Discounted Cash Flow (DCF) Analysis Unlevered

Aehr Test Systems (AEHR)

$ 11.31
0.49 4.53%

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 16.4919.6810.0214.5018.9029.5521.0622.2916.6017.7118.8920.1521.4922.92
Revenue (%)
EBITDA -3.020.57-6.35-5.97-4.681.27-4.53-2.38-1.89-3.62-3.86-4.12-4.39-4.68
EBITDA (%)
EBIT -3.340.43-6.48-6.17-4.950.85-4.96-2.77-2.20-3.89-4.15-4.43-4.72-5.04
EBIT (%)
Depreciation 0.320.140.130.200.270.420.430.380.310.270.290.310.330.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 2.321.815.530.9417.8016.855.435.434.586.186.597.037.497.99
Total Cash (%)
Account Receivables 2.633.391.380.524.012.864.863.725.2033.203.413.643.89
Account Receivables (%)
Inventories 5.376.157.127.036.609.059.067.998.857.5088.539.109.71
Inventories (%)
Accounts Payable 1.191.890.721.412.811.761.930.942.891.681.791.912.042.18
Accounts Payable (%)
Capital Expenditure -0.13-0.34-0.12-0.92-0.48-0.57-0.17-0.16-0.23-0.34-0.36-0.39-0.42-0.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.31
Beta 1.418
Diluted Shares Outstanding 22.88
Cost of Debt
Tax Rate 8.03
After-tax Cost of Debt 4.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.747
Total Debt 4.82
Total Equity 258.80
Total Capital 263.62
Debt Weighting 1.83
Equity Weighting 98.17
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 16.4919.6810.0214.5018.9029.5521.0622.2916.6017.7118.8920.1521.4922.92
EBITDA -3.020.57-6.35-5.97-4.681.27-4.53-2.38-1.89-3.62-3.86-4.12-4.39-4.68
EBIT -3.340.43-6.48-6.17-4.950.85-4.96-2.77-2.20-3.89-4.15-4.43-4.72-5.04
Tax Rate -0.89%-3.69%-0.51%-0.15%-0.44%-16.04%-0.52%-1.30%8.03%-1.72%-1.72%-1.72%-1.72%-1.72%
EBIAT -3.370.45-6.52-6.18-4.970.99-4.98-2.80-2.03-3.96-4.22-4.50-4.81-5.13
Depreciation 0.320.140.130.200.270.420.430.380.310.270.290.310.330.35
Accounts Receivable --0.762.010.86-3.491.15-21.14-1.482.20-0.20-0.21-0.23-0.24
Inventories --0.78-0.980.090.43-2.45-0.011.07-0.861.35-0.50-0.53-0.57-0.61
Accounts Payable -0.70-1.170.691.39-1.050.17-0.991.95-1.210.110.120.130.14
Capital Expenditure -0.13-0.34-0.12-0.92-0.48-0.57-0.17-0.16-0.23-0.34-0.36-0.39-0.42-0.44
UFCF -3.17-0.58-6.64-5.26-6.84-1.50-6.57-1.36-2.34-1.69-4.88-5.21-5.56-5.93
WACC
PV UFCF -1.15-2.93-2.76-2.59-2.43
SUM PV UFCF -15.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.58
Free cash flow (t + 1) -6.16
Terminal Value -64.35
Present Value of Terminal Value -34.04

Intrinsic Value

Enterprise Value -49.35
Net Debt 0.24
Equity Value -49.59
Shares Outstanding 22.88
Equity Value Per Share -2.17