DCF Tool


Donnelley Financial Solutions Inc – Administrative Management and General Management Consulting Services
donnelley financial solutions (dfin) is a leading global risk and compliance solutions company. we’re here to help you make smarter decisions with insightful technology, industry expertise and data insights at every stage of your business and investment lifecycles. as markets fluctuate, regulations evolve and technology advances, we’re there. and through it all, we deliver confidence with the right solutions in moments that matter.
Analysis Results
Intrinsic Value $385.53
Latest Price $58.17
Relative Value 85% undervalued
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Cash Flow (Millions)
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 26.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 26.3%, 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 168 161
2024 212 195
2025 268 237
2026 339 287
2027 428 347
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 12800 million. This corresponds to a present value of 9990 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1230 million. Adding in the terminal value gives a total present value of 11200 million.

There are presently 29.1 million outstanding shares, so the intrinsic value per share is 385.53.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 228,400,000
Current Cash 34,200,000
Current Liabilities 224,800,000
Current Debt 0
Non-Cash Working Capital (NCWC) -30,600,000
Change in NCWC 5,600,000
EBIT 152,700,000
Tax Provision 36,800,000
Depreciation and Amortization 62,700,000
Capital Expenditure -54,200,000
Unlevered Free Cash Flow 126,460,014
Current Assets 279,700,000
Current Cash 54,500,000
Current Liabilities 261,400,000
Current Debt 0
Non-Cash Working Capital (NCWC) -36,200,000
Change in NCWC 8,700,000
EBIT 232,900,000
Tax Provision 51,900,000
Depreciation and Amortization 57,600,000
Capital Expenditure -42,300,000
Unlevered Free Cash Flow 195,790,242
Current Assets 267,200,000
Current Cash 73,600,000
Current Liabilities 238,500,000
Current Debt 0
Non-Cash Working Capital (NCWC) -44,900,000
Change in NCWC -59,400,000
EBIT 82,800,000
Tax Provision 8,400,000
Depreciation and Amortization 74,200,000
Capital Expenditure -31,100,000
Unlevered Free Cash Flow 66,500,000
Current Assets 211,200,000
Current Cash 17,200,000
Current Liabilities 179,500,000
Current Debt 0
Non-Cash Working Capital (NCWC) 14,500,000
Change in NCWC 11,200,000
EBIT 76,900,000
Tax Provision 14,500,000
Depreciation and Amortization 71,700,000
Capital Expenditure -44,800,000
Unlevered Free Cash Flow 93,597,888
Current Assets 249,000,000
Current Cash 47,300,000
Current Liabilities 198,400,000
Current Debt 0
Non-Cash Working Capital (NCWC) 3,300,000
Change in NCWC -27,800,000
EBIT 71,700,000
Tax Provision 29,100,000
Depreciation and Amortization 45,800,000
Capital Expenditure -37,100,000
Unlevered Free Cash Flow 32,283,836
Current Assets 270,100,000
Current Cash 52,000,000
Current Liabilities 187,000,000
Current Debt 0
Non-Cash Working Capital (NCWC) 31,100,000
Change in NCWC -76,300,000
EBIT 106,100,000
Tax Provision 46,500,000
Depreciation and Amortization 44,500,000
Capital Expenditure -27,800,000
Unlevered Free Cash Flow -41,287,366

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