CSL Intrinsic Value

CSL

Carlisle Companies Inc. – Plastics Material and Resin Manufacturing

carlisle companies incorporated is a global diversified company that designs, manufactures and markets a wide range of products that serve a broad range of niche markets including commercial roofing, energy, agriculture, mining, construction, aerospace and defense electronics, foodservice, healthcare and sanitary maintenance. through our group of decentralized operating companies led by entrepreneurial management teams we bring innovative product solutions to solve the challenges facing our customers. our worldwide team of employees, who generated $2.9 billion in net sales in 2013, are focused on continuously improving the value of the carlisle brand by developing the best products, ensuring the highest quality and providing unequaled customer service in the many industries we serve.

Analysis Results

Intrinsic Value	$730.18
Latest Price	$255.06
Relative Value	65% undervalued

Share results:

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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 18.7%.

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 18.7%, 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	1.29	1.2
2024	1.53	1.32
2025	1.82	1.46
2026	2.16	1.6
2027	2.57	1.77

Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 45.5 billion. This corresponds to a present value of 29.1 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 7.35 billion. Adding in the terminal value gives a total present value of 36.5 billion.

There are presently 49.9 million outstanding shares, so the intrinsic value per share is 730.18.

Financial Statements

The following data was to determine the past cash flows.

Current Assets	2,245,000,000
Current Cash	400,000,000
Current Liabilities	1,078,400,000
Current Debt	301,800,000
Non-Cash Working Capital (NCWC)	1,068,400,000
Change in NCWC	59,400,000
EBIT	1,295,100,000
Tax Provision	270,400,000
Depreciation and Amortization	251,300,000
Capital Expenditure	-183,500,000
Unlevered Free Cash Flow	1,129,396,821

Current Assets	2,150,900,000
Current Cash	324,400,000
Current Liabilities	1,169,500,000
Current Debt	352,000,000
Non-Cash Working Capital (NCWC)	1,009,000,000
Change in NCWC	347,000,000
EBIT	566,600,000
Tax Provision	95,500,000
Depreciation and Amortization	226,200,000
Capital Expenditure	-134,800,000
Unlevered Free Cash Flow	892,854,300

Current Assets	2,209,300,000
Current Cash	902,200,000
Current Liabilities	646,200,000
Current Debt	1,100,000
Non-Cash Working Capital (NCWC)	662,000,000
Change in NCWC	-90,000,000
EBIT	486,100,000
Tax Provision	77,100,000
Depreciation and Amortization	224,200,000
Capital Expenditure	-95,500,000
Unlevered Free Cash Flow	431,407,749

Current Assets	1,752,000,000
Current Cash	351,200,000
Current Liabilities	899,000,000
Current Debt	250,200,000
Non-Cash Working Capital (NCWC)	752,000,000
Change in NCWC	94,500,000
EBIT	643,700,000
Tax Provision	121,600,000
Depreciation and Amortization	205,400,000
Capital Expenditure	-88,900,000
Unlevered Free Cash Flow	723,213,488

Current Assets	2,056,700,000
Current Cash	803,600,000
Current Liabilities	595,600,000
Current Debt	0
Non-Cash Working Capital (NCWC)	657,500,000
Change in NCWC	51,100,000
EBIT	509,000,000
Tax Provision	87,300,000
Depreciation and Amortization	190,600,000
Capital Expenditure	-120,700,000
Unlevered Free Cash Flow	530,346,041

Current Assets	1,644,600,000
Current Cash	379,600,000
Current Liabilities	658,600,000
Current Debt	0
Non-Cash Working Capital (NCWC)	606,400,000
Change in NCWC	150,000,000
EBIT	505,700,000
Tax Provision	102,900,000
Depreciation and Amortization	169,100,000
Capital Expenditure	-159,900,000
Unlevered Free Cash Flow	553,758,329

Current Assets	1,355,200,000
Current Cash	385,300,000
Current Liabilities	513,500,000
Current Debt	0
Non-Cash Working Capital (NCWC)	456,400,000
Change in NCWC	3,600,000
EBIT	577,200,000
Tax Provision	159,700,000
Depreciation and Amortization	137,800,000
Capital Expenditure	-108,800,000
Unlevered Free Cash Flow	385,247,405

Current Assets	1,319,500,000
Current Cash	410,700,000
Current Liabilities	605,900,000
Current Debt	149,900,000
Non-Cash Working Capital (NCWC)	452,800,000
Change in NCWC	-35,700,000
EBIT	502,000,000
Tax Provision	148,300,000
Depreciation and Amortization	129,300,000
Capital Expenditure	-72,100,000
Unlevered Free Cash Flow	364,392,070

Current Assets	1,611,500,000
Current Cash	730,800,000
Current Liabilities	392,200,000
Current Debt	0
Non-Cash Working Capital (NCWC)	488,500,000
Change in NCWC	84,400,000
EBIT	406,700,000
Tax Provision	124,400,000
Depreciation and Amortization	104,000,000
Capital Expenditure	-118,800,000
Unlevered Free Cash Flow	341,778,649

Current Assets	1,535,000,000
Current Cash	754,500,000
Current Liabilities	376,400,000
Current Debt	0
Non-Cash Working Capital (NCWC)	404,100,000
Change in NCWC	-218,100,000
EBIT	362,600,000
Tax Provision	97,800,000
Depreciation and Amortization	113,900,000
Capital Expenditure	-110,800,000
Unlevered Free Cash Flow	41,106,666

Current Assets	1,205,300,000
Current Cash	112,500,000
Current Liabilities	470,600,000
Current Debt	0
Non-Cash Working Capital (NCWC)	622,200,000
Change in NCWC	-61,800,000
EBIT	437,000,000
Tax Provision	131,500,000
Depreciation and Amortization	104,900,000
Capital Expenditure	-140,400,000
Unlevered Free Cash Flow	195,603,961

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