DCF Tool

CLB

Core Laboratories N.V. – Support Activities for Oil and Gas Operations
Core Laboratories N.V. is a leading provider of proprietary and patented reservoir description and production enhancement services and products used to optimize petroleum reservoir performance. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world.
Analysis Results
Intrinsic Value $16.47
Latest Price $24.52
Relative Value 49% 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 -14.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -14.7%, 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 51.1 48.6
2023 43.6 39.3
2024 37.2 31.9
2025 31.8 25.8
2026 27.1 20.9
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 813 million. This corresponds to a present value of 596 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 167 million. Adding in the terminal value gives a total present value of 763 million.

There are presently 46.3 million outstanding shares, so the intrinsic value per share is 16.47.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 378,110,000
Current Cash 35,406,000
Current Liabilities 181,564,000
Current Debt 0
Non-Cash Working Capital (NCWC) 161,140,000
Change in NCWC 98,848,000
EBIT 79,458,000
Tax Provision 31,782,000
Depreciation and Amortization 37,032,000
Capital Expenditure -27,714,000
Unlevered Free Cash Flow 152,656,758
Current Assets 165,848,000
Current Cash 13,806,000
Current Liabilities 89,750,000
Current Debt 0
Non-Cash Working Capital (NCWC) 62,292,000
Change in NCWC -36,259,000
EBIT 57,725,000
Tax Provision 5,896,000
Depreciation and Amortization 20,867,000
Capital Expenditure -11,880,000
Unlevered Free Cash Flow 30,453,000
Current Assets 221,237,000
Current Cash 11,092,000
Current Liabilities 111,594,000
Current Debt 0
Non-Cash Working Capital (NCWC) 98,551,000
Change in NCWC -16,763,000
EBIT 102,211,000
Tax Provision -12,290,000
Depreciation and Amortization 22,605,000
Capital Expenditure -22,449,000
Unlevered Free Cash Flow 85,604,000
Current Assets 230,977,000
Current Cash 13,116,000
Current Liabilities 102,547,000
Current Debt 0
Non-Cash Working Capital (NCWC) 115,314,000
Change in NCWC 27,305,000
EBIT 118,088,000
Tax Provision 25,447,000
Depreciation and Amortization 23,087,000
Capital Expenditure -22,931,000
Unlevered Free Cash Flow 117,010,001
Current Assets 207,427,000
Current Cash 14,400,000
Current Liabilities 105,018,000
Current Debt 0
Non-Cash Working Capital (NCWC) 88,009,000
Change in NCWC 20,335,000
EBIT 113,224,000
Tax Provision 18,610,000
Depreciation and Amortization 24,940,000
Capital Expenditure -19,154,000
Unlevered Free Cash Flow 118,627,454
Current Assets 186,461,000
Current Cash 14,764,000
Current Liabilities 104,023,000
Current Debt 0
Non-Cash Working Capital (NCWC) 67,674,000
Change in NCWC -27,621,000
EBIT 86,341,000
Tax Provision 10,748,000
Depreciation and Amortization 26,872,000
Capital Expenditure -11,704,000
Unlevered Free Cash Flow 61,449,248
Current Assets 238,547,000
Current Cash 22,494,000
Current Liabilities 120,758,000
Current Debt 0
Non-Cash Working Capital (NCWC) 95,295,000
Change in NCWC -51,309,000
EBIT 188,065,000
Tax Provision 33,758,000
Depreciation and Amortization 27,457,000
Capital Expenditure -24,257,000
Unlevered Free Cash Flow 97,258,452
Current Assets 301,820,000
Current Cash 23,350,000
Current Liabilities 131,866,000
Current Debt 0
Non-Cash Working Capital (NCWC) 146,604,000
Change in NCWC 3,599,000
EBIT 347,964,000
Tax Provision 77,305,000
Depreciation and Amortization 26,696,000
Capital Expenditure -37,440,000
Unlevered Free Cash Flow 260,744,946
Current Assets 303,868,000
Current Cash 25,088,000
Current Liabilities 135,775,000
Current Debt 0
Non-Cash Working Capital (NCWC) 143,005,000
Change in NCWC 5,834,000
EBIT 333,258,000
Tax Provision 80,908,000
Depreciation and Amortization 25,471,000
Capital Expenditure -38,946,000
Unlevered Free Cash Flow 242,423,319
Current Assets 296,907,000
Current Cash 19,226,000
Current Liabilities 140,510,000
Current Debt 0
Non-Cash Working Capital (NCWC) 137,171,000
Change in NCWC 20,806,000
EBIT 293,805,000
Tax Provision 71,848,000
Depreciation and Amortization 22,917,000
Capital Expenditure -32,799,000
Unlevered Free Cash Flow 231,549,697

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