DCF Tool


Cbiz Inc – Payroll Services
named one of america’s 2015 best employers and ranked as the #1 employer in the consulting and accounting industry by forbes magazine, cbiz, inc. provides professional business services that help clients better manage their finances and employees. cbiz provides its clients with financial services including accounting, tax, financial advisory, government health care consulting, risk advisory, real estate consulting, and valuation services. employee services include employee benefits consulting, property and casualty insurance, retirement plan consulting, payroll, life insurance, hr consulting, and executive recruitment. as one of the nation’s largest brokers of employee benefits and property and casualty insurance, and one of the largest accounting and valuation companies in the united states, the company’s services are provided through more than 100 company offices in 33 states. cbiz is associated with mayer hoffman mccann p.c. (mhm)*, a national, independent cpa firm. through th
Analysis Results
Intrinsic Value $27.35
Latest Price $52.41
Relative Value 92% overvalued
Thoughts on this result? Let us know.
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 4.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 4.1%, 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 77.3 71.7
2024 80.4 69.3
2025 83.7 66.9
2026 87.1 64.6
2027 90.7 62.4
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1610 million. This corresponds to a present value of 1030 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 335 million. Adding in the terminal value gives a total present value of 1360 million.

There are presently 49.8 million outstanding shares, so the intrinsic value per share is 27.35.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 568,426,000
Current Cash 4,697,000
Current Liabilities 512,407,000
Current Debt 0
Non-Cash Working Capital (NCWC) 51,322,000
Change in NCWC 24,934,000
EBIT 168,344,000
Tax Provision 36,121,000
Depreciation and Amortization 32,895,000
Capital Expenditure -8,641,000
Unlevered Free Cash Flow 174,556,350
Current Assets 451,674,000
Current Cash 1,997,000
Current Liabilities 423,289,000
Current Debt 0
Non-Cash Working Capital (NCWC) 26,388,000
Change in NCWC -27,117,000
EBIT 103,140,000
Tax Provision 22,129,000
Depreciation and Amortization 27,078,000
Capital Expenditure -8,984,000
Unlevered Free Cash Flow 69,585,776
Current Assets 436,431,000
Current Cash 4,652,000
Current Liabilities 378,274,000
Current Debt 0
Non-Cash Working Capital (NCWC) 53,505,000
Change in NCWC -36,022,000
EBIT 92,480,000
Tax Provision 25,141,000
Depreciation and Amortization 23,139,000
Capital Expenditure -11,576,000
Unlevered Free Cash Flow 45,554,243
Current Assets 456,020,000
Current Cash 567,000
Current Liabilities 365,926,000
Current Debt 0
Non-Cash Working Capital (NCWC) 89,527,000
Change in NCWC -12,057,000
EBIT 80,522,000
Tax Provision 21,840,000
Depreciation and Amortization 22,345,000
Capital Expenditure -13,873,000
Unlevered Free Cash Flow 58,004,720
Current Assets 423,538,000
Current Cash 640,000
Current Liabilities 321,314,000
Current Debt 0
Non-Cash Working Capital (NCWC) 101,584,000
Change in NCWC -13,780,000
EBIT 92,547,000
Tax Provision 18,267,000
Depreciation and Amortization 23,675,000
Capital Expenditure -14,624,000
Unlevered Free Cash Flow 66,643,700
Current Assets 448,173,000
Current Cash 424,000
Current Liabilities 334,246,000
Current Debt 1,861,000
Non-Cash Working Capital (NCWC) 115,364,000
Change in NCWC 15,653,000
EBIT 66,461,000
Tax Provision 23,288,000
Depreciation and Amortization 23,061,000
Capital Expenditure -11,892,000
Unlevered Free Cash Flow 72,457,599
Current Assets 441,592,000
Current Cash 3,494,000
Current Liabilities 339,447,000
Current Debt 1,060,000
Non-Cash Working Capital (NCWC) 99,711,000
Change in NCWC -866,000
EBIT 65,787,000
Tax Provision 26,399,000
Depreciation and Amortization 22,098,000
Capital Expenditure -4,141,000
Unlevered Free Cash Flow 56,959,261
Current Assets 372,480,000
Current Cash 850,000
Current Liabilities 271,053,000
Current Debt 0
Non-Cash Working Capital (NCWC) 100,577,000
Change in NCWC 16,638,000
EBIT 63,884,000
Tax Provision 22,829,000
Depreciation and Amortization 20,389,000
Capital Expenditure -7,390,000
Unlevered Free Cash Flow 68,302,992
Current Assets 379,326,000
Current Cash 979,000
Current Liabilities 295,168,000
Current Debt 760,000
Non-Cash Working Capital (NCWC) 83,939,000
Change in NCWC 47,000
EBIT 55,496,000
Tax Provision 20,154,000
Depreciation and Amortization 19,831,000
Capital Expenditure -4,837,000
Unlevered Free Cash Flow 48,418,933
Current Assets 350,475,000
Current Cash 771,000
Current Liabilities 267,414,000
Current Debt 1,602,000
Non-Cash Working Capital (NCWC) 83,892,000
Change in NCWC -1,756,000
EBIT 48,905,000
Tax Provision 16,438,000
Depreciation and Amortization 18,884,000
Capital Expenditure -6,208,000
Unlevered Free Cash Flow 40,419,771
Current Assets 350,197,000
Current Cash 899,000
Current Liabilities 269,867,000
Current Debt 6,217,000
Non-Cash Working Capital (NCWC) 85,648,000
Change in NCWC 7,128,000
EBIT 55,477,000
Tax Provision 19,328,000
Depreciation and Amortization 21,395,000
Capital Expenditure -4,067,000
Unlevered Free Cash Flow 58,659,277

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.