DCF Tool

CHRW

C.H. Robinson Worldwide, Inc. – Postal Service
C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, C.H. Robinson is one of the world's largest logistics platforms. Its global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world's economy. With the combination of its multimodal transportation management system and expertise, the company uses its information advantage to deliver smarter solutions for its more than 105,000 customers and 73,000 contract carriers. Its technology is built by and for supply chain experts to bring faster, more meaningful improvements to its customers' businesses.
Analysis Results
Intrinsic Value $195.56
Latest Price $115.59
Relative Value 41% undervalued
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Cash Flow (Billions)
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 4.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 4.4%, 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)
2022 0.821 0.778
2023 0.857 0.77
2024 0.895 0.762
2025 0.934 0.753
2026 0.975 0.745
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 28.2 billion. This corresponds to a present value of 20.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.81 billion. Adding in the terminal value gives a total present value of 24.2 billion.

There are presently 124.0 million outstanding shares, so the intrinsic value per share is 195.56.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 4,804,153,000
Current Cash 257,413,000
Current Liabilities 3,326,342,000
Current Debt 525,000,000
Non-Cash Working Capital (NCWC) 1,745,398,000
Change in NCWC 887,225,000
EBIT 1,082,108,000
Tax Provision 178,046,000
Depreciation and Amortization 91,259,000
Capital Expenditure -70,922,000
Unlevered Free Cash Flow 1,801,206,048
Current Assets 2,941,701,000
Current Cash 243,796,000
Current Liabilities 1,839,732,000
Current Debt 0
Non-Cash Working Capital (NCWC) 858,173,000
Change in NCWC 79,066,000
EBIT 673,268,000
Tax Provision 121,910,000
Depreciation and Amortization 101,727,000
Capital Expenditure -54,009,000
Unlevered Free Cash Flow 669,423,236
Current Assets 2,640,118,000
Current Cash 447,858,000
Current Liabilities 1,556,038,000
Current Debt 142,885,000
Non-Cash Working Capital (NCWC) 779,107,000
Change in NCWC -167,029,000
EBIT 789,976,000
Tax Provision 165,289,000
Depreciation and Amortization 100,449,000
Capital Expenditure -70,465,000
Unlevered Free Cash Flow 477,015,726
Current Assets 2,753,074,000
Current Cash 378,615,000
Current Liabilities 1,433,323,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 946,136,000
Change in NCWC 41,539,000
EBIT 912,083,000
Tax Provision 215,768,000
Depreciation and Amortization 96,729,000
Capital Expenditure -63,871,000
Unlevered Free Cash Flow 762,914,896
Current Assets 2,510,936,000
Current Cash 333,890,000
Current Liabilities 1,987,449,000
Current Debt 715,000,000
Non-Cash Working Capital (NCWC) 904,597,000
Change in NCWC 249,879,000
EBIT 775,119,000
Tax Provision 223,570,000
Depreciation and Amortization 92,977,000
Capital Expenditure -57,945,000
Unlevered Free Cash Flow 822,140,972
Current Assets 2,008,102,000
Current Cash 247,666,000
Current Liabilities 1,845,718,000
Current Debt 740,000,000
Non-Cash Working Capital (NCWC) 654,718,000
Change in NCWC 90,846,000
EBIT 837,531,000
Tax Provision 298,566,000
Depreciation and Amortization 74,669,000
Capital Expenditure -91,437,000
Unlevered Free Cash Flow 603,636,488
Current Assets 1,730,698,000
Current Cash 168,229,000
Current Liabilities 1,448,597,000
Current Debt 450,000,000
Non-Cash Working Capital (NCWC) 563,872,000
Change in NCWC -441,787,000
EBIT 858,310,000
Tax Provision 313,082,000
Depreciation and Amortization 66,409,000
Capital Expenditure -44,642,000
Unlevered Free Cash Flow 111,688,618
Current Assets 2,105,459,000
Current Cash 128,940,000
Current Liabilities 1,575,860,000
Current Debt 605,000,000
Non-Cash Working Capital (NCWC) 1,005,659,000
Change in NCWC 398,202,000
EBIT 748,418,000
Tax Provision 273,720,000
Depreciation and Amortization 57,009,000
Capital Expenditure -29,502,000
Unlevered Free Cash Flow 890,952,827
Current Assets 1,664,485,000
Current Cash 162,047,000
Current Liabilities 1,269,981,000
Current Debt 375,000,000
Non-Cash Working Capital (NCWC) 607,457,000
Change in NCWC 123,757,000
EBIT 682,650,000
Tax Provision 257,457,000
Depreciation and Amortization 56,882,000
Capital Expenditure -48,206,000
Unlevered Free Cash Flow 554,074,386
Current Assets 1,672,290,000
Current Cash 210,019,000
Current Liabilities 1,232,217,000
Current Debt 253,646,000
Non-Cash Working Capital (NCWC) 483,700,000
Change in NCWC 122,458,000
EBIT 675,320,000
Tax Provision 364,658,000
Depreciation and Amortization 38,090,000
Capital Expenditure -50,656,000
Unlevered Free Cash Flow 528,278,662

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