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DCF Valuation
Base-case fair value
¥4461.34
Intrinsic ¥5948.46 · 25% MOS
Base-case summary
Our base-case DCF for Advantest Corp (ADTTF) projects 10 years of free cash flow growth at 20.0% for years 1–5 and 10.0% for years 6–10, anchored to 35.1% historical FCF growth, then applies a 2.5% perpetual growth rate and a 8.0% discount rate. Starting from ¥21.3B in trailing free cash flow, this produces an intrinsic value of ¥5948.46 per share. A 25% safety margin gives a fair value of ¥4461.34.
See 3 scenarios side by side
Conservative, Base, and Optimistic fair values, plus the sensitivity matrix and FCF history. Free account.
Model inputs
TTM Free Cash Flow
¥21.3B
Cash & equivalents
¥97.6B
Total debt
¥25.0B
Shares outstanding
193M