DCF Tool

CPRT

Copart, Inc. – Used Car Dealers
Copart, Inc., founded in 1982, is a global leader in online vehicle auctions. Copart's innovative technology and online auction platform links sellers to more than 750,000 Members in over 170 countries. The company offers services to process and sell salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and, in some cases, to end users. Copart sells vehicles on behalf of insurance companies, banks, finance companies, charities, fleet operators, dealers, and individual owners. With operations at over 200 locations in 11 countries, Copart has more than 170,000 vehicles available online every day. Copart currently operates in the United States (Copart.com), Canada (Copart.ca), the United Kingdom (Copart.co.uk), the Republic of Ireland (Copart.ie), Brazil (Copart.com.br), Germany (Copart.de), Finland (Copart.fi), the United Arab Emirates, Oman and Bahrain (Copartmea.com), and Spain (Copart.es).
Analysis Results
Intrinsic Value $67.81
Latest Price $114.41
Relative Value 69% overvalued
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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 24.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 24.2%, 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 (billion) Present value (billion)
2022 0.79 0.712
2023 0.981 0.798
2024 1.22 0.893
2025 1.51 1.0
2026 1.88 1.12
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 21.5 billion. This corresponds to a present value of 11.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.52 billion. Adding in the terminal value gives a total present value of 16.1 billion.

There are presently 238.0 million outstanding shares, so the intrinsic value per share is 67.81.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,702,611,000
Current Cash 1,048,260,000
Current Liabilities 421,031,000
Current Debt 530,000
Non-Cash Working Capital (NCWC) 233,850,000
Change in NCWC 103,102,000
EBIT 1,136,426,000
Tax Provision 185,351,000
Depreciation and Amortization 123,084,000
Capital Expenditure -462,996,000
Unlevered Free Cash Flow 711,856,097
Current Assets 963,759,000
Current Cash 477,718,000
Current Liabilities 356,044,000
Current Debt 751,000
Non-Cash Working Capital (NCWC) 130,748,000
Change in NCWC -89,234,000
EBIT 816,099,000
Tax Provision 100,932,000
Depreciation and Amortization 104,257,000
Capital Expenditure -591,972,000
Unlevered Free Cash Flow 136,294,739
Current Assets 687,167,000
Current Cash 186,319,000
Current Liabilities 282,004,000
Current Debt 1,138,000
Non-Cash Working Capital (NCWC) 219,982,000
Change in NCWC 61,491,000
EBIT 716,475,000
Tax Provision 113,258,000
Depreciation and Amortization 85,334,000
Capital Expenditure -373,883,000
Unlevered Free Cash Flow 374,307,544
Current Assets 709,116,000
Current Cash 274,520,000
Current Liabilities 277,256,000
Current Debt 1,151,000
Non-Cash Working Capital (NCWC) 158,491,000
Change in NCWC 1,328,000
EBIT 585,476,000
Tax Provision 144,504,000
Depreciation and Amortization 79,040,000
Capital Expenditure -287,910,000
Unlevered Free Cash Flow 227,530,498
Current Assets 587,261,000
Current Cash 210,100,000
Current Liabilities 302,153,000
Current Debt 82,155,000
Non-Cash Working Capital (NCWC) 157,163,000
Change in NCWC 16,338,000
EBIT 480,664,000
Tax Provision 45,839,000
Depreciation and Amortization 57,441,000
Capital Expenditure -172,178,000
Unlevered Free Cash Flow 332,201,021
Current Assets 499,306,000
Current Cash 155,849,000
Current Liabilities 278,783,000
Current Debt 76,151,000
Non-Cash Working Capital (NCWC) 140,825,000
Change in NCWC 21,710,000
EBIT 406,470,000
Tax Provision 125,505,000
Depreciation and Amortization 49,643,000
Capital Expenditure -173,917,000
Unlevered Free Cash Flow 175,038,791
Current Assets 734,582,000
Current Cash 456,012,000
Current Liabilities 213,126,000
Current Debt 53,671,000
Non-Cash Working Capital (NCWC) 119,115,000
Change in NCWC 30,102,000
EBIT 344,401,000
Tax Provision 112,286,000
Depreciation and Amortization 48,893,000
Capital Expenditure -79,153,000
Unlevered Free Cash Flow 227,787,050
Current Assets 412,291,000
Current Cash 158,668,000
Current Liabilities 244,284,000
Current Debt 79,674,000
Non-Cash Working Capital (NCWC) 89,013,000
Change in NCWC -7,587,000
EBIT 304,038,000
Tax Provision 91,348,000
Depreciation and Amortization 53,726,000
Capital Expenditure -81,510,000
Unlevered Free Cash Flow 165,816,394
Current Assets 306,452,000
Current Cash 63,631,000
Current Liabilities 238,559,000
Current Debt 92,338,000
Non-Cash Working Capital (NCWC) 96,600,000
Change in NCWC 26,634,000
EBIT 282,992,000
Tax Provision 96,847,000
Depreciation and Amortization 56,728,000
Capital Expenditure -130,265,000
Unlevered Free Cash Flow 137,101,286
Current Assets 322,293,000
Current Cash 140,112,000
Current Liabilities 187,385,000
Current Debt 75,170,000
Non-Cash Working Capital (NCWC) 69,966,000
Change in NCWC 18,363,000
EBIT 295,124,000
Tax Provision 95,937,000
Depreciation and Amortization 48,167,000
Capital Expenditure -54,832,000
Unlevered Free Cash Flow 204,996,068

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