DCF Tool


B&G Foods, Inc – Fruit and Vegetable Canning
b&g foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of high-quality, branded shelf-stable foods across the united states, canada and puerto rico. based in parsippany, new jersey, b&g foods’ products are marketed under many recognized brands, including ac’cent, b&g, b&m, baker’s joy, bear creek country kitchens, brer rabbit, canoleo, cary’s, cream of rice, cream of wheat, devonsheer, don pepino, emeril’s, grandma’s molasses, jj flats, joan of arc, las palmas, macdonald’s, mama mary’s, maple grove farms, molly mcbutter, mrs. dash, new york flatbreads, new york style, old london, original tings, ortega, pirate’s booty, polaner, red devil, regina, rickland orchards, sa-són, sclafani, smart puffs, spring tree, sugar twin, trappey’s, truenorth, underwood, vermont maid and wright’s. b&g foods also sells and distributes static guard, a household product brand. to view our open positions, visit us @ http://www.bgfoods.com/careers/careers.asp
Analysis Results
Intrinsic Value $267.42
Latest Price $9.78
Relative Value 96% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
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 14.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.3%, 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 480 457
2024 548 497
2025 626 541
2026 716 589
2027 818 641
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 24600 million. This corresponds to a present value of 18300 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2720 million. Adding in the terminal value gives a total present value of 21000 million.

There are presently 78.6 million outstanding shares, so the intrinsic value per share is 267.42.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,018,817,000
Current Cash 45,442,000
Current Liabilities 271,534,000
Current Debt 51,046,000
Non-Cash Working Capital (NCWC) 752,887,000
Change in NCWC 196,408,000
EBIT 197,963,000
Tax Provision -7,537,000
Depreciation and Amortization 97,436,000
Capital Expenditure -22,286,000
Unlevered Free Cash Flow 469,521,000
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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