DCF Tool

BGS

B&G Foods, Inc – Fruit and Vegetable Canning
Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including Back to Nature, B&G, B&M, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there’s a little something for everyone.
Analysis Results
Intrinsic Value $220.26
Latest Price $21.50
Relative Value 90% 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 11.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 11.5%, 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 361 347
2023 403 372
2024 449 398
2025 501 427
2026 559 457
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 16800 million. This corresponds to a present value of 13200 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2000 million. Adding in the terminal value gives a total present value of 15200 million.

There are presently 68.9 million outstanding shares, so the intrinsic value per share is 220.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 834,456,000
Current Cash 33,690,000
Current Liabilities 244,287,000
Current Debt 0
Non-Cash Working Capital (NCWC) 556,479,000
Change in NCWC 117,012,000
EBIT 219,167,000
Tax Provision 26,291,000
Depreciation and Amortization 96,860,000
Capital Expenditure -43,581,000
Unlevered Free Cash Flow 327,932,388
Current Assets 737,301,000
Current Cash 52,182,000
Current Liabilities 245,652,000
Current Debt 0
Non-Cash Working Capital (NCWC) 439,467,000
Change in NCWC 272,000
EBIT 276,438,000
Tax Provision 45,374,000
Depreciation and Amortization 75,660,000
Capital Expenditure -26,748,000
Unlevered Free Cash Flow 254,901,677
Current Assets 661,793,000
Current Cash 11,315,000
Current Liabilities 216,908,000
Current Debt 5,625,000
Non-Cash Working Capital (NCWC) 439,195,000
Change in NCWC 123,209,000
EBIT 203,836,000
Tax Provision 29,303,000
Depreciation and Amortization 58,734,000
Capital Expenditure -42,355,000
Unlevered Free Cash Flow 286,910,675
Current Assets 586,096,000
Current Cash 11,648,000
Current Liabilities 258,462,000
Current Debt 0
Non-Cash Working Capital (NCWC) 315,986,000
Change in NCWC -162,617,000
EBIT 163,768,000
Tax Provision 49,842,000
Depreciation and Amortization 53,639,000
Capital Expenditure -41,627,000
Unlevered Free Cash Flow -23,559,308
Current Assets 886,595,000
Current Cash 206,506,000
Current Liabilities 201,486,000
Current Debt 0
Non-Cash Working Capital (NCWC) 478,603,000
Change in NCWC 152,840,000
EBIT 239,402,000
Tax Provision -69,401,000
Depreciation and Amortization 49,172,000
Capital Expenditure -59,802,000
Unlevered Free Cash Flow 381,612,000
Current Assets 549,776,000
Current Cash 28,833,000
Current Liabilities 205,695,000
Current Debt 10,515,000
Non-Cash Working Capital (NCWC) 325,763,000
Change in NCWC -31,034,000
EBIT 259,400,000
Tax Provision 67,641,000
Depreciation and Amortization 37,266,000
Capital Expenditure -42,418,000
Unlevered Free Cash Flow 124,120,580
Current Assets 463,161,000
Current Cash 5,246,000
Current Liabilities 134,868,000
Current Debt 33,750,000
Non-Cash Working Capital (NCWC) 356,797,000
Change in NCWC 235,710,000
EBIT 172,370,000
Tax Provision 52,149,000
Depreciation and Amortization 28,653,000
Capital Expenditure -18,574,000
Unlevered Free Cash Flow 344,016,825
Current Assets 196,519,000
Current Cash 1,490,000
Current Liabilities 92,692,000
Current Debt 18,750,000
Non-Cash Working Capital (NCWC) 121,087,000
Change in NCWC 22,921,000
EBIT 142,046,000
Tax Provision 22,821,000
Depreciation and Amortization 27,434,000
Capital Expenditure -19,025,000
Unlevered Free Cash Flow 122,548,401
Current Assets 181,737,000
Current Cash 4,107,000
Current Liabilities 105,714,000
Current Debt 26,250,000
Non-Cash Working Capital (NCWC) 98,166,000
Change in NCWC 17,192,000
EBIT 153,996,000
Tax Provision 28,549,000
Depreciation and Amortization 24,077,000
Capital Expenditure -14,649,000
Unlevered Free Cash Flow 126,266,598
Current Assets 164,096,000
Current Cash 19,219,000
Current Liabilities 104,278,000
Current Debt 40,375,000
Non-Cash Working Capital (NCWC) 80,974,000
Change in NCWC 9,605,000
EBIT 149,005,000
Tax Provision 31,654,000
Depreciation and Amortization 18,853,000
Capital Expenditure -10,637,000
Unlevered Free Cash Flow 114,946,154

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