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Conagra Brands Inc – All Other Miscellaneous Food Manufacturing
Conagra Brands, Inc., headquartered in Chicago, is one of North America'sleading branded food companies. Guided by an entrepreneurial spirit, Conagra Brands combines a rich heritage of making great food with a sharpened focus on innovation. The company's portfolio is evolving to satisfy people's changing food preferences. Conagra's iconic brands, such as Birds Eye®, Marie Callender's®, Banquet®, Healthy Choice®, Slim Jim®, Reddi-wip®, and Vlasic®, as well as emerging brands, including Angie's® BOOMCHICKAPOP®, Duke's®, Earth Balance®, Gardein®, and Frontera®, offer choices for every occasion.
Analysis Results
Intrinsic Value $161.80
Latest Price $36.42
Relative Value 77% undervalued
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Cash Flow (Billions)
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 15.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 15.2%, 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)
2023 1.56 1.51
2024 1.8 1.68
2025 2.07 1.87
2026 2.38 2.09
2027 2.74 2.33
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 82.3 billion. This corresponds to a present value of 67.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 9.48 billion. Adding in the terminal value gives a total present value of 77.1 billion.

There are presently 477.0 million outstanding shares, so the intrinsic value per share is 161.8.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,033,700,000
Current Cash 83,300,000
Current Liabilities 3,518,800,000
Current Debt 891,600,000
Non-Cash Working Capital (NCWC) 323,200,000
Change in NCWC 276,000,000
EBIT 1,491,300,000
Tax Provision 290,500,000
Depreciation and Amortization 375,400,000
Capital Expenditure -464,400,000
Unlevered Free Cash Flow 1,310,757,241
Current Assets 2,702,100,000
Current Cash 79,200,000
Current Liabilities 3,306,200,000
Current Debt 730,500,000
Non-Cash Working Capital (NCWC) 47,200,000
Change in NCWC 155,400,000
EBIT 1,860,600,000
Tax Provision 193,800,000
Depreciation and Amortization 387,700,000
Capital Expenditure -506,400,000
Unlevered Free Cash Flow 1,656,058,091
Current Assets 2,885,900,000
Current Cash 553,300,000
Current Liabilities 3,287,400,000
Current Debt 846,600,000
Non-Cash Working Capital (NCWC) -108,200,000
Change in NCWC -484,400,000
EBIT 1,520,300,000
Tax Provision 201,300,000
Depreciation and Amortization 388,900,000
Capital Expenditure -369,500,000
Unlevered Free Cash Flow 761,908,771
Current Assets 2,733,800,000
Current Cash 236,600,000
Current Liabilities 2,142,600,000
Current Debt 21,600,000
Non-Cash Working Capital (NCWC) 376,200,000
Change in NCWC 317,200,000
EBIT 1,255,400,000
Tax Provision 218,800,000
Depreciation and Amortization 333,000,000
Capital Expenditure -353,100,000
Unlevered Free Cash Flow 1,246,992,803
Current Assets 1,938,900,000
Current Cash 128,000,000
Current Liabilities 2,336,200,000
Current Debt 584,300,000
Non-Cash Working Capital (NCWC) 59,000,000
Change in NCWC -209,500,000
EBIT 1,130,800,000
Tax Provision 174,600,000
Depreciation and Amortization 257,000,000
Capital Expenditure -251,600,000
Unlevered Free Cash Flow 723,595,710
Current Assets 2,013,200,000
Current Cash 251,400,000
Current Liabilities 1,720,500,000
Current Debt 227,200,000
Non-Cash Working Capital (NCWC) 268,500,000
Change in NCWC -551,500,000
EBIT 996,200,000
Tax Provision 254,700,000
Depreciation and Amortization 268,000,000
Capital Expenditure -242,100,000
Unlevered Free Cash Flow 153,712,101
Current Assets 3,576,700,000
Current Cash 834,500,000
Current Liabilities 2,532,400,000
Current Debt 610,200,000
Non-Cash Working Capital (NCWC) 820,000,000
Change in NCWC -370,300,000
EBIT 1,019,200,000
Tax Provision 225,400,000
Depreciation and Amortization 373,900,000
Capital Expenditure -440,200,000
Unlevered Free Cash Flow 264,152,980
Current Assets 3,667,700,000
Current Cash 183,100,000
Current Liabilities 3,310,200,000
Current Debt 1,015,900,000
Non-Cash Working Capital (NCWC) 1,190,300,000
Change in NCWC -441,000,000
EBIT -41,500,000
Tax Provision 234,000,000
Depreciation and Amortization 592,300,000
Capital Expenditure -471,900,000
Unlevered Free Cash Flow -362,100,000
Current Assets 4,230,800,000
Current Cash 183,100,000
Current Liabilities 2,642,400,000
Current Debt 226,000,000
Non-Cash Working Capital (NCWC) 1,631,300,000
Change in NCWC 133,800,000
EBIT 988,200,000
Tax Provision 298,200,000
Depreciation and Amortization 602,900,000
Capital Expenditure -603,400,000
Unlevered Free Cash Flow 637,781,615
Current Assets 4,379,800,000
Current Cash 183,900,000
Current Liabilities 3,401,300,000
Current Debt 702,900,000
Non-Cash Working Capital (NCWC) 1,497,500,000
Change in NCWC 528,800,000
EBIT 1,461,900,000
Tax Provision 400,200,000
Depreciation and Amortization 445,200,000
Capital Expenditure -463,500,000
Unlevered Free Cash Flow 1,479,225,946
Current Assets 3,218,800,000
Current Cash 103,000,000
Current Liabilities 2,225,200,000
Current Debt 78,100,000
Non-Cash Working Capital (NCWC) 968,700,000
Change in NCWC -196,100,000
EBIT 874,100,000
Tax Provision 195,800,000
Depreciation and Amortization 371,800,000
Capital Expenditure -399,200,000
Unlevered Free Cash Flow 395,192,180

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