DCF Tool

CNR

Cornerstone Building Brands Inc – Prefabricated Metal Building and Component Manufacturing
Cornerstone Building Brands is the largest manufacturer of exterior building products for residential and low-rise non-residential buildings in North America. Headquartered in Cary, North Carolina, we serve residential and commercial customers across new construction and repair and remodel markets. As the #1 manufacturer of vinyl windows, vinyl siding, insulated metal panels, metal roofing and wall systems and metal accessories, Cornerstone Building Brands combines an expansive portfolio of strong brands and quality products with a broad multichannel distribution platform that includes approximately 20,000 employees at manufacturing, distribution and branch office locations throughout North America.
Analysis Results
Intrinsic Value $945.20
Latest Price $24.61
Relative Value 97% 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 45.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 45.9%, 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 1.09 1.03
2023 1.59 1.44
2024 2.32 1.99
2025 3.38 2.76
2026 4.93 3.83
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 148 billion. This corresponds to a present value of 109 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 11.1 billion. Adding in the terminal value gives a total present value of 120 billion.

There are presently 127.0 million outstanding shares, so the intrinsic value per share is 945.2.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,987,080,000
Current Cash 394,447,000
Current Liabilities 855,435,000
Current Debt 26,000,000
Non-Cash Working Capital (NCWC) 763,198,000
Change in NCWC 287,834,000
EBIT 360,115,000
Tax Provision 235,968,000
Depreciation and Amortization 292,901,000
Capital Expenditure -114,715,000
Unlevered Free Cash Flow 731,908,927
Current Assets 1,791,171,000
Current Cash 674,255,000
Current Liabilities 667,152,000
Current Debt 25,600,000
Non-Cash Working Capital (NCWC) 475,364,000
Change in NCWC 30,945,000
EBIT 290,126,000
Tax Provision 5,563,000
Depreciation and Amortization 284,602,000
Capital Expenditure -81,851,000
Unlevered Free Cash Flow 523,822,000
Current Assets 1,165,749,000
Current Cash 98,386,000
Current Liabilities 648,544,000
Current Debt 25,600,000
Non-Cash Working Capital (NCWC) 444,419,000
Change in NCWC 239,008,000
EBIT 282,981,000
Tax Provision 4,775,000
Depreciation and Amortization 263,764,000
Capital Expenditure -121,085,000
Unlevered Free Cash Flow 664,668,000
Current Assets 590,735,000
Current Cash 54,272,000
Current Liabilities 335,699,000
Current Debt 4,647,000
Non-Cash Working Capital (NCWC) 205,411,000
Change in NCWC 53,046,000
EBIT 145,928,000
Tax Provision 19,989,000
Depreciation and Amortization 42,325,000
Capital Expenditure -47,827,000
Unlevered Free Cash Flow 158,368,145
Current Assets 533,631,000
Current Cash 65,658,000
Current Liabilities 316,048,000
Current Debt 440,000
Non-Cash Working Capital (NCWC) 152,365,000
Change in NCWC 38,986,000
EBIT 113,436,000
Tax Provision 28,414,000
Depreciation and Amortization 41,318,000
Capital Expenditure -22,074,000
Unlevered Free Cash Flow 132,897,079
Current Assets 504,856,000
Current Cash 65,403,000
Current Liabilities 326,534,000
Current Debt 460,000
Non-Cash Working Capital (NCWC) 113,379,000
Change in NCWC 37,805,000
EBIT 114,059,000
Tax Provision 27,937,000
Depreciation and Amortization 41,924,000
Capital Expenditure -21,024,000
Unlevered Free Cash Flow 132,410,594
Current Assets 496,347,000
Current Cash 99,662,000
Current Liabilities 321,624,000
Current Debt 513,000
Non-Cash Working Capital (NCWC) 75,574,000
Change in NCWC -5,396,000
EBIT 70,931,000
Tax Provision 8,972,000
Depreciation and Amortization 51,392,000
Capital Expenditure -20,683,000
Unlevered Free Cash Flow 72,489,131
Current Assets 390,530,000
Current Cash 66,651,000
Current Liabilities 245,711,000
Current Debt 2,802,000
Non-Cash Working Capital (NCWC) 80,970,000
Change in NCWC 16,195,000
EBIT 28,783,000
Tax Provision 1,490,000
Depreciation and Amortization 35,876,000
Capital Expenditure -18,020,000
Unlevered Free Cash Flow 59,450,436
Current Assets 390,828,000
Current Cash 77,436,000
Current Liabilities 251,614,000
Current Debt 2,997,000
Non-Cash Working Capital (NCWC) 64,775,000
Change in NCWC -4,859,000
EBIT 18,165,000
Tax Provision -8,854,000
Depreciation and Amortization 36,009,000
Capital Expenditure -24,426,000
Unlevered Free Cash Flow 24,889,000
Current Assets 341,835,000
Current Cash 55,158,000
Current Liabilities 220,058,000
Current Debt 3,015,000
Non-Cash Working Capital (NCWC) 69,634,000
Change in NCWC 10,756,000
EBIT 36,669,000
Tax Provision 4,084,000
Depreciation and Amortization 33,840,000
Capital Expenditure -28,151,000
Unlevered Free Cash Flow 36,468,874

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