DCF Tool

CW

Curtiss-Wright Corp. – Industrial Valve Manufacturing
Curtiss-Wright Corporation is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,300 people worldwide.
Analysis Results
Intrinsic Value $263.62
Latest Price $180.35
Relative Value 32% undervalued
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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 7.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.8%, 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)
2022 420 393
2023 452 397
2024 488 400
2025 526 404
2026 567 408
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 12000 million. This corresponds to a present value of 8100 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2000 million. Adding in the terminal value gives a total present value of 10100 million.

There are presently 38.3 million outstanding shares, so the intrinsic value per share is 263.62.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,307,808,000
Current Cash 171,004,000
Current Liabilities 734,867,000
Current Debt 0
Non-Cash Working Capital (NCWC) 401,937,000
Change in NCWC 9,738,000
EBIT 401,771,000
Tax Provision 87,351,000
Depreciation and Amortization 114,384,000
Capital Expenditure -41,108,000
Unlevered Free Cash Flow 385,788,924
Current Assets 1,300,824,000
Current Cash 198,248,000
Current Liabilities 810,377,000
Current Debt 100,000,000
Non-Cash Working Capital (NCWC) 392,199,000
Change in NCWC -1,828,000
EBIT 353,586,000
Tax Provision 61,659,000
Depreciation and Amortization 115,903,000
Capital Expenditure -47,499,000
Unlevered Free Cash Flow 337,281,649
Current Assets 1,529,791,000
Current Cash 391,033,000
Current Liabilities 744,731,000
Current Debt 0
Non-Cash Working Capital (NCWC) 394,027,000
Change in NCWC 13,212,000
EBIT 403,953,000
Tax Provision 88,879,000
Depreciation and Amortization 102,412,000
Capital Expenditure -69,752,000
Unlevered Free Cash Flow 359,266,664
Current Assets 1,343,966,000
Current Cash 276,066,000
Current Liabilities 687,328,000
Current Debt 243,000
Non-Cash Working Capital (NCWC) 380,815,000
Change in NCWC 44,922,000
EBIT 373,626,000
Tax Provision 80,490,000
Depreciation and Amortization 102,949,000
Capital Expenditure -54,964,000
Unlevered Free Cash Flow 382,114,514
Current Assets 1,401,860,000
Current Cash 475,120,000
Current Liabilities 590,997,000
Current Debt 150,000
Non-Cash Working Capital (NCWC) 335,893,000
Change in NCWC -476,000
EBIT 339,743,000
Tax Provision 84,728,000
Depreciation and Amortization 99,995,000
Capital Expenditure -52,705,000
Unlevered Free Cash Flow 290,482,502
Current Assets 1,414,811,000
Current Cash 553,848,000
Current Liabilities 675,262,000
Current Debt 150,668,000
Non-Cash Working Capital (NCWC) 336,369,000
Change in NCWC -167,626,000
EBIT 308,098,000
Tax Provision 78,579,000
Depreciation and Amortization 96,008,000
Capital Expenditure -46,776,000
Unlevered Free Cash Flow 99,354,909
Current Assets 1,316,620,000
Current Cash 288,697,000
Current Liabilities 525,187,000
Current Debt 1,259,000
Non-Cash Working Capital (NCWC) 503,995,000
Change in NCWC -46,040,000
EBIT 310,617,000
Tax Provision 82,946,000
Depreciation and Amortization 100,810,000
Capital Expenditure -35,512,000
Unlevered Free Cash Flow 236,252,182
Current Assets 1,571,075,000
Current Cash 450,116,000
Current Liabilities 571,993,000
Current Debt 1,069,000
Non-Cash Working Capital (NCWC) 550,035,000
Change in NCWC -78,695,000
EBIT 282,373,000
Tax Provision 76,995,000
Depreciation and Amortization 118,931,000
Capital Expenditure -67,115,000
Unlevered Free Cash Flow 167,452,544
Current Assets 1,337,283,000
Current Cash 175,294,000
Current Liabilities 534,593,000
Current Debt 1,334,000
Non-Cash Working Capital (NCWC) 628,730,000
Change in NCWC 76,515,000
EBIT 233,619,000
Tax Provision 59,972,000
Depreciation and Amortization 121,497,000
Capital Expenditure -72,242,000
Unlevered Free Cash Flow 288,611,599
Current Assets 1,175,761,000
Current Cash 112,023,000
Current Liabilities 639,748,000
Current Debt 128,225,000
Non-Cash Working Capital (NCWC) 552,215,000
Change in NCWC 82,350,000
EBIT 161,446,000
Tax Provision 43,073,000
Depreciation and Amortization 93,896,000
Capital Expenditure -84,715,000
Unlevered Free Cash Flow 201,603,914

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