DCF Tool

BWXT

BWX Technologies Inc – Engineering Services
Headquartered in Lynchburg, Virginia, BWX Technologies Inc. provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities.
Analysis Results
Intrinsic Value $6.32
Latest Price $55.26
Relative Value 775% overvalued
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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 -22.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -22.7%, 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)
2022 47.5 46.3
2023 36.7 34.8
2024 28.4 26.2
2025 21.9 19.7
2026 17.0 14.9
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 509 million. This corresponds to a present value of 434 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 142 million. Adding in the terminal value gives a total present value of 576 million.

There are presently 91.2 million outstanding shares, so the intrinsic value per share is 6.32.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 773,732,000
Current Cash 37,702,000
Current Liabilities 459,615,000
Current Debt 0
Non-Cash Working Capital (NCWC) 276,415,000
Change in NCWC -9,833,000
EBIT 342,316,000
Tax Provision 89,425,000
Depreciation and Amortization 69,080,000
Capital Expenditure -311,052,000
Unlevered Free Cash Flow 13,152,893
Current Assets 773,598,000
Current Cash 46,317,000
Current Liabilities 529,727,000
Current Debt 88,694,000
Non-Cash Working Capital (NCWC) 286,248,000
Change in NCWC 138,874,000
EBIT 357,191,000
Tax Provision 82,976,000
Depreciation and Amortization 60,674,000
Capital Expenditure -255,027,000
Unlevered Free Cash Flow 219,877,180
Current Assets 629,755,000
Current Cash 92,383,000
Current Liabilities 404,709,000
Current Debt 14,711,000
Non-Cash Working Capital (NCWC) 147,374,000
Change in NCWC 1,515,000
EBIT 328,345,000
Tax Provision 69,065,000
Depreciation and Amortization 61,722,000
Capital Expenditure -182,124,000
Unlevered Free Cash Flow 137,178,396
Current Assets 542,448,000
Current Cash 33,468,000
Current Liabilities 377,348,000
Current Debt 14,227,000
Non-Cash Working Capital (NCWC) 145,859,000
Change in NCWC -20,637,000
EBIT 305,041,000
Tax Provision 52,840,000
Depreciation and Amortization 60,097,000
Capital Expenditure -109,338,000
Unlevered Free Cash Flow 177,627,200
Current Assets 873,090,000
Current Cash 206,338,000
Current Liabilities 528,126,000
Current Debt 27,870,000
Non-Cash Working Capital (NCWC) 166,496,000
Change in NCWC 25,589,000
EBIT 308,691,000
Tax Provision 147,415,000
Depreciation and Amortization 56,557,000
Capital Expenditure -96,880,000
Unlevered Free Cash Flow 140,107,234
Current Assets 693,571,000
Current Cash 140,158,000
Current Liabilities 439,876,000
Current Debt 27,370,000
Non-Cash Working Capital (NCWC) 140,907,000
Change in NCWC -9,402,000
EBIT 269,220,000
Tax Provision 73,656,000
Depreciation and Amortization 50,554,000
Capital Expenditure -52,634,000
Unlevered Free Cash Flow 180,660,134
Current Assets 647,294,000
Current Cash 158,205,000
Current Liabilities 353,780,000
Current Debt 15,000,000
Non-Cash Working Capital (NCWC) 150,309,000
Change in NCWC -204,266,000
EBIT 183,190,000
Tax Provision 80,416,000
Depreciation and Amortization 78,621,000
Capital Expenditure -68,335,000
Unlevered Free Cash Flow -77,428,350
Current Assets 1,473,802,000
Current Cash 317,806,000
Current Liabilities 819,636,000
Current Debt 18,215,000
Non-Cash Working Capital (NCWC) 354,575,000
Change in NCWC 196,572,000
EBIT 39,550,000
Tax Provision -15,991,000
Depreciation and Amortization 105,798,000
Capital Expenditure -76,751,000
Unlevered Free Cash Flow 265,169,000
Current Assets 1,437,424,000
Current Cash 356,864,000
Current Liabilities 927,228,000
Current Debt 4,671,000
Non-Cash Working Capital (NCWC) 158,003,000
Change in NCWC 184,459,000
EBIT 577,010,000
Tax Provision 184,583,000
Depreciation and Amortization 70,525,000
Capital Expenditure -67,150,000
Unlevered Free Cash Flow 558,904,716

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