Discounted Cash Flow

Universal Display Corp. \pa\

OLED · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $198.9m $48.1m $73.0m 24.2% $1.02
2017 $335.6m (68.8%) $103.9m (116.1%) $103.6m (41.8%) 31.0% (28.1%) $2.19 (114.7%)
2018 $247.4m (-26.3%) $58.8m (-43.4%) $96.4m (-6.9%) 23.8% (-23.2%) $1.24 (-43.4%)
2019 $405.2m (63.8%) $138.3m (135.1%) $163.9m (70.0%) 34.1% (43.5%) $2.92 (135.5%)
2020 $428.9m (5.8%) $133.4m (-3.6%) $120.8m (-26.3%) 31.1% (-8.9%) $2.80 (-4.1%)
2021 $553.5m (29.1%) $184.2m (38.1%) $147.9m (22.5%) 33.3% (7.0%) $3.87 (38.2%)
2022 $616.6m (11.4%) $210.1m (14.0%) $84.3m (-43.0%) 34.1% (2.4%) $4.41 (14.0%)
2023 $576.4m (-6.5%) $203.0m (-3.4%) $95.0m (12.7%) 35.2% (3.4%) $4.25 (-3.6%)
2024 $647.7m (12.4%) $222.1m (9.4%) $211.1m (122.2%) 34.3% (-2.6%) $4.66 (9.6%)
2025 $650.6m (0.5%) $242.1m (9.0%) $154.4m (-26.9%) 37.2% (8.5%) $5.09 (9.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model