| Intrinsic Valuation of: ILMN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | -6 | Market Cap | $16B | |||||
| 2021 | - | - (-) | P/E Ratio | - | Total Asset | $6B | |||||
| 2022 | $337M | - (-) | Net Income | $-1B | Total Debt | $1B | |||||
| 2023 | $106M | -68.5% (-68.9%) | EBITDA | $-725M | Total Liab | $4B | |||||
| 2024 | $283M | 167.0% (171.7%) | Opr Margin | 0.14 | Debt/Equity | 0.63 | |||||
| 2025 | $709M | 150.5% (158.1%) | PreTax Margin | 11.44 | BV/Share | 6 | |||||
| 5Y Average FCF | $359M | 83.0% (87.0%) | |||||||||
| 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 (25.0%) | ||||||||||
| 2026 | $886M | MBG Intrinsic Value | $-54 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $56B | Net Worth/Share | $15 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $44B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $276 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $1B | WACC | 7.3% | 240 | 259 | 282 | 311 | 347 | |||
| Equity Value | $44B | 7.4% | 237 | 256 | 279 | 307 | 342 | ||||
| Shares Outstanding | 158,300,000 | 7.4% | 235 | 254 | 276 | 303 | 338 | ||||
| 7.9% | 215 | 230 | 248 | 270 | 297 | ||||||
| DCF Intrinsic Value | $276 | 8.4% | 197 | 210 | 225 | 243 | 264 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||