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Emcor Group, Inc. – Electrical Contractors and Other Wiring Installation Contractors
a fortune 500® company with estimated 2017 revenues of approximately $7.6b, emcor group, inc. (nyse: eme) is a leader in mechanical and electrical construction, industrial and energy infrastructure, and building services. a provider of critical infrastructure systems, emcor gives life to new structures and sustains life in existing ones by planning, installing, operating, maintaining, and protecting the sophisticated and dynamic systems that create facility environments—such as electrical, mechanical, lighting, air conditioning, heating, security, fire protection, and power generation systems—in virtually every sector of the economy and for a diverse range of businesses, organizations, and government. emcor represents a rare combination of broad reach with local execution, combining the strength of an industry leader with the knowledge and care of 170 locations. the approximately 33,000 skilled employees of emcor have made the company, in the eyes of leading business publications, amon
Analysis Results
Intrinsic Value $269.78
Latest Price $212.27
Relative Value 21% 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 11.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 11.1%, 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 626 578
2024 695 594
2025 772 610
2026 858 626
2027 953 643
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 15700 million. This corresponds to a present value of 9780 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3050 million. Adding in the terminal value gives a total present value of 12800 million.

There are presently 47.5 million outstanding shares, so the intrinsic value per share is 269.78.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,461,973,000
Current Cash 456,439,000
Current Liabilities 2,753,522,000
Current Debt 15,567,000
Non-Cash Working Capital (NCWC) 267,579,000
Change in NCWC 43,426,000
EBIT 564,877,000
Tax Provision 152,628,000
Depreciation and Amortization 108,611,000
Capital Expenditure -49,289,000
Unlevered Free Cash Flow 513,323,350
Current Assets 3,390,994,000
Current Cash 821,345,000
Current Liabilities 2,361,731,000
Current Debt 16,235,000
Non-Cash Working Capital (NCWC) 224,153,000
Change in NCWC 152,406,000
EBIT 530,800,000
Tax Provision 145,602,000
Depreciation and Amortization 112,436,000
Capital Expenditure -36,192,000
Unlevered Free Cash Flow 613,436,201
Current Assets 3,120,936,000
Current Cash 902,867,000
Current Liabilities 2,163,232,000
Current Debt 16,910,000
Non-Cash Working Capital (NCWC) 71,747,000
Change in NCWC -308,800,000
EBIT 491,798,000
Tax Provision 119,383,000
Depreciation and Amortization 106,671,000
Capital Expenditure -47,969,000
Unlevered Free Cash Flow 9,015,613
Current Assets 2,659,883,000
Current Cash 358,818,000
Current Liabilities 1,938,610,000
Current Debt 18,092,000
Non-Cash Working Capital (NCWC) 380,547,000
Change in NCWC 76,632,000
EBIT 462,415,000
Tax Provision 125,749,000
Depreciation and Amortization 92,087,000
Capital Expenditure -48,432,000
Unlevered Free Cash Flow 453,738,499
Current Assets 2,386,207,000
Current Cash 363,907,000
Current Liabilities 1,734,398,000
Current Debt 16,013,000
Non-Cash Working Capital (NCWC) 303,915,000
Change in NCWC 122,424,000
EBIT 406,296,000
Tax Provision 109,106,000
Depreciation and Amortization 80,915,000
Capital Expenditure -43,479,000
Unlevered Free Cash Flow 453,937,799
Current Assets 2,284,509,000
Current Cash 467,430,000
Current Liabilities 1,650,952,000
Current Debt 15,364,000
Non-Cash Working Capital (NCWC) 181,491,000
Change in NCWC -67,995,000
EBIT 389,950,000
Tax Provision 90,699,000
Depreciation and Amortization 88,509,000
Capital Expenditure -34,684,000
Unlevered Free Cash Flow 264,820,985
Current Assets 2,210,847,000
Current Cash 464,617,000
Current Liabilities 1,511,774,000
Current Debt 15,030,000
Non-Cash Working Capital (NCWC) 249,486,000
Change in NCWC 63,778,000
EBIT 312,324,000
Tax Provision 111,199,000
Depreciation and Amortization 79,789,000
Capital Expenditure -39,648,000
Unlevered Free Cash Flow 299,107,015
Current Assets 2,067,419,000
Current Cash 486,831,000
Current Liabilities 1,413,728,000
Current Debt 18,848,000
Non-Cash Working Capital (NCWC) 185,708,000
Change in NCWC -4,463,000
EBIT 287,906,000
Tax Provision 106,256,000
Depreciation and Amortization 74,189,000
Capital Expenditure -35,460,000
Unlevered Free Cash Flow 212,454,580
Current Assets 1,886,603,000
Current Cash 432,056,000
Current Liabilities 1,283,417,000
Current Debt 19,041,000
Non-Cash Working Capital (NCWC) 190,171,000
Change in NCWC -20,710,000
EBIT 280,768,000
Tax Provision 103,528,000
Depreciation and Amortization 74,490,000
Capital Expenditure -38,035,000
Unlevered Free Cash Flow 193,307,370
Current Assets 1,930,105,000
Current Cash 439,813,000
Current Liabilities 1,298,743,000
Current Debt 19,332,000
Non-Cash Working Capital (NCWC) 210,881,000
Change in NCWC 69,342,000
EBIT 221,995,000
Tax Provision 75,297,000
Depreciation and Amortization 67,338,000
Capital Expenditure -35,497,000
Unlevered Free Cash Flow 240,693,543
Current Assets 2,044,453,000
Current Cash 610,182,000
Current Liabilities 1,294,519,000
Current Debt 1,787,000
Non-Cash Working Capital (NCWC) 141,539,000
Change in NCWC 62,695,000
EBIT 250,112,000
Tax Provision 95,362,000
Depreciation and Amortization 60,966,000
Capital Expenditure -37,875,000
Unlevered Free Cash Flow 238,246,512

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