DCF Tool

ARCB

ArcBest Corp – General Freight Trucking, Local
ArcBestĀ® is a leading logistics company with creative problem solvers who deliver innovative solutions for its customers' supply chain needs. The company will find a way to deliver knowledge, expertise and a can-do attitude with every shipment and supply chain solution, household move or vehicle repair.
Analysis Results
Intrinsic Value $1,369.82
Latest Price $77.61
Relative Value 94% undervalued
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Cash Flow (Billions)
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 70.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 70.7%, 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 (billion) Present value (billion)
2022 0.5 0.452
2023 0.854 0.697
2024 1.46 1.07
2025 2.49 1.66
2026 4.25 2.56
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 49.7 billion. This corresponds to a present value of 27.0 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 6.44 billion. Adding in the terminal value gives a total present value of 33.4 billion.

There are presently 24.4 million outstanding shares, so the intrinsic value per share is 1369.82.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 776,053,000
Current Cash 124,959,000
Current Liabilities 702,694,000
Current Debt 50,615,000
Non-Cash Working Capital (NCWC) -985,000
Change in NCWC 49,651,000
EBIT 280,986,000
Tax Provision 63,633,000
Depreciation and Amortization 124,221,000
Capital Expenditure -78,473,000
Unlevered Free Cash Flow 311,872,194
Current Assets 758,168,000
Current Cash 369,362,000
Current Liabilities 506,547,000
Current Debt 67,105,000
Non-Cash Working Capital (NCWC) -50,636,000
Change in NCWC -9,578,000
EBIT 98,278,000
Tax Provision 21,396,000
Depreciation and Amortization 118,391,000
Capital Expenditure -57,489,000
Unlevered Free Cash Flow 126,868,518
Current Assets 664,402,000
Current Cash 318,488,000
Current Liabilities 444,277,000
Current Debt 57,305,000
Non-Cash Working Capital (NCWC) -41,058,000
Change in NCWC 3,951,000
EBIT 63,770,000
Tax Provision 11,486,000
Depreciation and Amortization 112,466,000
Capital Expenditure -102,431,000
Unlevered Free Cash Flow 63,525,419
Current Assets 649,226,000
Current Cash 296,992,000
Current Liabilities 451,318,000
Current Debt 54,075,000
Non-Cash Working Capital (NCWC) -45,009,000
Change in NCWC -66,725,000
EBIT 109,098,000
Tax Provision 17,124,000
Depreciation and Amortization 108,635,000
Capital Expenditure -54,089,000
Unlevered Free Cash Flow 74,780,325
Current Assets 522,349,000
Current Cash 177,173,000
Current Liabilities 402,590,000
Current Debt 79,130,000
Non-Cash Working Capital (NCWC) 21,716,000
Change in NCWC -23,530,000
EBIT 53,510,000
Tax Provision -8,150,000
Depreciation and Amortization 103,068,000
Capital Expenditure -75,621,000
Unlevered Free Cash Flow 57,427,000
Current Assets 521,989,000
Current Cash 171,118,000
Current Liabilities 387,468,000
Current Debt 81,843,000
Non-Cash Working Capital (NCWC) 45,246,000
Change in NCWC 17,520,000
EBIT 28,970,000
Tax Provision 9,635,000
Depreciation and Amortization 103,053,000
Capital Expenditure -78,743,000
Unlevered Free Cash Flow 60,932,359
Current Assets 552,083,000
Current Cash 226,570,000
Current Liabilities 364,597,000
Current Debt 66,810,000
Non-Cash Working Capital (NCWC) 27,726,000
Change in NCWC 15,119,000
EBIT 75,496,000
Tax Provision 27,880,000
Depreciation and Amortization 93,042,000
Capital Expenditure -86,937,000
Unlevered Free Cash Flow 67,781,285
Current Assets 514,989,000
Current Cash 202,951,000
Current Liabilities 340,782,000
Current Debt 41,351,000
Non-Cash Working Capital (NCWC) 12,607,000
Change in NCWC -123,000
EBIT 69,239,000
Tax Provision 24,435,000
Depreciation and Amortization 86,222,000
Capital Expenditure -43,901,000
Unlevered Free Cash Flow 87,477,121
Current Assets 418,485,000
Current Cash 141,260,000
Current Liabilities 309,617,000
Current Debt 45,122,000
Non-Cash Working Capital (NCWC) 12,730,000
Change in NCWC -10,545,000
EBIT 19,070,000
Tax Provision 3,650,000
Depreciation and Amortization 88,389,000
Capital Expenditure -34,037,000
Unlevered Free Cash Flow 59,300,333
Current Assets 386,050,000
Current Cash 119,756,000
Current Liabilities 299,708,000
Current Debt 56,689,000
Non-Cash Working Capital (NCWC) 23,275,000
Change in NCWC -27,983,000
EBIT -14,568,000
Tax Provision -9,260,000
Depreciation and Amortization 87,754,000
Capital Expenditure -37,278,000
Unlevered Free Cash Flow 7,925,000

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