DCF Tool

CIX

Compx International, Inc. – Totalizing Fluid Meter and Counting Device Manufacturing
CompX International Inc. is a manufacturer of security products used in the recreational transportation, postal, office and institutional furniture, cabinetry, tool storage, healthcare and other industries, and stainless steel exhaust systems, gauges and throttle controls for the recreational marine industry.
Analysis Results
Intrinsic Value $103.08
Latest Price $28.12
Relative Value 73% undervalued
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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 14.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 2.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.2%, 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 (million) Present value (million)
2022 25.8 25.1
2023 29.4 27.8
2024 33.6 30.9
2025 38.4 34.3
2026 43.9 38.1
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 1320 million. This corresponds to a present value of 1110 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 156 million. Adding in the terminal value gives a total present value of 1270 million.

There are presently 12.3 million outstanding shares, so the intrinsic value per share is 103.08.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 120,231,000
Current Cash 76,579,000
Current Liabilities 16,446,000
Current Debt 0
Non-Cash Working Capital (NCWC) 27,206,000
Change in NCWC 9,747,000
EBIT 20,526,000
Tax Provision 5,155,000
Depreciation and Amortization 3,839,000
Capital Expenditure -4,094,000
Unlevered Free Cash Flow 25,147,055
Current Assets 101,246,000
Current Cash 70,637,000
Current Liabilities 13,150,000
Current Debt 0
Non-Cash Working Capital (NCWC) 17,459,000
Change in NCWC -1,321,000
EBIT 11,817,000
Tax Provision 3,174,000
Depreciation and Amortization 3,827,000
Capital Expenditure -1,740,000
Unlevered Free Cash Flow 9,804,074
Current Assets 95,097,000
Current Cash 63,255,000
Current Liabilities 13,062,000
Current Debt 0
Non-Cash Working Capital (NCWC) 18,780,000
Change in NCWC 1,578,000
EBIT 17,666,000
Tax Provision 4,938,000
Depreciation and Amortization 3,684,000
Capital Expenditure -3,166,000
Unlevered Free Cash Flow 15,595,267
Current Assets 76,285,000
Current Cash 45,414,000
Current Liabilities 13,669,000
Current Debt 0
Non-Cash Working Capital (NCWC) 17,202,000
Change in NCWC 1,757,000
EBIT 17,811,000
Tax Provision 5,150,000
Depreciation and Amortization 3,454,000
Capital Expenditure -3,117,000
Unlevered Free Cash Flow 15,425,065
Current Assets 56,362,000
Current Cash 29,655,000
Current Liabilities 11,262,000
Current Debt 0
Non-Cash Working Capital (NCWC) 15,445,000
Change in NCWC 2,746,000
EBIT 15,235,000
Tax Provision 3,961,000
Depreciation and Amortization 3,673,000
Capital Expenditure -2,796,000
Unlevered Free Cash Flow 15,342,162
Current Assets 59,175,000
Current Cash 33,153,000
Current Liabilities 13,323,000
Current Debt 0
Non-Cash Working Capital (NCWC) 12,699,000
Change in NCWC 225,000
EBIT 15,574,000
Tax Provision 5,507,000
Depreciation and Amortization 3,698,000
Capital Expenditure -3,175,000
Unlevered Free Cash Flow 10,949,535
Current Assets 76,909,000
Current Cash 52,347,000
Current Liabilities 12,088,000
Current Debt 0
Non-Cash Working Capital (NCWC) 12,474,000
Change in NCWC -2,907,000
EBIT 13,971,000
Tax Provision 4,903,000
Depreciation and Amortization 3,536,000
Capital Expenditure -4,218,000
Unlevered Free Cash Flow 5,496,484
Current Assets 74,180,000
Current Cash 45,570,000
Current Liabilities 13,229,000
Current Debt 0
Non-Cash Working Capital (NCWC) 15,381,000
Change in NCWC 573,000
EBIT 13,607,000
Tax Provision 5,012,000
Depreciation and Amortization 3,533,000
Capital Expenditure -2,825,000
Unlevered Free Cash Flow 9,900,193
Current Assets 63,611,000
Current Cash 38,753,000
Current Liabilities 10,050,000
Current Debt 0
Non-Cash Working Capital (NCWC) 14,808,000
Change in NCWC 11,451,000
EBIT 9,328,000
Tax Provision 3,226,000
Depreciation and Amortization 3,270,000
Capital Expenditure -3,501,000
Unlevered Free Cash Flow 17,291,628
Current Assets 90,595,000
Current Cash 63,777,000
Current Liabilities 24,461,000
Current Debt 1,000,000
Non-Cash Working Capital (NCWC) 3,357,000
Change in NCWC -16,227,000
EBIT 6,580,000
Tax Provision 1,415,000
Depreciation and Amortization 5,772,000
Capital Expenditure -4,477,000
Unlevered Free Cash Flow -10,237,138

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