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Autoliv Inc. – Motor Vehicle Gasoline Engine and Engine Parts Manufacturing
autoliv inc., the worldwide leader in automotive safety systems, develops and manufactures automotive safety systems for all major automotive manufacturers in the world. together with its joint ventures, autoliv has more than 80 facilities with more than 60,000 employees in 28 countries. in addition, the company has 18 technical centers in nine countries around the world, with 20 test tracks, more than any other automotive safety supplier. sales in 2014 amounted to us $9.2 billion. autoliv develop, manufacture and market airbags, seatbelts, steering wheels, passive safety electronics and active safety systems such as radar, night vision and camera vision systems. we also produce anti-whiplash systems, pedestrian protection systems and child seats. the company's leading market position in automotive safety includes a global market share of approximately 37% in passive safety and 20-25% in active safety. incorporated in the state of delaware, autoliv inc. is the result of a merger
Analysis Results
Intrinsic Value $62.84
Latest Price $105.04
Relative Value 67% overvalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
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 -7.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -7.1%, 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 244 235
2024 227 210
2025 211 188
2026 196 168
2027 182 150
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 5460 million. This corresponds to a present value of 4340 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 951 million. Adding in the terminal value gives a total present value of 5290 million.

There are presently 84.1 million outstanding shares, so the intrinsic value per share is 62.84.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,714,000,000
Current Cash 594,000,000
Current Liabilities 3,640,000,000
Current Debt 711,000,000
Non-Cash Working Capital (NCWC) 191,000,000
Change in NCWC -40,000,000
EBIT 569,000,000
Tax Provision 178,000,000
Depreciation and Amortization 363,000,000
Capital Expenditure -585,000,000
Unlevered Free Cash Flow 139,036,484
Current Assets 3,675,000,000
Current Cash 969,000,000
Current Liabilities 2,821,000,000
Current Debt 346,000,000
Non-Cash Working Capital (NCWC) 231,000,000
Change in NCWC -14,700,000
EBIT 681,000,000
Tax Provision 177,000,000
Depreciation and Amortization 394,000,000
Capital Expenditure -458,000,000
Unlevered Free Cash Flow 406,304,878
Current Assets 4,269,000,000
Current Cash 1,178,200,000
Current Liabilities 3,146,900,000
Current Debt 301,800,000
Non-Cash Working Capital (NCWC) 245,700,000
Change in NCWC -269,600,000
EBIT 474,500,000
Tax Provision 102,900,000
Depreciation and Amortization 370,900,000
Capital Expenditure -343,500,000
Unlevered Free Cash Flow 64,628,125
Current Assets 3,002,100,000
Current Cash 444,700,000
Current Liabilities 2,410,200,000
Current Debt 368,100,000
Non-Cash Working Capital (NCWC) 515,300,000
Change in NCWC 90,500,000
EBIT 770,500,000
Tax Provision 185,600,000
Depreciation and Amortization 350,600,000
Capital Expenditure -483,400,000
Unlevered Free Cash Flow 507,649,722
Current Assets 3,285,400,000
Current Cash 615,800,000
Current Liabilities 2,865,500,000
Current Debt 620,700,000
Non-Cash Working Capital (NCWC) 424,800,000
Change in NCWC -185,500,000
EBIT 900,700,000
Tax Provision 234,900,000
Depreciation and Amortization 397,100,000
Capital Expenditure -560,000,000
Unlevered Free Cash Flow 206,815,953
Current Assets 4,204,700,000
Current Cash 959,500,000
Current Liabilities 2,654,600,000
Current Debt 19,700,000
Non-Cash Working Capital (NCWC) 610,300,000
Change in NCWC 73,900,000
EBIT 842,400,000
Tax Provision 203,500,000
Depreciation and Amortization 425,800,000
Capital Expenditure -580,100,000
Unlevered Free Cash Flow 423,543,139
Current Assets 4,140,900,000
Current Cash 1,226,700,000
Current Liabilities 2,597,600,000
Current Debt 219,800,000
Non-Cash Working Capital (NCWC) 536,400,000
Change in NCWC 18,400,000
EBIT 888,800,000
Tax Provision 242,200,000
Depreciation and Amortization 383,000,000
Capital Expenditure -506,800,000
Unlevered Free Cash Flow 515,587,907
Current Assets 4,038,300,000
Current Cash 1,333,500,000
Current Liabilities 2,226,400,000
Current Debt 39,600,000
Non-Cash Working Capital (NCWC) 518,000,000
Change in NCWC -30,200,000
EBIT 893,900,000
Tax Provision 218,200,000
Depreciation and Amortization 319,100,000
Capital Expenditure -465,800,000
Unlevered Free Cash Flow 428,337,901
Current Assets 4,136,200,000
Current Cash 1,529,000,000
Current Liabilities 2,138,600,000
Current Debt 79,600,000
Non-Cash Working Capital (NCWC) 548,200,000
Change in NCWC 55,200,000
EBIT 844,200,000
Tax Provision 198,000,000
Depreciation and Amortization 305,400,000
Capital Expenditure -456,000,000
Unlevered Free Cash Flow 498,197,901
Current Assets 3,700,400,000
Current Cash 1,118,300,000
Current Liabilities 2,428,500,000
Current Debt 339,400,000
Non-Cash Working Capital (NCWC) 493,000,000
Change in NCWC -38,500,000
EBIT 812,300,000
Tax Provision 244,100,000
Depreciation and Amortization 286,000,000
Capital Expenditure -385,600,000
Unlevered Free Cash Flow 404,060,449
Current Assets 3,289,200,000
Current Cash 977,700,000
Current Liabilities 1,849,800,000
Current Debt 69,800,000
Non-Cash Working Capital (NCWC) 531,500,000
Change in NCWC 53,500,000
EBIT 812,000,000
Tax Provision 183,000,000
Depreciation and Amortization 273,200,000
Capital Expenditure -365,400,000
Unlevered Free Cash Flow 551,050,523

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