Complete PLAB Stock Valuation Analysis
Comprehensive intrinsic value analysis using 6 different methodologies
PLAB DCF Analysis
PLAB (Photronics, Inc.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $824.5M | $892.1M | $866.9M | $928.2M | $987.2M | $1.0B | $1.1B | $1.1B |
| Revenue Growth % | - | 8.2% | -2.8% | 7.1% | 6.4% | 5.7% | 5.1% | 4.6% |
| EBIT | $211.9M | $253.1M | $221.5M | $246.3M | $263.0M | $279.0M | $294.5M | $309.3M |
| EBIT Margin % | 25.7% | 28.4% | 25.6% | 26.5% | 26.6% | 26.7% | 26.8% | 26.9% |
| Tax Rate % | 25.0% | 26.0% | 25.7% | 26.8% | 26.6% | 26.4% | 26.3% | 26.1% |
| NOPAT | $158.9M | $187.1M | $164.6M | $180.3M | $193.0M | $205.3M | $217.2M | $228.6M |
| NOPAT Margin % | 19.3% | 21.0% | 19.0% | 19.4% | 19.5% | 19.7% | 19.8% | 19.9% |
| Capex | $112.3M | $131.3M | $130.9M | $132.8M | $134.2M | $134.8M | $134.6M | $133.8M |
| Capex / Revenue % | 13.6% | 14.7% | 15.1% | 14.3% | 13.6% | 12.9% | 12.3% | 11.7% |
| Depreciation | $80.3M | $80.8M | $82.8M | $87.7M | $93.3M | $98.6M | $103.7M | $108.5M |
| D&A / Revenue % | 9.7% | 9.1% | 9.6% | 9.5% | 9.5% | 9.5% | 9.5% | 9.5% |
| Change in NWC | $76.4M | $149.4M | $147.0M | $36.7M | $31.2M | $26.4M | $22.2M | $18.6M |
| NWC Change / Revenue % | 9.3% | 16.7% | 17.0% | 4.0% | 3.2% | 2.5% | 2.0% | 1.6% |
| Unlevered FCF | $50.5M | $-12.7M | $-30.6M | $98.5M | $120.8M | $142.7M | $164.0M | $184.7M |
| UFCF % Chg. | - | -125.1% | -140.7% | 422.4% | 22.7% | 18.1% | 14.9% | 12.6% |
| FCF / Revenue % | 6.1% | -1.4% | -3.5% | 10.6% | 12.2% | 13.7% | 14.9% | 16.1% |
| Discount Factor | - | - | - | 0.908 | 0.824 | 0.748 | 0.679 | 0.616 |
| Present Value of FCF | - | - | - | $89.4M | $99.5M | $106.7M | $111.3M | $113.8M |
| Sum of PV of UFCF | - | - | - | $89.4M | $188.9M | $295.6M | $406.9M | $520.7M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 6.8% |
| Tax Rate | 26.8% |
| After Tax Cost of Debt | 5.0% |
| Risk Free Rate | 4.29% |
| Market Risk Premium | 4.3% |
| Beta | 1.38 |
| Cost of Equity | 10.3% |
| Total Debt | $18.0M |
| Market Cap | $1.1B |
| Total Capital | $1.1B |
| Debt Weighting | 1.6% |
| Equity Weighting | 98.4% |
| WACC | 10.2% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $184.7M |
| Terminal Value | $2.5B |
| PV of Terminal Value | $1.5B |
| Cumulative PV of UFCF | $520.7M |
| Net Debt | $-580.5M |
| Equity Value | $2.6B |
| Shares Outstanding | 62.4M |
| Implied Share Price | $42 |
| Current Share Price | $19 |
| Implied Upside/(Downside) | +123.4% |
Valuation Summary
$41.98
Implied Price
$18.79
Current Price
+123.4%
Upside/Downside
10.2%
WACC
PLAB Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Technology
P/E Ratio
$45.50
+142.1%
Peer Median: 19.3x
EV/EBITDA
$85.72
+356.2%
Peer Median: 14.6x
P/S Ratio
$33.29
+77.2%
Peer Median: 2.3x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for PLAB's business model and current situation.
Multiple Comparison
| Multiple | PLAB Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 8.0x | 19.3x | 22.8x | -58.7% | Undervalued |
| EV/EBITDA | 1.6x | 14.6x | 12.2x | -89.3% | Undervalued |
| P/S Ratio | 1.3x | 2.3x | 2.7x | -43.6% | Undervalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $5.02B | 23.2x | 18.9x | 4.9x | |
| $5.21B | 16.5x | 5.1x | 0.8x | |
| $2.69B | 50.1x | 21.9x | 3.5x | |
| $2.27B | 12.8x | 10.6x | 2.4x | |
| $1.67B | 16.4x | 8.4x | 2.1x | |
| $1.13B | 8.0x | 1.6x | 1.3x | |
| $1.23B | 19.3x | 16.0x | 1.7x | |
| $1.03B | 36.7x | 8.0x | 0.5x | |
| $0.91B | 0.0x | 14.6x | 2.3x | |
| $0.83B | 193.4x | 94.2x | 4.4x | |
| $148.09B | 22.3x | 16.7x | 5.3x |
PLAB Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $2.35 | Latest 10-K |
| Book Value per Share | $17.97 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$30.83
Intrinsic Value
$18.79
Current Price
+64.1%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 2.35 = 52.91
Step 2: Multiply by Book Value per Share
52.91 × 17.97 = 950.59
Step 3: Take square root
√950.59 = 30.83
Graham Number Result:
$30.83
PLAB Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
Formula Selection
V = EPS × (8.5 + 2g)
Graham's original P/E shortcut for growth, no interest-rate adjustment
V = [EPS × (8.5 + 2g) × 4.4] / Y
Graham's 1974 refinement: adds rate-environment sensitivity
Active Formula: Base-Growth
2.35 × (8.5 + 2 × 18.3%)
Input Data & Growth Assumptions
Current EPS (TTM)$2.35
Latest 10-K • 2024-10-31T00:00:00
Historical 3Y18.3%
Financial statements
Historical 5Y28.3%
Financial statements
Custom
%
Enter a positive growth rate estimate (0-50%)
Graham Intrinsic Value Result
$106.13
Intrinsic Value
$18.79
Current Price
+464.8%
Upside/Downside
Base Formula
Growth: 18.3%
PLAB Peter Lynch Fair Value
Growth-based valuation using PEG ratio analysis for growth stocks
Fair Value Calculation
EPS (TTM)$2.35
Latest 10-K • 2024-10-31T00:00:00
Historical 3Y18.3%
3-year earnings growth
Historical 5Y28.3%
5-year earnings growth
18.3%
1%50%
Fair Value Formula: EPS × Growth Rate
$2.35 × 18.3% = $43.07
$43.07
Fair Value
$18.79
Current Price
+129.2%
Upside/Downside
PEG Analysis
8.0x
Current P/E
18.3%
Growth Rate
0.44
PEG Ratio (P/E ÷ Growth Rate)
Significantly Undervalued
PEG Ratio Interpretation:
• PEG < 1.0: Undervalued (growth exceeds P/E)
• PEG = 1.0: Fairly valued (ideal Lynch ratio)
• PEG > 1.5: Overvalued (paying premium for growth)
Peter Lynch's Rule:
"The P/E ratio of any company that's fairly priced will equal its growth rate." A stock with 15% growth should trade at a P/E of 15 (PEG = 1.0).
PLAB Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 0.1 | Base earnings from financial statements |
| Normalized Earnings | 0.1 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$23.35
EPV per Share
$18.79
Current Price
+24.3%
Upside/Downside
9.0%
WACC: 9.0% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $0.1B |
| Cost of Capital | 9.0% |
| Enterprise Value | $1.5B |
Per Share Value
| Enterprise Value | $1.5B |
| Shares Outstanding | 0.1B |
| EPV per Share | $23.35 |
WACC Components
| Cost of Equity | 9.1% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 98.5% |
| Debt Weight | 1.5% |
| WACC | 9.0% |