DCF Tool

APOG

Apogee Enterprises Inc. – Glass Product Manufacturing Made of Purchased Glass
Apogee Enterprises, Inc. delivers distinctive solutions for enclosing commercial buildings and framing art. Headquartered in Minneapolis, MN, the company is a leader in architectural products and services, providing architectural glass, aluminum framing systems and installation services for buildings, as well as value-added glass and acrylic for custom picture framing and displays.
Analysis Results
Intrinsic Value $57.00
Latest Price $44.90
Relative Value 21% 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 6.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 6.7%, 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 72.6 67.0
2024 77.4 66.0
2025 82.6 65.0
2026 88.1 64.0
2027 94.0 63.0
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1520 million. This corresponds to a present value of 938 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 325 million. Adding in the terminal value gives a total present value of 1260 million.

There are presently 22.2 million outstanding shares, so the intrinsic value per share is 57.0.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 337,892,000
Current Cash 37,583,000
Current Liabilities 232,946,000
Current Debt 1,000,000
Non-Cash Working Capital (NCWC) 68,363,000
Change in NCWC -19,482,000
EBIT 71,518,000
Tax Provision 10,383,000
Depreciation and Amortization 49,993,000
Capital Expenditure -21,841,000
Unlevered Free Cash Flow 26,646,187
Current Assets 350,674,000
Current Cash 47,277,000
Current Liabilities 217,552,000
Current Debt 2,000,000
Non-Cash Working Capital (NCWC) 87,845,000
Change in NCWC -7,656,000
EBIT 95,596,000
Tax Provision 7,175,000
Depreciation and Amortization 51,440,000
Capital Expenditure -26,165,000
Unlevered Free Cash Flow 82,880,149
Current Assets 381,910,000
Current Cash 14,952,000
Current Liabilities 276,857,000
Current Debt 5,400,000
Non-Cash Working Capital (NCWC) 95,501,000
Change in NCWC -31,798,000
EBIT 87,848,000
Tax Provision 17,836,000
Depreciation and Amortization 46,795,000
Capital Expenditure -51,428,000
Unlevered Free Cash Flow 31,769,891
Current Assets 371,898,000
Current Cash 17,087,000
Current Liabilities 227,512,000
Current Debt 0
Non-Cash Working Capital (NCWC) 127,299,000
Change in NCWC 18,955,000
EBIT 67,284,000
Tax Provision 12,968,000
Depreciation and Amortization 49,798,000
Capital Expenditure -60,717,000
Unlevered Free Cash Flow 60,445,994
Current Assets 336,278,000
Current Cash 19,782,000
Current Liabilities 208,152,000
Current Debt 0
Non-Cash Working Capital (NCWC) 108,344,000
Change in NCWC 16,952,000
EBIT 114,284,000
Tax Provision 30,392,000
Depreciation and Amortization 54,843,000
Capital Expenditure -53,196,000
Unlevered Free Cash Flow 101,272,885
Current Assets 297,461,000
Current Cash 20,011,000
Current Liabilities 186,058,000
Current Debt 0
Non-Cash Working Capital (NCWC) 91,392,000
Change in NCWC 22,623,000
EBIT 122,225,000
Tax Provision 37,015,000
Depreciation and Amortization 35,607,000
Capital Expenditure -68,061,000
Unlevered Free Cash Flow 75,553,819
Current Assets 336,793,000
Current Cash 90,643,000
Current Liabilities 177,381,000
Current Debt 0
Non-Cash Working Capital (NCWC) 68,769,000
Change in NCWC -28,710,000
EBIT 97,393,000
Tax Provision 31,982,000
Depreciation and Amortization 31,248,000
Capital Expenditure -42,037,000
Unlevered Free Cash Flow 25,889,325
Current Assets 298,975,000
Current Cash 52,512,000
Current Liabilities 149,028,000
Current Debt 44,000
Non-Cash Working Capital (NCWC) 97,479,000
Change in NCWC 20,141,000
EBIT 63,585,000
Tax Provision 14,483,000
Depreciation and Amortization 29,423,000
Capital Expenditure -27,220,000
Unlevered Free Cash Flow 71,761,065
Current Assets 242,792,000
Current Cash 28,669,000
Current Liabilities 136,834,000
Current Debt 49,000
Non-Cash Working Capital (NCWC) 77,338,000
Change in NCWC 1,381,000
EBIT 40,285,000
Tax Provision 11,780,000
Depreciation and Amortization 26,550,000
Capital Expenditure -41,852,000
Unlevered Free Cash Flow 14,430,255
Current Assets 251,841,000
Current Cash 63,774,000
Current Liabilities 122,167,000
Current Debt 10,057,000
Non-Cash Working Capital (NCWC) 75,957,000
Change in NCWC 17,872,000
EBIT 27,419,000
Tax Provision 7,796,000
Depreciation and Amortization 26,529,000
Capital Expenditure -34,679,000
Unlevered Free Cash Flow 29,097,102

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