DCF Tool

CRVL

Corvel Corp. – Dental Laboratories
together, let's do more. corvel is a leader of risk and healthcare management solutions to employers, third party administrators, insurance companies and government agencies. we are publicly traded (nasdaq:crvl) and annual revenues exceeded $493 million in fy2015. our continued customer growth is a testament to our financial stability and our significant investments in new systems and technologies allows us to continue to deliver industry-leading solutions to the marketplace. corvel has approximately 3,500 associates who serve more than 2,000 customers through a national branch office network covering all 50 states.
Analysis Results
Intrinsic Value $133.43
Latest Price $192.72
Relative Value 44% 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 16.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 16.1%, 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)
2024 83.9 78.0
2025 97.4 84.3
2026 113 91.1
2027 131 98.4
2028 153 106
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2830 million. This corresponds to a present value of 1830 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 458 million. Adding in the terminal value gives a total present value of 2290 million.

There are presently 17.2 million outstanding shares, so the intrinsic value per share is 133.43.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 243,770,000
Current Cash 71,329,000
Current Liabilities 167,887,000
Current Debt 0
Non-Cash Working Capital (NCWC) 4,554,000
Change in NCWC 8,434,000
EBIT 84,554,000
Tax Provision 18,189,000
Depreciation and Amortization 25,121,000
Capital Expenditure -26,320,000
Unlevered Free Cash Flow 73,600,000
Current Assets 264,994,000
Current Cash 97,504,000
Current Liabilities 171,370,000
Current Debt 0
Non-Cash Working Capital (NCWC) -3,880,000
Change in NCWC 29,355,000
EBIT 84,512,000
Tax Provision 18,102,000
Depreciation and Amortization 23,916,000
Capital Expenditure -29,819,000
Unlevered Free Cash Flow 89,862,000
Current Assets 268,941,000
Current Cash 139,716,000
Current Liabilities 162,460,000
Current Debt 0
Non-Cash Working Capital (NCWC) -33,235,000
Change in NCWC -25,314,000
EBIT 59,175,000
Tax Provision 12,819,000
Depreciation and Amortization 23,436,000
Capital Expenditure -17,243,000
Unlevered Free Cash Flow 27,235,000
Current Assets 208,991,000
Current Cash 83,223,000
Current Liabilities 133,689,000
Current Debt 0
Non-Cash Working Capital (NCWC) -7,921,000
Change in NCWC -14,782,000
EBIT 60,711,000
Tax Provision 13,334,000
Depreciation and Amortization 22,516,000
Capital Expenditure -32,360,000
Unlevered Free Cash Flow 22,751,000
Current Assets 215,493,000
Current Cash 91,713,000
Current Liabilities 116,919,000
Current Debt 0
Non-Cash Working Capital (NCWC) 6,861,000
Change in NCWC -2,696,000
EBIT 61,513,000
Tax Provision 14,810,000
Depreciation and Amortization 22,984,000
Capital Expenditure -15,274,000
Unlevered Free Cash Flow 51,717,000
Current Assets 163,317,000
Current Cash 55,771,000
Current Liabilities 97,989,000
Current Debt 0
Non-Cash Working Capital (NCWC) 9,557,000
Change in NCWC -648,000
EBIT 47,903,000
Tax Provision 12,208,000
Depreciation and Amortization 21,775,000
Capital Expenditure -27,689,000
Unlevered Free Cash Flow 29,133,000
Current Assets 128,867,000
Current Cash 28,611,000
Current Liabilities 90,051,000
Current Debt 0
Non-Cash Working Capital (NCWC) 10,205,000
Change in NCWC 291,000
EBIT 47,549,000
Tax Provision 18,070,000
Depreciation and Amortization 20,948,000
Capital Expenditure -31,041,000
Unlevered Free Cash Flow 19,677,000
Current Assets 123,108,000
Current Cash 32,779,000
Current Liabilities 80,415,000
Current Debt 0
Non-Cash Working Capital (NCWC) 9,914,000
Change in NCWC -9,710,000
EBIT 46,060,000
Tax Provision 17,535,000
Depreciation and Amortization 19,952,000
Capital Expenditure -16,756,000
Unlevered Free Cash Flow 22,011,000
Current Assets 119,228,000
Current Cash 25,516,000
Current Liabilities 74,088,000
Current Debt 0
Non-Cash Working Capital (NCWC) 19,624,000
Change in NCWC 5,370,000
EBIT 45,564,000
Tax Provision 16,974,000
Depreciation and Amortization 17,995,000
Capital Expenditure -22,868,000
Unlevered Free Cash Flow 29,087,000
Current Assets 120,960,000
Current Cash 34,866,000
Current Liabilities 71,840,000
Current Debt 0
Non-Cash Working Capital (NCWC) 14,254,000
Change in NCWC -6,069,000
EBIT 56,507,000
Tax Provision 22,115,000
Depreciation and Amortization 16,411,000
Capital Expenditure -18,344,000
Unlevered Free Cash Flow 26,390,000
Current Assets 92,900,000
Current Cash 19,822,000
Current Liabilities 52,755,000
Current Debt 0
Non-Cash Working Capital (NCWC) 20,323,000
Change in NCWC -9,565,000
EBIT 43,895,000
Tax Provision 17,165,000
Depreciation and Amortization 15,739,000
Capital Expenditure -14,887,000
Unlevered Free Cash Flow 18,017,000
Current Assets 81,247,000
Current Cash 6,597,000
Current Liabilities 44,762,000
Current Debt 0
Non-Cash Working Capital (NCWC) 29,888,000
Change in NCWC 14,768,000
EBIT 43,437,000
Tax Provision 16,885,000
Depreciation and Amortization 14,723,000
Capital Expenditure -23,214,000
Unlevered Free Cash Flow 32,829,000

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