DCF Tool


Copart, Inc. – Used Car Dealers
copart, founded in 1982, connects buyers and sellers around the world. copart remarkets salvage and clean title vehicles to dealers, dismantlers, rebuilders, exporters and end users through internet sales utilizing its vb3 technology. copart sells vehicles on behalf of insurance companies, banks, finance companies, fleet owners, car dealerships, cars sourced from the general public and others. the company currently operates in the united states and canada (www.copart.com), the united kingdom (www.copart.co.uk), brazil (www.copart.com.br), germany (www.copart.de), the united arab emirates (www.copart.ae) and spain (www.autoresiduos.com). copart links sellers to more than 750,000 members in over 150 countries through our multi-channel online platform. copart has a diverse and extensive inventory of nearly 100,000 vehicles each day including early and late model cars, classics, trucks, suvs, motorcycles, boats, jetskis, snowmobiles and rvs. vehicles conditions range from damaged cars
Analysis Results
Intrinsic Value $104.01
Latest Price $43.37
Relative Value 58% undervalued
Thoughts on this result? Let us know.
Cash Flow (Billions)
Analysis Parameters
New Ticker
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 35.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 35.3%, 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)
2023 1.35 1.24
2024 1.83 1.54
2025 2.48 1.92
2026 3.36 2.38
2027 4.54 2.95
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 66.4 billion. This corresponds to a present value of 39.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 10.0 billion. Adding in the terminal value gives a total present value of 49.7 billion.

There are presently 477.0 million outstanding shares, so the intrinsic value per share is 104.01.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,202,455,000
Current Cash 1,384,236,000
Current Liabilities 440,889,000
Current Debt 23,000
Non-Cash Working Capital (NCWC) 377,353,000
Change in NCWC 143,503,000
EBIT 1,374,997,000
Tax Provision 250,824,000
Depreciation and Amortization 138,605,000
Capital Expenditure -337,448,000
Unlevered Free Cash Flow 1,062,465,293
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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