KLAC — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($1534.95)
DCF	$3187.33	+107.7%
Graham Number	$179.56	-88.3%
Reverse DCF	—	implied g: 27.3%
DDM	$156.56	-89.8%
EV/EBITDA	$1534.96	+0.0%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.22B

Near-term growth (yrs 1–5)(%)Rev: 7.2% / EPS: 40.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.90%

Computed WACC: 11.90%

Cost of equity (Re)12.26%(Rf 4.30% + β 1.45 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)97.06%

Debt weight (D/V)2.94%

Results

Intrinsic Value / share$1962.94

Current Price$1534.95

Upside / Downside+27.9%

Net Debt (used)$902.01M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	32.9%	36.9%	40.9%	44.9%	48.9%
7.0%	$3751.44	$4339.28	$4999.13	$5737.46	$6561.08
8.0%	$2944.99	$3404.20	$3919.51	$4495.93	$5138.77
9.0%	$2393.78	$2765.15	$3181.75	$3647.61	$4167.01
10.0%	$1995.21	$2303.13	$2648.43	$3034.43	$3464.68
11.0%	$1695.01	$1955.19	$2246.85	$2572.79	$2935.97

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $34.38

Book Value / share($)Yahoo: $41.68

Results

Graham Number$179.56

Current Price$1534.95

Margin of Safety-88.3%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.90%

Terminal growth rate(%)

Computed WACC: 11.90%

Cost of equity (Re)12.26%(Rf 4.30% + β 1.45 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)97.06%

Debt weight (D/V)2.94%

Results

Current Price$1534.95

Implied Near-term FCF Growth36.0%

Historical Revenue Growth7.2%

Historical Earnings Growth40.9%

Base FCF (TTM)$3.22B

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $7.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$156.56

Current Price$1534.95

Upside / Downside-89.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.74B

Target EV/EBITDA multipleCurrent: 35.2×

Net Debt($B)Default: $902.01M

Results

Implied Equity Value / share$1534.96

Current Price$1534.95

Upside / Downside+0.0%

Implied EV$202.10B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$1.10B	-$97.99M	$902.01M	$1.90B	$2.90B
31.2x	$1374.99	$1367.36	$1359.73	$1352.10	$1344.47
33.2x	$1462.60	$1454.97	$1447.34	$1439.71	$1432.08
35.2x	$1550.22	$1542.59	$1534.96	$1527.33	$1519.70
37.2x	$1637.83	$1630.20	$1622.57	$1614.94	$1607.31
39.2x	$1725.44	$1717.82	$1710.19	$1702.56	$1694.93

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