Discounted Cash Flow

Photronics Inc.

PLAB · 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 $483.5m $46.2m $72.0m 9.6% $0.68
2017 $450.7m (-6.8%) $13.1m (-71.6%) $4.9m (-93.2%) 2.9% (-69.5%) $0.19 (-72.1%)
2018 $535.3m (18.8%) $42.1m (220.3%) $38.0m (680.2%) 7.9% (169.7%) $0.61 (221.1%)
2019 $550.7m (2.9%) $29.8m (-29.2%) $-110.0m (-389.6%) 5.4% (-31.1%) $0.45 (-26.2%)
2020 $609.7m (10.7%) $33.8m (13.5%) $72.2m (165.7%) 5.5% (2.5%) $0.52 (15.6%)
2021 $663.8m (8.9%) $55.4m (64.0%) $41.7m (-42.3%) 8.4% (50.6%) $0.90 (73.1%)
2022 $824.5m (24.2%) $118.8m (114.2%) $162.8m (290.8%) 14.4% (72.5%) $1.96 (117.8%)
2023 $892.1m (8.2%) $125.5m (5.6%) $170.9m (4.9%) 14.1% (-2.4%) $2.05 (4.6%)
2024 $866.9m (-2.8%) $130.7m (4.1%) $130.5m (-23.6%) 15.1% (7.2%) $2.12 (3.4%)
2025 $849.3m (-2.0%) $136.4m (4.4%) $59.7m (-54.3%) 16.1% (6.5%) $2.29 (8.0%)

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