| 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 | $22B | |||||
| 2021 | - | - (-) | P/E Ratio | 26 | Total Asset | $7B | |||||
| 2022 | $106M | - (-) | Net Income | $850M | Total Debt | $1B | |||||
| 2023 | $283M | 167.0% (171.7%) | EBITDA | $1B | Total Liab | $4B | |||||
| 2024 | $709M | 150.5% (158.1%) | Opr Margin | 18.81 | Debt/Equity | 0.55 | |||||
| 2025 | $931M | 31.3% (32.2%) | PreTax Margin | 16.49 | BV/Share | 9 | |||||
| 5Y Average FCF | $507M | 15.0% (120.7%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 11.02% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (15.0%) | ||||||||||
| 2026 | $924M | MBG Intrinsic Value | $49 | ||||||||
| 2027 | $1B | ||||||||||
| 2028 | $1B | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $1B | ||||||||||
| 2031 | $1B | ||||||||||
| Terminal Value | $16B | Net Worth/Share | $18 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $13B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $1B | $87 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $1B | WACC | 9.0% | 103 | 109 | 115 | 122 | 131 | |||
| Equity Value | $13B | 10.0% | 91 | 95 | 99 | 104 | 110 | ||||
| Shares Outstanding | 151,300,000 | 11.0% | 81 | 84 | 87 | 91 | 95 | ||||
| 12.0% | 73 | 75 | 78 | 81 | 84 | ||||||
| DCF Intrinsic Value | $87 | 13.0% | 66 | 68 | 70 | 72 | 75 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||