DCF Tool

AMWD

American Woodmark Corp. – Wood Kitchen Cabinet and Countertop Manufacturing
american woodmark corporation (awc)(nasdaq:amwd) is a leading manufacturer and distributor of kitchen and bath cabinets for the remodeling and new home construction markets. headquartered in winchester, va., is a fully integrated, just in time (jit) cabinet manufacturer. the company operates 9 manufacturing facilities, in arizona, georgia, indiana, kentucky, maryland, tennessee, virginia, and west virginia, and 9 builder centers across the country. all american woodmark products are certified by the kitchen cabinet manufacturers association (kcma) environmental stewardship program. all cabinetry comes with american woodmark’s tufftech® and beautyguard® finishes to resist scuffs, scratches, fading and moisture. american woodmark manufactures cabinets under four major brands: our american woodmark™ brand, which includes an extensive collection of coordinated moldings and accessories, can be found exclusively at the home depot. our shenandoah cabinetry® brand is available exclus
Analysis Results
Intrinsic Value $273.38
Latest Price $100.89
Relative Value 63% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 20.0%, 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)
2024 190 174
2025 228 192
2026 274 211
2027 328 233
2028 394 256
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5740 million. This corresponds to a present value of 3420 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1070 million. Adding in the terminal value gives a total present value of 4490 million.

There are presently 16.4 million outstanding shares, so the intrinsic value per share is 273.38.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 368,255,000
Current Cash 41,732,000
Current Liabilities 178,124,000
Current Debt 2,263,000
Non-Cash Working Capital (NCWC) 150,662,000
Change in NCWC -41,706,000
EBIT 137,877,000
Tax Provision 28,963,000
Depreciation and Amortization 93,744,000
Capital Expenditure -42,600,000
Unlevered Free Cash Flow 114,765,796
Current Assets 428,657,000
Current Cash 22,325,000
Current Liabilities 216,228,000
Current Debt 2,264,000
Non-Cash Working Capital (NCWC) 192,368,000
Change in NCWC 103,484,000
EBIT 36,342,000
Tax Provision -13,257,000
Depreciation and Amortization 96,606,000
Capital Expenditure -44,122,000
Unlevered Free Cash Flow 192,310,000
Current Assets 392,080,000
Current Cash 91,071,000
Current Liabilities 220,447,000
Current Debt 8,322,000
Non-Cash Working Capital (NCWC) 88,884,000
Change in NCWC 14,161,000
EBIT 117,528,000
Tax Provision 18,672,000
Depreciation and Amortization 100,289,000
Capital Expenditure -35,734,000
Unlevered Free Cash Flow 167,904,323
Current Assets 325,172,000
Current Cash 97,059,000
Current Liabilities 155,606,000
Current Debt 2,216,000
Non-Cash Working Capital (NCWC) 74,723,000
Change in NCWC -24,852,000
EBIT 132,244,000
Tax Provision 25,687,000
Depreciation and Amortization 98,513,000
Capital Expenditure -31,670,000
Unlevered Free Cash Flow 140,450,622
Current Assets 306,035,000
Current Cash 59,156,000
Current Liabilities 149,590,000
Current Debt 2,286,000
Non-Cash Working Capital (NCWC) 99,575,000
Change in NCWC -12,070,000
EBIT 143,681,000
Tax Provision 27,200,000
Depreciation and Amortization 94,446,000
Capital Expenditure -39,385,000
Unlevered Free Cash Flow 151,428,121
Current Assets 364,367,000
Current Cash 86,410,000
Current Liabilities 170,455,000
Current Debt 4,143,000
Non-Cash Working Capital (NCWC) 111,645,000
Change in NCWC 101,044,000
EBIT 107,705,000
Tax Provision 31,619,000
Depreciation and Amortization 45,004,000
Capital Expenditure -49,893,000
Unlevered Free Cash Flow 167,921,582
Current Assets 339,228,000
Current Cash 228,728,000
Current Liabilities 101,497,000
Current Debt 1,598,000
Non-Cash Working Capital (NCWC) 10,601,000
Change in NCWC -656,000
EBIT 108,238,000
Tax Provision 37,726,000
Depreciation and Amortization 18,682,000
Capital Expenditure -25,531,000
Unlevered Free Cash Flow 63,244,941
Current Assets 302,209,000
Current Cash 200,213,000
Current Liabilities 92,313,000
Current Debt 1,574,000
Non-Cash Working Capital (NCWC) 11,257,000
Change in NCWC -1,864,000
EBIT 93,160,000
Tax Provision 33,063,000
Depreciation and Amortization 16,456,000
Capital Expenditure -33,119,000
Unlevered Free Cash Flow 41,075,060
Current Assets 281,495,000
Current Cash 185,041,000
Current Liabilities 84,790,000
Current Debt 1,457,000
Non-Cash Working Capital (NCWC) 13,121,000
Change in NCWC -1,322,000
EBIT 54,455,000
Tax Provision 18,888,000
Depreciation and Amortization 14,526,000
Capital Expenditure -20,015,000
Unlevered Free Cash Flow 28,732,384
Current Assets 225,416,000
Current Cash 135,700,000
Current Liabilities 76,419,000
Current Debt 1,146,000
Non-Cash Working Capital (NCWC) 14,443,000
Change in NCWC 1,449,000
EBIT 33,760,000
Tax Provision 13,209,000
Depreciation and Amortization 14,545,000
Capital Expenditure -11,402,000
Unlevered Free Cash Flow 25,107,692
Current Assets 177,918,000
Current Cash 96,971,000
Current Liabilities 69,108,000
Current Debt 1,155,000
Non-Cash Working Capital (NCWC) 12,994,000
Change in NCWC 6,858,000
EBIT 17,679,000
Tax Provision 6,982,000
Depreciation and Amortization 14,431,000
Capital Expenditure -13,619,000
Unlevered Free Cash Flow 17,975,357
Current Assets 131,102,000
Current Cash 66,620,000
Current Liabilities 59,221,000
Current Debt 875,000
Non-Cash Working Capital (NCWC) 6,136,000
Change in NCWC -8,944,000
EBIT -17,125,000
Tax Provision -12,502,000
Depreciation and Amortization 23,387,000
Capital Expenditure -9,989,000
Unlevered Free Cash Flow -12,671,000

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