| Intrinsic Valuation of: KLAC | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 30 | Market Cap | $115B | |||||
| 2021 | - | - (-) | P/E Ratio | 29 | Total Asset | $16B | |||||
| 2022 | $3B | - (-) | Net Income | $4B | Total Debt | $6B | |||||
| 2023 | $3B | 10.7% (-2.8%) | EBITDA | $5B | Total Liab | $11B | |||||
| 2024 | $3B | -8.9% (-2.6%) | Opr Margin | 0.41 | Debt/Equity | 1.25 | |||||
| 2025 | $4B | 23.4% (-0.4%) | PreTax Margin | 38.76 | BV/Share | 19 | |||||
| 5Y Average FCF | $3B | 8.4% (-1.9%) | |||||||||
| 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 (8.4%) | ||||||||||
| 2026 | $4B | MBG Intrinsic Value | $272 | ||||||||
| 2027 | $4B | ||||||||||
| 2028 | $5B | ||||||||||
| 2029 | $5B | ||||||||||
| 2030 | $6B | ||||||||||
| 2031 | $6B | ||||||||||
| Terminal Value | $126B | Net Worth/Share | $36 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $105B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $2B | $770 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $6B | WACC | 7.3% | 672 | 724 | 787 | 864 | 962 | |||
| Equity Value | $102B | 7.4% | 666 | 717 | 778 | 854 | 948 | ||||
| Shares Outstanding | 131,961,000 | 7.4% | 660 | 710 | 770 | 843 | 936 | ||||
| 7.9% | 604 | 645 | 694 | 753 | 825 | ||||||
| DCF Intrinsic Value | $770 | 8.4% | 556 | 591 | 631 | 679 | 736 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||