DCF Tool

CNS

Cohen & Steers Inc. – Securities and Commodity Exchanges
Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.
Analysis Results
Intrinsic Value $68.13
Latest Price $77.05
Relative Value 13% 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 10.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.6%, 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 193 177
2023 214 179
2024 236 181
2025 262 184
2026 289 186
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 4090 million. This corresponds to a present value of 2410 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 907 million. Adding in the terminal value gives a total present value of 3320 million.

There are presently 48.7 million outstanding shares, so the intrinsic value per share is 68.13.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 426,684,000
Current Cash 184,373,000
Current Liabilities 112,888,000
Current Debt 0
Non-Cash Working Capital (NCWC) 129,423,000
Change in NCWC -27,383,000
EBIT 279,156,000
Tax Provision 55,790,000
Depreciation and Amortization 16,033,000
Capital Expenditure -2,695,000
Unlevered Free Cash Flow 209,872,678
Current Assets 271,015,000
Current Cash 41,232,000
Current Liabilities 72,977,000
Current Debt 0
Non-Cash Working Capital (NCWC) 156,806,000
Change in NCWC 32,704,000
EBIT 90,941,000
Tax Provision 18,222,000
Depreciation and Amortization 14,780,000
Capital Expenditure -2,502,000
Unlevered Free Cash Flow 118,178,272
Current Assets 317,409,000
Current Cash 101,352,000
Current Liabilities 91,955,000
Current Debt 0
Non-Cash Working Capital (NCWC) 124,102,000
Change in NCWC -69,738,000
EBIT 181,807,000
Tax Provision 40,565,000
Depreciation and Amortization 14,444,000
Capital Expenditure -2,752,000
Unlevered Free Cash Flow 84,437,938
Current Assets 382,286,000
Current Cash 92,733,000
Current Liabilities 95,713,000
Current Debt 0
Non-Cash Working Capital (NCWC) 193,840,000
Change in NCWC 118,421,000
EBIT 132,774,000
Tax Provision 34,257,000
Depreciation and Amortization 4,473,000
Capital Expenditure -3,470,000
Unlevered Free Cash Flow 220,563,067
Current Assets 355,665,000
Current Cash 193,452,000
Current Liabilities 86,794,000
Current Debt 0
Non-Cash Working Capital (NCWC) 75,419,000
Change in NCWC 46,528,000
EBIT 156,766,000
Tax Provision 67,914,000
Depreciation and Amortization 7,117,000
Capital Expenditure -3,242,000
Unlevered Free Cash Flow 140,793,650
Current Assets 279,186,000
Current Cash 183,234,000
Current Liabilities 67,061,000
Current Debt 0
Non-Cash Working Capital (NCWC) 28,891,000
Change in NCWC -13,920,000
EBIT 140,504,000
Tax Provision 50,593,000
Depreciation and Amortization 7,610,000
Capital Expenditure -10,183,000
Unlevered Free Cash Flow 74,440,775
Current Assets 247,751,000
Current Cash 142,728,000
Current Liabilities 62,212,000
Current Debt 0
Non-Cash Working Capital (NCWC) 42,811,000
Change in NCWC 18,969,000
EBIT 111,144,000
Tax Provision 48,407,000
Depreciation and Amortization 6,213,000
Capital Expenditure -2,427,000
Unlevered Free Cash Flow 86,178,965
Current Assets 200,913,000
Current Cash 124,938,000
Current Liabilities 52,133,000
Current Debt 0
Non-Cash Working Capital (NCWC) 23,842,000
Change in NCWC 5,093,000
EBIT 119,956,000
Tax Provision 46,280,000
Depreciation and Amortization 4,624,000
Capital Expenditure -5,916,000
Unlevered Free Cash Flow 78,257,600
Current Assets 198,188,000
Current Cash 128,277,000
Current Liabilities 51,162,000
Current Debt 0
Non-Cash Working Capital (NCWC) 18,749,000
Change in NCWC -98,811,000
EBIT 102,829,000
Tax Provision 41,109,000
Depreciation and Amortization 5,606,000
Capital Expenditure -6,230,000
Unlevered Free Cash Flow -37,110,363
Current Assets 280,519,000
Current Cash 95,412,000
Current Liabilities 67,547,000
Current Debt 0
Non-Cash Working Capital (NCWC) 117,560,000
Change in NCWC 66,015,000
EBIT 102,801,000
Tax Provision 36,407,000
Depreciation and Amortization 5,562,000
Capital Expenditure -3,361,000
Unlevered Free Cash Flow 135,134,273

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