$32.11
+0.75%Photronics, Inc., together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, Korea, Europe, China, and internationally. The company offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, FDP substrates, and other types of electrical and optical components. It sells its products to semiconductor and FPD manufacturers, designers, and foundries, as well as to other high-performance electronics manufacturers through its sales personnel and customer service representatives. The company was formerly known as Photronic Labs, Inc. and changed its name to Photronics, Inc. in 1990. Photronics, Inc. was incorporated in 1969 and is based in Brookfield, Connecticut.
Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation
Base year metrics used for projections
Forecast period and terminal assumptions
Calculation flow from present value to intrinsic value per share
Operating Cash Flow - Maintenance CapEx = Owner Earnings
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $123.9M | $61.9M | $31.0M | $15.5M | $7.7M | $3.9M | $1.9M | $968.0K | $484.0K | $242.0K |
| Maintenance CapEx | -$18.8M | -$9.4M | -$4.7M | -$2.4M | -$1.2M | -$587.9K | -$294.0K | -$147.0K | -$73.5K | -$36.7K |
| Owner Earnings | $105.1M | $52.5M | $26.3M | $13.1M | $6.6M | $3.3M | $1.6M | $821.0K | $410.5K | $205.2K |
| Discount Factor | 0.926 | 0.857 | 0.794 | 0.735 | 0.681 | 0.630 | 0.583 | 0.540 | 0.500 | 0.463 |
| Present Value | $97.3M | $45.0M | $20.9M | $9.7M | $4.5M | $2.1M | $958.1K | $443.5K | $205.3K | $95.1K |
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