DCF Tool

CRVL

Corvel Corp. – Dental Laboratories
CorVel Corporation is a national provider of innovative workers' compensation, auto, liability and health solutions for employers, third-party administrators, insurance companies and government agencies seeking to control costs and promote positive outcomes. The company applies technology, intelligence and a human touch throughout the risk management process so their clients can intervene early and often while being connected to the critical intelligence they need to proactively manage risk. With a robust technology platform at its core, CorVel's connected solution is delivered by a national team of associates who are committed to helping clients design and administer programs that meet their organization's performance goals.
Analysis Results
Intrinsic Value $35.37
Latest Price $152.89
Relative Value 332% 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 3.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 3.8%, 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)
2023 34.5 32.1
2024 35.8 30.9
2025 37.2 29.8
2026 38.6 28.7
2027 40.0 27.6
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 719 million. This corresponds to a present value of 462 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 149 million. Adding in the terminal value gives a total present value of 611 million.

There are presently 17.3 million outstanding shares, so the intrinsic value per share is 35.37.

Financial Statements

The following data was to determine the past cash flows.

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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