| Intrinsic Valuation of: ADI | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 4 | Market Cap | $119B | |||||
| 2021 | - | - (-) | P/E Ratio | 65 | Total Asset | $48B | |||||
| 2022 | $2B | - (-) | Net Income | $2B | Total Debt | $7B | |||||
| 2023 | $4B | 57.9% (-3.8%) | EBITDA | $4B | Total Liab | $13B | |||||
| 2024 | $4B | -5.8% (-8.1%) | Opr Margin | 0.22 | Debt/Equity | 0.19 | |||||
| 2025 | $3B | -12.2% (14.6%) | PreTax Margin | 18.54 | BV/Share | -3 | |||||
| 5Y Average FCF | $3B | 13.3% (0.9%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (13.3%) | ||||||||||
| 2026 | $4B | MBG Intrinsic Value | $33 | ||||||||
| 2027 | $4B | ||||||||||
| 2028 | $5B | ||||||||||
| 2029 | $5B | ||||||||||
| 2030 | $6B | ||||||||||
| 2031 | $7B | ||||||||||
| Terminal Value | $137B | Net Worth/Share | $71 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $112B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $216 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $7B | WACC | 7.3% | 188 | 203 | 221 | 243 | 272 | |||
| Equity Value | $107B | 7.4% | 186 | 201 | 219 | 240 | 268 | ||||
| Shares Outstanding | 496,248,000 | 7.4% | 184 | 199 | 216 | 237 | 264 | ||||
| 7.9% | 168 | 180 | 194 | 211 | 232 | ||||||
| DCF Intrinsic Value | $216 | 8.4% | 155 | 165 | 176 | 190 | 207 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||