Intrinsic value of Ultra Clean Holdings - UCTT

Previous Close

$28.21

  Intrinsic Value

$486.90

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+598%

Previous close

$28.21

 
Intrinsic value

$486.90

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+598%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of UCTT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.04
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  563
  901
  1,392
  2,081
  3,020
  4,261
  5,857
  7,862
  10,324
  13,284
  16,779
  20,836
  25,474
  30,705
  36,532
  42,955
  49,968
  57,558
  65,716
  74,427
  83,678
  93,457
  103,754
  114,561
  125,874
  137,690
  150,011
  162,842
  176,192
  190,073
  204,501
Variable operating expenses, $m
 
  733
  1,127
  1,682
  2,436
  3,434
  4,717
  6,329
  8,308
  10,688
  13,497
  16,750
  20,478
  24,683
  29,368
  34,532
  40,169
  46,271
  52,829
  59,832
  67,269
  75,130
  83,408
  92,096
  101,190
  110,689
  120,594
  130,909
  141,641
  152,800
  164,399
Fixed operating expenses, $m
 
  83
  85
  87
  89
  92
  94
  96
  99
  101
  104
  106
  109
  112
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  147
  150
  154
  158
  162
  166
  170
Total operating expenses, $m
  540
  816
  1,212
  1,769
  2,525
  3,526
  4,811
  6,425
  8,407
  10,789
  13,601
  16,856
  20,587
  24,795
  29,482
  34,649
  40,289
  46,394
  52,955
  59,961
  67,402
  75,266
  83,547
  92,239
  101,337
  110,839
  120,748
  131,067
  141,803
  152,966
  164,569
Operating income, $m
  22
  85
  179
  312
  494
  735
  1,046
  1,437
  1,917
  2,495
  3,178
  3,980
  4,886
  5,909
  7,049
  8,306
  9,678
  11,164
  12,760
  14,465
  16,276
  18,191
  20,206
  22,322
  24,537
  26,850
  29,263
  31,775
  34,389
  37,107
  39,932
EBITDA, $m
  34
  101
  200
  339
  529
  781
  1,105
  1,514
  2,015
  2,619
  3,332
  4,160
  5,107
  6,175
  7,366
  8,678
  10,111
  11,662
  13,329
  15,110
  17,001
  19,000
  21,104
  23,314
  25,627
  28,042
  30,561
  33,185
  35,914
  38,752
  41,702
Interest expense (income), $m
  3
  2
  6
  11
  19
  29
  43
  61
  83
  110
  143
  181
  226
  277
  335
  399
  470
  548
  632
  722
  818
  920
  1,028
  1,142
  1,261
  1,386
  1,517
  1,653
  1,795
  1,942
  2,096
Earnings before tax, $m
  19
  83
  173
  301
  475
  706
  1,003
  1,376
  1,835
  2,385
  3,035
  3,798
  4,660
  5,632
  6,714
  7,907
  9,208
  10,616
  12,129
  13,744
  15,458
  17,270
  19,178
  21,180
  23,276
  25,464
  27,746
  30,122
  32,594
  35,165
  37,837
Tax expense, $m
  9
  22
  47
  81
  128
  191
  271
  372
  495
  644
  820
  1,026
  1,258
  1,521
  1,813
  2,135
  2,486
  2,866
  3,275
  3,711
  4,174
  4,663
  5,178
  5,719
  6,284
  6,875
  7,491
  8,133
  8,801
  9,495
  10,216
Net income, $m
  10
  61
  127
  220
  347
  515
  732
  1,005
  1,339
  1,741
  2,216
  2,773
  3,402
  4,111
  4,901
  5,772
  6,722
  7,750
  8,854
  10,033
  11,284
  12,607
  14,000
  15,462
  16,991
  18,589
  20,255
  21,989
  23,794
  25,670
  27,621

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  52
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  381
  526
  813
  1,216
  1,765
  2,490
  3,423
  4,595
  6,034
  7,764
  9,807
  12,178
  14,888
  17,945
  21,351
  25,105
  29,204
  33,640
  38,408
  43,499
  48,906
  54,621
  60,639
  66,956
  73,567
  80,473
  87,674
  95,174
  102,976
  111,089
  119,521
Adjusted assets (=assets-cash), $m
  329
  526
  813
  1,216
  1,765
  2,490
  3,423
  4,595
  6,034
  7,764
  9,807
  12,178
  14,888
  17,945
  21,351
  25,105
  29,204
  33,640
  38,408
  43,499
  48,906
  54,621
  60,639
  66,956
  73,567
  80,473
  87,674
  95,174
  102,976
  111,089
  119,521
Revenue / Adjusted assets
  1.711
  1.713
  1.712
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
  1.711
Average production assets, $m
  58
  93
  143
  214
  311
  439
  603
  810
  1,063
  1,368
  1,728
  2,146
  2,624
  3,163
  3,763
  4,424
  5,147
  5,929
  6,769
  7,666
  8,619
  9,626
  10,687
  11,800
  12,965
  14,182
  15,451
  16,773
  18,148
  19,578
  21,064
Working capital, $m
  136
  161
  249
  373
  541
  763
  1,048
  1,407
  1,848
  2,378
  3,003
  3,730
  4,560
  5,496
  6,539
  7,689
  8,944
  10,303
  11,763
  13,322
  14,978
  16,729
  18,572
  20,506
  22,531
  24,646
  26,852
  29,149
  31,538
  34,023
  36,606
Total debt, $m
  68
  140
  269
  450
  697
  1,024
  1,444
  1,971
  2,618
  3,397
  4,316
  5,383
  6,603
  7,978
  9,511
  11,200
  13,045
  15,041
  17,187
  19,478
  21,911
  24,483
  27,191
  30,033
  33,008
  36,116
  39,356
  42,731
  46,242
  49,893
  53,688
Total liabilities, $m
  165
  237
  366
  547
  794
  1,121
  1,541
  2,068
  2,715
  3,494
  4,413
  5,480
  6,700
  8,075
  9,608
  11,297
  13,142
  15,138
  17,284
  19,575
  22,008
  24,580
  27,288
  30,130
  33,105
  36,213
  39,453
  42,828
  46,339
  49,990
  53,785
Total equity, $m
  216
  290
  447
  669
  971
  1,370
  1,883
  2,527
  3,319
  4,270
  5,394
  6,698
  8,189
  9,870
  11,743
  13,808
  16,062
  18,502
  21,124
  23,924
  26,898
  30,042
  33,352
  36,826
  40,462
  44,260
  48,221
  52,345
  56,637
  61,099
  65,737
Total liabilities and equity, $m
  381
  527
  813
  1,216
  1,765
  2,491
  3,424
  4,595
  6,034
  7,764
  9,807
  12,178
  14,889
  17,945
  21,351
  25,105
  29,204
  33,640
  38,408
  43,499
  48,906
  54,622
  60,640
  66,956
  73,567
  80,473
  87,674
  95,173
  102,976
  111,089
  119,522
Debt-to-equity ratio
  0.315
  0.480
  0.600
  0.670
  0.720
  0.750
  0.770
  0.780
  0.790
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
Adjusted equity ratio
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  10
  61
  127
  220
  347
  515
  732
  1,005
  1,339
  1,741
  2,216
  2,773
  3,402
  4,111
  4,901
  5,772
  6,722
  7,750
  8,854
  10,033
  11,284
  12,607
  14,000
  15,462
  16,991
  18,589
  20,255
  21,989
  23,794
  25,670
  27,621
Depreciation, amort., depletion, $m
  12
  16
  21
  27
  35
  45
  59
  77
  98
  123
  154
  180
  220
  266
  316
  372
  432
  498
  569
  644
  724
  809
  898
  992
  1,089
  1,192
  1,298
  1,409
  1,525
  1,645
  1,770
Funds from operations, $m
  2
  77
  147
  246
  382
  561
  792
  1,081
  1,437
  1,865
  2,370
  2,953
  3,623
  4,377
  5,218
  6,144
  7,154
  8,248
  9,423
  10,677
  12,009
  13,416
  14,898
  16,453
  18,081
  19,781
  21,553
  23,399
  25,319
  27,316
  29,391
Change in working capital, $m
  -16
  60
  88
  123
  168
  222
  286
  359
  441
  530
  626
  726
  830
  936
  1,043
  1,150
  1,255
  1,359
  1,460
  1,559
  1,656
  1,750
  1,843
  1,934
  2,025
  2,115
  2,205
  2,297
  2,390
  2,485
  2,583
Cash from operations, $m
  18
  16
  59
  123
  214
  339
  506
  722
  996
  1,335
  1,744
  2,227
  2,792
  3,441
  4,175
  4,994
  5,899
  6,889
  7,963
  9,118
  10,353
  11,666
  13,055
  14,519
  16,056
  17,666
  19,347
  21,102
  22,929
  24,831
  26,808
Maintenance CAPEX, $m
  0
  -5
  -8
  -12
  -18
  -26
  -37
  -51
  -68
  -89
  -115
  -145
  -180
  -220
  -266
  -316
  -372
  -432
  -498
  -569
  -644
  -724
  -809
  -898
  -992
  -1,089
  -1,192
  -1,298
  -1,409
  -1,525
  -1,645
New CAPEX, $m
  -7
  -35
  -51
  -71
  -97
  -128
  -164
  -207
  -254
  -305
  -360
  -418
  -478
  -539
  -600
  -662
  -722
  -782
  -840
  -897
  -953
  -1,007
  -1,061
  -1,113
  -1,165
  -1,217
  -1,269
  -1,322
  -1,375
  -1,430
  -1,486
Cash from investing activities, $m
  -7
  -40
  -59
  -83
  -115
  -154
  -201
  -258
  -322
  -394
  -475
  -563
  -658
  -759
  -866
  -978
  -1,094
  -1,214
  -1,338
  -1,466
  -1,597
  -1,731
  -1,870
  -2,011
  -2,157
  -2,306
  -2,461
  -2,620
  -2,784
  -2,955
  -3,131
Free cash flow, $m
  11
  -23
  1
  40
  99
  185
  304
  465
  675
  941
  1,269
  1,664
  2,134
  2,682
  3,308
  4,016
  4,805
  5,675
  6,624
  7,652
  8,756
  9,934
  11,185
  12,507
  13,899
  15,359
  16,887
  18,482
  20,145
  21,876
  23,677
Issuance/(repayment) of debt, $m
  -8
  89
  129
  181
  247
  326
  420
  527
  647
  779
  919
  1,067
  1,220
  1,376
  1,533
  1,689
  1,844
  1,996
  2,145
  2,291
  2,433
  2,572
  2,708
  2,842
  2,975
  3,108
  3,240
  3,375
  3,511
  3,651
  3,795
Issuance/(repurchase) of shares, $m
  1
  48
  31
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -8
  137
  160
  183
  247
  326
  420
  527
  647
  779
  919
  1,067
  1,220
  1,376
  1,533
  1,689
  1,844
  1,996
  2,145
  2,291
  2,433
  2,572
  2,708
  2,842
  2,975
  3,108
  3,240
  3,375
  3,511
  3,651
  3,795
Total cash flow (excl. dividends), $m
  2
  114
  161
  223
  346
  511
  724
  993
  1,322
  1,719
  2,188
  2,731
  3,354
  4,057
  4,841
  5,705
  6,649
  7,671
  8,770
  9,943
  11,189
  12,506
  13,894
  15,350
  16,874
  18,467
  20,127
  21,857
  23,656
  25,527
  27,472
Retained Cash Flow (-), $m
  -15
  -109
  -158
  -222
  -302
  -399
  -513
  -644
  -791
  -952
  -1,123
  -1,304
  -1,491
  -1,681
  -1,873
  -2,065
  -2,254
  -2,440
  -2,622
  -2,800
  -2,974
  -3,144
  -3,310
  -3,474
  -3,636
  -3,798
  -3,961
  -4,125
  -4,291
  -4,462
  -4,638
Prev. year cash balance distribution, $m
 
  35
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  40
  3
  1
  44
  112
  211
  348
  531
  768
  1,065
  1,427
  1,863
  2,376
  2,968
  3,641
  4,395
  5,231
  6,147
  7,143
  8,215
  9,363
  10,584
  11,876
  13,238
  14,668
  16,167
  17,732
  19,364
  21,065
  22,834
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  38
  3
  1
  36
  87
  153
  235
  332
  441
  558
  678
  795
  903
  996
  1,069
  1,117
  1,138
  1,132
  1,100
  1,044
  968
  878
  778
  674
  571
  472
  381
  300
  230
  172
Current shareholders' claim on cash, %
  100
  94.3
  92.0
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9
  91.9

Ultra Clean Holdings, Inc. is engaged in the design, engineering and manufacture of production tools, modules and subsystems the semiconductor capital equipment industry. The Company's products include precision robotic solutions; gas delivery systems; a range of industrial and automation production equipment products; subsystems that includes wafer cleaning sub-systems, chemical delivery modules, top-plate assemblies, frame assemblies, and process modules. The Company offers its products for the semiconductor capital equipment and equipment industry segments. It also sells to the consumer, medical, energy, industrial, flat panel and research equipment industries. The Company is focused on providing specialized engineering and manufacturing solutions for these applications. It provides its original equipment manufacturing (OEM) customers an outsourced solution for the development, design, component sourcing, prototyping, engineering, manufacturing and testing of various systems.

FINANCIAL RATIOS  of  Ultra Clean Holdings (UCTT)

Valuation Ratios
P/E Ratio 93
Price to Sales 1.7
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 51.7
Price to Free Cash Flow 84.5
Growth Rates
Sales Growth Rate 20%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30%
Cap. Spend. - 3 Yr. Gr. Rate 18.5%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 23.6%
Total Debt to Equity 31.5%
Interest Coverage 7
Management Effectiveness
Return On Assets 3.2%
Ret/ On Assets - 3 Yr. Avg. 0.7%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.3%
Return On Equity 4.8%
Return On Equity - 3 Yr. Avg. 1.7%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 15.5%
Gross Margin - 3 Yr. Avg. 14.9%
EBITDA Margin 6%
EBITDA Margin - 3 Yr. Avg. 4.9%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 3%
Pre-Tax Margin 3.4%
Pre-Tax Margin - 3 Yr. Avg. 2.4%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 0.5%
Effective Tax Rate 47.4%
Eff/ Tax Rate - 3 Yr. Avg. 151.2%
Payout Ratio 0%

UCTT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UCTT stock intrinsic value calculation we used $563 million for the last fiscal year's total revenue generated by Ultra Clean Holdings. The default revenue input number comes from 2016 income statement of Ultra Clean Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UCTT stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for UCTT is calculated based on our internal credit rating of Ultra Clean Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ultra Clean Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UCTT stock the variable cost ratio is equal to 81.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $81 million in the base year in the intrinsic value calculation for UCTT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.2% for Ultra Clean Holdings.

Corporate tax rate of 27% is the nominal tax rate for Ultra Clean Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UCTT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UCTT are equal to 10.3%.

Life of production assets of 11.9 years is the average useful life of capital assets used in Ultra Clean Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UCTT is equal to 17.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $216 million for Ultra Clean Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 33.336 million for Ultra Clean Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ultra Clean Holdings at the current share price and the inputted number of shares is $0.9 billion.

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Financial statements of UCTT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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