ASML
 
Buylyst Valuation
$368
Market Price
$374.8
Upside
-1%
 

Target Price based on these Assumptions

Sustainable Free Cash Flow
$7,843 Million
Long-Term Discount Rate
5%

Sustainable Free Cash Flow Calculation

Historical Numbers

Cash Flow Items ($mn) Sustainable Level
Revenue 24,000
-

Cost of goods sold

10,800
-

R&D and Cost of labor

3,120
-

Selling, general, and administrative costs

Selling & Admin. Costs

960
-

Other

-
+

Depreciation and amortization

Depreciation 

720
=

Earnings before interest, taxes, depreciation and amortization (EBITDA)

EBITDA

6,000
-

Maintenance capital expenditure

Maintenance Cap-Ex

720
=

Unlevered cash flow

9,120
-

Increases in working capital

Increases in working cap.

0
-

Debt service charges

0
-

Cash taxes

1,277
=

Discretionary cash flow

7,843
POSSIBLY WIDENING THE MOAT:
-

Growth capital expenditure

Growth Cap-Ex

0
-

Cash spent on acquisitions

Acquisitions

0
-

Other

0
POSSIBLE SHENANIGANS:
-

Dividends

-
-

Share Buybacks

-
=

FREE CASH FLOW

7,843

* Click on the orange dot above to read additional notes on the items

Last 12 months ending 03/31/2020.

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