Analysis Results
Intrinsic Value $443.44
Latest Price $194.01
Relative Value 56% 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 26.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 26.0%, 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)
2022 396 386
2023 499 474
2024 629 583
2025 793 716
2026 999 879
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 30000 million. This corresponds to a present value of 25700 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3040 million. Adding in the terminal value gives a total present value of 28700 million.

There are presently 64.8 million outstanding shares, so the intrinsic value per share is 443.44.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 768,317,000
Current Cash 379,853,000
Current Liabilities 141,530,000
Current Debt 20,000,000
Non-Cash Working Capital (NCWC) 266,934,000
Change in NCWC 3,625,000
EBIT 358,401,000
Tax Provision 64,944,000
Depreciation and Amortization 10,257,000
Capital Expenditure -2,366,000
Unlevered Free Cash Flow 309,420,116
Current Assets 650,440,000
Current Cash 287,796,000
Current Liabilities 234,498,000
Current Debt 135,163,000
Non-Cash Working Capital (NCWC) 263,309,000
Change in NCWC 6,950,000
EBIT 257,359,000
Tax Provision 49,686,000
Depreciation and Amortization 9,550,000
Capital Expenditure -1,419,000
Unlevered Free Cash Flow 226,666,529
Current Assets 429,040,000
Current Cash 71,926,000
Current Liabilities 320,755,000
Current Debt 220,000,000
Non-Cash Working Capital (NCWC) 256,359,000
Change in NCWC 553,627,000
EBIT 282,802,000
Tax Provision 40,456,000
Depreciation and Amortization 8,143,000
Capital Expenditure -1,567,000
Unlevered Free Cash Flow 805,269,462
Current Assets 131,185,000
Current Cash 96,165,000
Current Liabilities 502,288,000
Current Debt 170,000,000
Non-Cash Working Capital (NCWC) -297,268,000
Change in NCWC -14,257,000
EBIT 209,641,000
Tax Provision 54,655,000
Depreciation and Amortization 6,544,000
Capital Expenditure -660,000
Unlevered Free Cash Flow 144,920,209
Current Assets 146,186,000
Current Cash 101,954,000
Current Liabilities 467,243,000
Current Debt 140,000,000
Non-Cash Working Capital (NCWC) -283,011,000
Change in NCWC -30,369,000
EBIT 212,016,000
Tax Provision 48,150,000
Depreciation and Amortization 6,405,000
Capital Expenditure -3,125,000
Unlevered Free Cash Flow 136,394,722
Current Assets 361,323,000
Current Cash 321,342,000
Current Liabilities 432,623,000
Current Debt 140,000,000
Non-Cash Working Capital (NCWC) -252,642,000
Change in NCWC -4,360,000
EBIT 211,381,000
Tax Provision 70,688,000
Depreciation and Amortization 6,061,000
Capital Expenditure -3,752,000
Unlevered Free Cash Flow 138,392,993
Current Assets 263,630,000
Current Cash 215,446,000
Current Liabilities 296,466,000
Current Debt 0
Non-Cash Working Capital (NCWC) -248,282,000
Change in NCWC -44,315,000
EBIT 179,792,000
Tax Provision 61,064,000
Depreciation and Amortization 6,216,000
Capital Expenditure -7,645,000
Unlevered Free Cash Flow 72,874,781
Current Assets 329,682,000
Current Cash 267,145,000
Current Liabilities 266,504,000
Current Debt 0
Non-Cash Working Capital (NCWC) -203,967,000
Change in NCWC -84,410,000
EBIT 129,709,000
Tax Provision 42,750,000
Depreciation and Amortization 5,215,000
Capital Expenditure -5,096,000
Unlevered Free Cash Flow 2,276,863
Current Assets 285,351,000
Current Cash 189,447,000
Current Liabilities 215,461,000
Current Debt 0
Non-Cash Working Capital (NCWC) -119,557,000
Change in NCWC -30,815,000
EBIT 55,595,000
Tax Provision 12,176,000
Depreciation and Amortization 5,229,000
Capital Expenditure -5,409,000
Unlevered Free Cash Flow 12,814,688
Current Assets 261,463,000
Current Cash 165,242,000
Current Liabilities 195,719,000
Current Debt 10,756,000
Non-Cash Working Capital (NCWC) -88,742,000
Change in NCWC -34,701,000
EBIT -15,308,000
Tax Provision -1,344,000
Depreciation and Amortization 5,278,000
Capital Expenditure -4,752,000
Unlevered Free Cash Flow -49,483,000

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