DCF Tool

CMPR

Cimpress plc – Commercial Printing (except Screen and Books)
Cimpress plc invests in and builds customer-focused, entrepreneurial, mass-customization businesses for the long term. Mass customization is a competitive strategy which seeks to produce goods and services to meet individual customer needs with near mass production efficiency. Cimpress businesses include BuildASign, Exaprint, National Pen, Pixartprinting, Printdeal, Printi, Vistaprint and WIRmachenDRUCK, among others.
Analysis Results
Intrinsic Value $148.27
Latest Price $24.48
Relative Value 83% 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 8.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.2%, 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)
2023 97.8 94.8
2024 106 99.5
2025 115 105
2026 124 110
2027 134 115
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 4020 million. This corresponds to a present value of 3350 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 524 million. Adding in the terminal value gives a total present value of 3880 million.

There are presently 26.1 million outstanding shares, so the intrinsic value per share is 148.27.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 626,315,000
Current Cash 327,005,000
Current Liabilities 692,539,000
Current Debt 17,070,000
Non-Cash Working Capital (NCWC) -376,159,000
Change in NCWC 26,578,000
EBIT 60,901,000
Tax Provision 59,901,000
Depreciation and Amortization 175,681,000
Capital Expenditure -119,337,000
Unlevered Free Cash Flow 83,922,000
Current Assets 528,498,000
Current Cash 335,271,000
Current Liabilities 638,173,000
Current Debt 42,209,000
Non-Cash Working Capital (NCWC) -402,737,000
Change in NCWC -145,350,000
EBIT 125,151,000
Tax Provision 18,903,000
Depreciation and Amortization 173,212,000
Capital Expenditure -99,461,000
Unlevered Free Cash Flow 53,552,000
Current Assets 248,404,000
Current Cash 45,021,000
Current Liabilities 486,758,000
Current Debt 25,988,000
Non-Cash Working Capital (NCWC) -257,387,000
Change in NCWC -46,173,000
EBIT 170,354,000
Tax Provision -80,992,000
Depreciation and Amortization 167,943,000
Capital Expenditure -94,459,000
Unlevered Free Cash Flow 197,665,000
Current Assets 240,300,000
Current Cash 35,279,000
Current Liabilities 520,749,000
Current Debt 104,514,000
Non-Cash Working Capital (NCWC) -211,214,000
Change in NCWC -7,834,000
EBIT 183,164,000
Tax Provision 33,432,000
Depreciation and Amortization 173,771,000
Capital Expenditure -119,279,000
Unlevered Free Cash Flow 181,571,725
Current Assets 239,296,000
Current Cash 44,227,000
Current Liabilities 481,024,000
Current Debt 82,575,000
Non-Cash Working Capital (NCWC) -203,380,000
Change in NCWC -27,269,000
EBIT 125,491,000
Tax Provision 19,578,000
Depreciation and Amortization 169,005,000
Capital Expenditure -102,085,000
Unlevered Free Cash Flow 128,122,098
Current Assets 246,001,000
Current Cash 25,697,000
Current Liabilities 449,483,000
Current Debt 53,068,000
Non-Cash Working Capital (NCWC) -176,111,000
Change in NCWC 2,006,000
EBIT -9,446,000
Tax Provision -7,118,000
Depreciation and Amortization 158,400,000
Capital Expenditure -111,661,000
Unlevered Free Cash Flow 39,299,000
Current Assets 200,768,000
Current Cash 85,319,000
Current Liabilities 335,863,000
Current Debt 42,297,000
Non-Cash Working Capital (NCWC) -178,117,000
Change in NCWC -18,617,000
EBIT 109,034,000
Tax Provision 15,684,000
Depreciation and Amortization 131,918,000
Capital Expenditure -107,235,000
Unlevered Free Cash Flow 89,226,798
Current Assets 217,643,000
Current Cash 110,494,000
Current Liabilities 307,223,000
Current Debt 40,574,000
Non-Cash Working Capital (NCWC) -159,500,000
Change in NCWC -37,150,000
EBIT 96,324,000
Tax Provision 10,441,000
Depreciation and Amortization 97,500,000
Capital Expenditure -76,063,000
Unlevered Free Cash Flow 70,528,908
Current Assets 157,941,000
Current Cash 76,365,000
Current Liabilities 241,501,000
Current Debt 37,575,000
Non-Cash Working Capital (NCWC) -122,350,000
Change in NCWC -26,240,000
EBIT 83,210,000
Tax Provision 10,590,000
Depreciation and Amortization 72,282,000
Capital Expenditure -82,124,000
Unlevered Free Cash Flow 30,781,138
Current Assets 100,231,000
Current Cash 50,065,000
Current Liabilities 155,026,000
Current Debt 8,750,000
Non-Cash Working Capital (NCWC) -96,110,000
Change in NCWC -7,526,000
EBIT 44,214,000
Tax Provision 9,387,000
Depreciation and Amortization 64,325,000
Capital Expenditure -87,416,000
Unlevered Free Cash Flow 2,906,236
Current Assets 115,598,000
Current Cash 62,203,000
Current Liabilities 141,979,000
Current Debt 0
Non-Cash Working Capital (NCWC) -88,584,000
Change in NCWC -29,988,000
EBIT 55,174,000
Tax Provision 11,851,000
Depreciation and Amortization 59,427,000
Capital Expenditure -51,883,000
Unlevered Free Cash Flow 21,021,394

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