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IntroductionThe concept of valuationRevenue and revenue growthVariable costsFixed costsProduction assets

Intrinsic value of Micron Technology, Inc. (MU)

Previous Close$68.90
Intrinsic Value$66.00
Upside potential  -4%
Previous Close
$68.90
Intrinsic Value
$66.00*
Potential        
-4%
Use floor (the cash flow based valuation has rendered a result, which is lower than an estimated minimum value derived from the company’s balance sheet analysis)

VALUATION INPUT DATA

Revenue, mln $
Initial revenue growth rate (norm.), %
Variable cost ratio, %
Fixed operating expenses, mln $
Production assets / Revenue, %
Working capital / Revenue, %
Interest rate on debt, %
Initial discount rate, %
Shares outstanding, mln
Adjusted equity ratio
Adjusted assets / Revenue
Cash & ST Investments
Total debt
Market cap, m$
77,099

Based on fiscal year data as of 2021-08-31 and quarterly data as of 2022-02-28.

  1. Annual
  2. Quarterly YoY
  3. Quarterly QoQ

Annual revenue growth rates, % (past and forecasted)

NOTE: The bar chart shows historic and forecasted yearly revenue growth rates. Its purpose is to help you in determining what initial revenue rate you want to base your stock valuation on. Please make sure that you are confident in the value you select - for most stocks it is by far the most important parameter in valuation.

show cash flow forecast

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year2021(a)2022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046

INCOME STATEMENT

Revenue growth rate, %29.3NaN
Revenue, $27705NaN
Variable operating expenses, $mNaN
Fixed operating expenses, $mNaN
Total operating expenses, $m21422NaN
Operating income, $m6283NaN
EBITDA, $m12497NaN
Interest expense (income), $mNaN
Earnings before tax, $m6255NaN
Tax expense, $m394NaN
Net income, $m5861NaN

BALANCE SHEET

Cash and short-term investments, $m8633NaN
Total assets, $m58849NaN
Adjusted assets (=assets-cash), $m50216NaN
Average production assets, $m34259NaN
Working capital, $m13483NaN
Total debt, $m7280NaN
Total liabilities, $m14916NaN
Total equity, $m43933NaN
Debt-to-equity ratio0.166NaN
Adjusted equity ratio0.706NaN

CASH FLOW

Net income, $m5861NaN
Depreciation, amort., depletion, $m6214NaN
Funds from operations, $mNaN
Change in working capital, $mNaN
Cash from operations, $m12468NaN
Maintenance CAPEX, $mNaN
New CAPEX, $mNaN
Total CAPEX, $m-10030NaN
Free cash flow, $m22498NaN
Issuance/(repurchase) of shares, $mNaN
Retained Cash Flow, $mNaN
Pot'l extraordinary dividend, $m13483
Cash available for distribution, $mNaN
Discount rate, %NaN
PV of cash for distribution, $mNaN
Current shareholders' claim on cash, %NaN
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