
Depreciation and Amortization 159,363,000
Capital Expenditure -134,635,000
Unlevered Free Cash Flow 104,469,277
Current Assets 1,887,492,000
Current Cash 1,094,547,000
Current Liabilities 457,724,000
Current Debt 4,000
Non-Cash Working Capital (NCWC) 335,225,000
Change in NCWC -27,556,000
EBIT 179,994,000
Tax Provision 182,473,000
Depreciation and Amortization 176,169,000
Capital Expenditure -147,142,000
Unlevered Free Cash Flow -1,008,000
Current Assets 1,926,450,000
Current Cash 1,106,948,000
Current Liabilities 456,739,000
Current Debt 18,000
Non-Cash Working Capital (NCWC) 362,781,000
Change in NCWC -17,257,000
EBIT 225,596,000
Tax Provision 49,300,000
Depreciation and Amortization 179,455,000
Capital Expenditure -156,974,000
Unlevered Free Cash Flow 164,278,877
Current Assets 1,980,680,000
Current Cash 1,151,579,000
Current Liabilities 449,065,000
Current Debt 2,000
Non-Cash Working Capital (NCWC) 380,038,000
Change in NCWC -6,523,000
EBIT 198,718,000
Tax Provision 52,636,000
Depreciation and Amortization 170,132,000
Capital Expenditure -153,077,000
Unlevered Free Cash Flow 149,956,212
Current Assets 1,791,263,000
Current Cash 992,538,000
Current Liabilities 412,170,000
Current Debt 6,000
Non-Cash Working Capital (NCWC) 386,561,000
Change in NCWC -6,113,000
EBIT 177,048,000
Tax Provision 46,506,000
Depreciation and Amortization 168,555,000
Capital Expenditure -150,291,000
Unlevered Free Cash Flow 140,775,455

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