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Ascent Industries Co – Iron and Steel Pipe and Tube Manufacturing from Purchased Steel
synalloy corporation operates chemical factories in cleveland, tn and fountain inn, sc near greenville. the facilities offer similar capabilities, each providing back up of critical production processes for the other. the two factories comprise over 300,000 square feet, plus additional off campus warehousing. synalloy produces chemical intermediates that are sold to chemical distributors and formulators, and offers an extensive array of contract manufacturing services. each site has its’ own laboratories to allow the fastest lab development projects in the business. synalloy serves the chemical industry and only solicits direct sales in carefully defined markets. synalloy’s cleveland and fountain inn facilities use common managers, procurement, technical team, engineering, logistics, and sales and marketing. sharing these supporting services controls overhead costs while keeping synalloy’s vision and values consistent.
Analysis Results
Intrinsic Value $606.76
Latest Price $10.50
Relative Value 98% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 31.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 31.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 77.8 74.8
2024 102 94.6
2025 135 120
2026 177 151
2027 233 191
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 7000 million. This corresponds to a present value of 5510 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 631 million. Adding in the terminal value gives a total present value of 6140 million.

There are presently 10.1 million outstanding shares, so the intrinsic value per share is 606.76.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 170,375,000
Current Cash 1,441,000
Current Liabilities 33,478,000
Current Debt 3,131,000
Non-Cash Working Capital (NCWC) 138,587,000
Change in NCWC 28,421,000
EBIT 21,581,000
Tax Provision -4,211,000
Depreciation and Amortization 12,717,000
Capital Expenditure -5,074,000
Unlevered Free Cash Flow 57,645,000
Current Assets 159,979,000
Current Cash 2,021,000
Current Liabilities 50,489,000
Current Debt 2,697,000
Non-Cash Working Capital (NCWC) 110,166,000
Change in NCWC 13,675,000
EBIT 30,622,000
Tax Provision 5,253,000
Depreciation and Amortization 10,341,000
Capital Expenditure -1,497,000
Unlevered Free Cash Flow 46,832,373
Current Assets 126,883,000
Current Cash 236,000
Current Liabilities 31,050,000
Current Debt 894,000
Non-Cash Working Capital (NCWC) 96,491,000
Change in NCWC -9,412,000
EBIT -6,066,000
Tax Provision -4,706,000
Depreciation and Amortization 10,600,000
Capital Expenditure -3,748,000
Unlevered Free Cash Flow -8,626,000
Current Assets 147,115,000
Current Cash 4,926,000
Current Liabilities 40,578,000
Current Debt 4,292,000
Non-Cash Working Capital (NCWC) 105,903,000
Change in NCWC -22,376,697
EBIT -1,854,000
Tax Provision -727,000
Depreciation and Amortization 11,064,000
Capital Expenditure -4,537,000
Unlevered Free Cash Flow -17,703,697
Current Assets 167,470,325
Current Cash 2,220,272
Current Liabilities 37,237,384
Current Debt 267,028
Non-Cash Working Capital (NCWC) 128,279,697
Change in NCWC 53,898,229
EBIT 23,545,465
Tax Provision 3,376,210
Depreciation and Amortization 8,775,177
Capital Expenditure -7,354,737
Unlevered Free Cash Flow 74,038,580
Current Assets 107,646,440
Current Cash 14,706
Current Liabilities 33,250,266
Current Debt 0
Non-Cash Working Capital (NCWC) 74,381,468
Change in NCWC 9,712,498
EBIT 3,206,361
Tax Provision 137,139
Depreciation and Amortization 7,737,812
Capital Expenditure -5,278,608
Unlevered Free Cash Flow 15,080,655
Current Assets 97,503,785
Current Cash 62,873
Current Liabilities 32,771,942
Current Debt 0
Non-Cash Working Capital (NCWC) 64,668,970
Change in NCWC 2,202,239
EBIT -5,768,393
Tax Provision -2,198,000
Depreciation and Amortization 6,694,990
Capital Expenditure -3,044,411
Unlevered Free Cash Flow 84,425
Current Assets 84,938,426
Current Cash 391,424
Current Liabilities 26,634,718
Current Debt 4,554,447
Non-Cash Working Capital (NCWC) 62,466,731
Change in NCWC -6,620,880
EBIT 3,260,266
Tax Provision 1,799,000
Depreciation and Amortization 6,754,912
Capital Expenditure -10,905,230
Unlevered Free Cash Flow -7,510,932
Current Assets 105,313,218
Current Cash 26,623
Current Liabilities 40,732,892
Current Debt 4,533,908
Non-Cash Working Capital (NCWC) 69,087,611
Change in NCWC -6,657,660
EBIT 16,340,798
Tax Provision 5,386,000
Depreciation and Amortization 5,191,152
Capital Expenditure -8,065,992
Unlevered Free Cash Flow 1,920,068
Current Assets 99,611,352
Current Cash 1,776,763
Current Liabilities 24,623,226
Current Debt 2,533,908
Non-Cash Working Capital (NCWC) 75,745,271
Change in NCWC 8,637,671
EBIT 1,814,227
Tax Provision 398,000
Depreciation and Amortization 5,113,952
Capital Expenditure -5,766,091
Unlevered Free Cash Flow 9,465,248

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