DCF Tool

ESLT

Elbit Systems Ltd. – Other Aircraft Parts and Auxiliary Equipment Manufacturing
elbit systems develops, manufactures and integrates advanced, high-performance defense electronic and electro-optic systems for customers throughout the world. we focus on designing, developing, manufacturing and integrating command, control, communication, computer, intelligence, surveillance and reconnaissance (c4isr) network centric systems, including unmanned vehicles, for defense and homeland security applications. we also perform upgrade programs for airborne, land and naval defense platforms, often as a prime contractor. moreover, we develop and manufacture avionic and aerostructure products for the commercial aviation market. in addition, we provide a range of support services.
Analysis Results
Intrinsic Value $116.49
Latest Price $224.21
Relative Value 92% 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 -2.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -2.6%, 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 260 245
2024 254 225
2025 247 207
2026 241 190
2027 235 175
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5890 million. This corresponds to a present value of 4140 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1040 million. Adding in the terminal value gives a total present value of 5180 million.

There are presently 44.5 million outstanding shares, so the intrinsic value per share is 116.49.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 5,031,777,000
Current Cash 212,148,000
Current Liabilities 4,277,289,000
Current Debt 191,631,000
Non-Cash Working Capital (NCWC) 733,971,000
Change in NCWC -68,122,000
EBIT 305,608,000
Tax Provision 24,131,000
Depreciation and Amortization 161,290,000
Capital Expenditure -205,110,000
Unlevered Free Cash Flow 169,051,091
Current Assets 4,980,004,000
Current Cash 260,178,000
Current Liabilities 4,024,091,000
Current Debt 106,358,000
Non-Cash Working Capital (NCWC) 802,093,000
Change in NCWC 100,702,000
EBIT 426,447,000
Tax Provision 131,387,000
Depreciation and Amortization 153,091,000
Capital Expenditure -188,624,000
Unlevered Free Cash Flow 353,629,072
Current Assets 4,272,898,000
Current Cash 280,318,000
Current Liabilities 3,622,154,000
Current Debt 330,965,000
Non-Cash Working Capital (NCWC) 701,391,000
Change in NCWC 17,461,000
EBIT 303,328,000
Tax Provision 36,443,000
Depreciation and Amortization 144,420,000
Capital Expenditure -132,210,000
Unlevered Free Cash Flow 292,718,336
Current Assets 3,671,767,000
Current Cash 223,273,000
Current Liabilities 3,172,845,000
Current Debt 408,281,000
Non-Cash Working Capital (NCWC) 683,930,000
Change in NCWC 268,957,000
EBIT 290,335,000
Tax Provision 19,414,000
Depreciation and Amortization 137,146,000
Capital Expenditure -137,604,000
Unlevered Free Cash Flow 536,112,242
Current Assets 3,278,985,000
Current Cash 224,926,000
Current Liabilities 2,910,453,000
Current Debt 271,367,000
Non-Cash Working Capital (NCWC) 414,973,000
Change in NCWC -135,847,000
EBIT 245,243,000
Tax Provision 26,445,000
Depreciation and Amortization 118,205,000
Capital Expenditure -102,301,000
Unlevered Free Cash Flow 97,714,074
Current Assets 2,611,034,000
Current Cash 172,571,000
Current Liabilities 2,088,949,000
Current Debt 201,306,000
Non-Cash Working Capital (NCWC) 550,820,000
Change in NCWC 34,663,000
EBIT 330,661,000
Tax Provision 55,585,000
Depreciation and Amortization 114,017,000
Capital Expenditure -107,880,000
Unlevered Free Cash Flow 309,410,502
Current Assets 2,453,234,000
Current Cash 245,062,000
Current Liabilities 1,925,998,000
Current Debt 233,983,000
Non-Cash Working Capital (NCWC) 516,157,000
Change in NCWC 90,209,000
EBIT 286,625,000
Tax Provision 45,617,000
Depreciation and Amortization 122,888,000
Capital Expenditure -124,221,000
Unlevered Free Cash Flow 329,531,156
Current Assets 2,282,807,000
Current Cash 332,424,000
Current Liabilities 1,637,794,000
Current Debt 113,359,000
Non-Cash Working Capital (NCWC) 425,948,000
Change in NCWC 24,472,000
EBIT 273,120,000
Tax Provision 46,235,000
Depreciation and Amortization 122,354,000
Capital Expenditure -99,175,000
Unlevered Free Cash Flow 270,878,061
Current Assets 2,249,044,000
Current Cash 305,926,000
Current Liabilities 1,624,157,000
Current Debt 82,515,000
Non-Cash Working Capital (NCWC) 401,476,000
Change in NCWC 42,854,000
EBIT 246,464,000
Tax Provision 25,624,000
Depreciation and Amortization 122,408,000
Capital Expenditure -71,211,000
Unlevered Free Cash Flow 309,713,761
Current Assets 1,996,006,000
Current Cash 265,362,000
Current Liabilities 1,435,133,000
Current Debt 63,111,000
Non-Cash Working Capital (NCWC) 358,622,000
Change in NCWC 159,122,000
EBIT 252,424,000
Tax Provision 25,313,000
Depreciation and Amortization 129,348,000
Capital Expenditure -63,019,000
Unlevered Free Cash Flow 448,300,461
Current Assets 1,884,275,000
Current Cash 265,968,000
Current Liabilities 1,509,044,000
Current Debt 90,237,000
Non-Cash Working Capital (NCWC) 199,500,000
Change in NCWC 57,783,000
EBIT 214,210,000
Tax Provision 17,099,000
Depreciation and Amortization 138,796,000
Capital Expenditure -81,637,000
Unlevered Free Cash Flow 309,690,055

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