ACLS Axcelis Technologies, Inc.
$112.93
Platform & Compounding FCF 70%
Two-stage FCF DCF
Moderate · Conviction

Overvalued

Trading 19.1% above fair value

You pay $112.93
Bear $65.16
Fair $94.84
Bull $127.67
Bear $65.16 -42.3% 9% stage 1 growth, 12% discount
Fair $94.84 -16.0% 15% stage 1 growth, 12% discount
Bull $127.67 +13.0% 19% stage 1 growth, 12% discount

Adjust Assumptions

14.9%
12.0%
3.0%

Key Value Driver

FCF growth rate (15% base case)

Terminal Value % of EV 38%
Implied Market Multiple 32.8x
Market is pricing in (growth) 17.6% vs 14.9% base

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above.

Average Target (13 analysts) $140.00
Divergence from AlphaVal 32%

Summary

Using a two-stage FCF DCF with 15% growth decelerating over 15 years, discounted at 12%, the base-case intrinsic value is $94.84 per share.

Warnings

ℹ Wall Street's average price target is $140.00 (from 13 analysts). Our estimate is 32% below the consensus -- consider that gap carefully.

Key Risks

  • P/E alone misleads — earnings depressed by growth investment
  • Cyclical or commodity businesses may be misclassified as platforms
  • Terminal value dominance suggests sensitivity to long-run assumptions