DCF Tool

CWST

Casella Waste Systems, Inc. – Facilities Support Services
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides solid waste management services consisting of collection, transfer, disposal, and recycling services in the northeastern United States.
Analysis Results
Intrinsic Value $19.56
Latest Price $86.73
Relative Value 343% 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 1.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 1.8%, 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 48.3 45.3
2023 49.1 43.2
2024 50.0 41.3
2025 50.9 39.4
2026 51.9 37.7
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1150 million. This corresponds to a present value of 785 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 207 million. Adding in the terminal value gives a total present value of 991 million.

There are presently 50.7 million outstanding shares, so the intrinsic value per share is 19.56.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 146,479,000
Current Cash 33,809,000
Current Liabilities 152,193,000
Current Debt 9,901,000
Non-Cash Working Capital (NCWC) -29,622,000
Change in NCWC -566,000
EBIT 83,460,000
Tax Provision 16,946,000
Depreciation and Amortization 103,590,000
Capital Expenditure -123,295,000
Unlevered Free Cash Flow 38,823,614
Current Assets 247,254,000
Current Cash 154,342,000
Current Liabilities 131,208,000
Current Debt 9,240,000
Non-Cash Working Capital (NCWC) -29,056,000
Change in NCWC -2,110,000
EBIT 65,746,000
Tax Provision -52,804,000
Depreciation and Amortization 98,563,000
Capital Expenditure -108,108,000
Unlevered Free Cash Flow 54,091,000
Current Assets 102,813,000
Current Cash 3,471,000
Current Liabilities 130,589,000
Current Debt 4,301,000
Non-Cash Working Capital (NCWC) -26,946,000
Change in NCWC -10,833,000
EBIT 62,062,000
Tax Provision -1,874,000
Depreciation and Amortization 87,501,000
Capital Expenditure -103,165,000
Unlevered Free Cash Flow 35,565,000
Current Assets 97,093,000
Current Cash 4,007,000
Current Liabilities 111,497,000
Current Debt 2,298,000
Non-Cash Working Capital (NCWC) -16,113,000
Change in NCWC -14,855,000
EBIT 52,070,000
Tax Provision -384,000
Depreciation and Amortization 80,232,000
Capital Expenditure -73,232,000
Unlevered Free Cash Flow 44,215,000
Current Assets 84,380,000
Current Cash 1,995,000
Current Liabilities 88,569,000
Current Debt 4,926,000
Non-Cash Working Capital (NCWC) -1,258,000
Change in NCWC 438,000
EBIT 52,776,000
Tax Provision -15,253,000
Depreciation and Amortization 71,748,000
Capital Expenditure -64,393,000
Unlevered Free Cash Flow 60,569,000
Current Assets 78,588,000
Current Cash 2,544,000
Current Liabilities 82,426,000
Current Debt 4,686,000
Non-Cash Working Capital (NCWC) -1,696,000
Change in NCWC 7,846,000
EBIT 45,845,000
Tax Provision 494,000
Depreciation and Amortization 71,151,000
Capital Expenditure -54,200,000
Unlevered Free Cash Flow 70,642,000
Current Assets 76,668,000
Current Cash 2,312,000
Current Liabilities 85,346,000
Current Debt 1,448,000
Non-Cash Working Capital (NCWC) -9,542,000
Change in NCWC 10,978,000
EBIT 28,289,000
Tax Provision 1,351,000
Depreciation and Amortization 72,132,000
Capital Expenditure -49,995,000
Unlevered Free Cash Flow 61,404,000
Current Assets 70,805,000
Current Cash 2,464,000
Current Liabilities 89,746,000
Current Debt 885,000
Non-Cash Working Capital (NCWC) -20,520,000
Change in NCWC 7,062,000
EBIT 19,901,000
Tax Provision 1,799,000
Depreciation and Amortization 60,339,000
Capital Expenditure -45,959,000
Unlevered Free Cash Flow 41,343,000
Current Assets 61,053,000
Current Cash 1,755,000
Current Liabilities 88,098,000
Current Debt 1,218,000
Non-Cash Working Capital (NCWC) -27,582,000
Change in NCWC -3,635,000
EBIT 13,099,000
Tax Provision -2,526,000
Depreciation and Amortization 56,576,000
Capital Expenditure -54,761,000
Unlevered Free Cash Flow 11,279,000
Current Assets 67,356,000
Current Cash 4,534,000
Current Liabilities 88,335,000
Current Debt 1,566,000
Non-Cash Working Capital (NCWC) -23,947,000
Change in NCWC -12,147,000
EBIT 20,716,000
Tax Provision 1,181,000
Depreciation and Amortization 58,576,000
Capital Expenditure -59,741,000
Unlevered Free Cash Flow 7,404,000

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