DCF Tool

EXPD

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
Analysis Results
Intrinsic Value $240.86
Latest Price $107.46
Relative Value 55% undervalued
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Cash Flow (Billions)
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 21.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 21.1%, 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 (billion) Present value (billion)
2022 1.43 1.32
2023 1.74 1.48
2024 2.1 1.66
2025 2.55 1.86
2026 3.08 2.08
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 51.2 billion. This corresponds to a present value of 32.0 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 8.41 billion. Adding in the terminal value gives a total present value of 40.4 billion.

There are presently 168.0 million outstanding shares, so the intrinsic value per share is 240.86.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 6,635,045,000
Current Cash 1,728,692,000
Current Liabilities 3,726,297,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,180,056,000
Change in NCWC 637,346,000
EBIT 1,909,326,000
Tax Provision 505,771,000
Depreciation and Amortization 51,312,000
Capital Expenditure -36,247,000
Unlevered Free Cash Flow 2,059,984,068
Current Assets 3,963,544,000
Current Cash 1,527,791,000
Current Liabilities 1,893,043,000
Current Debt 0
Non-Cash Working Capital (NCWC) 542,710,000
Change in NCWC 171,596,000
EBIT 940,437,000
Tax Provision 258,350,000
Depreciation and Amortization 56,959,000
Capital Expenditure -47,543,000
Unlevered Free Cash Flow 867,454,600
Current Assets 2,769,923,000
Current Cash 1,230,491,000
Current Liabilities 1,168,318,000
Current Debt 0
Non-Cash Working Capital (NCWC) 371,114,000
Change in NCWC -113,128,000
EBIT 766,692,000
Tax Provision 203,778,000
Depreciation and Amortization 50,950,000
Capital Expenditure -47,022,000
Unlevered Free Cash Flow 461,166,113
Current Assets 2,734,816,000
Current Cash 923,735,000
Current Liabilities 1,326,839,000
Current Debt 0
Non-Cash Working Capital (NCWC) 484,242,000
Change in NCWC 87,008,000
EBIT 796,563,000
Tax Provision 198,539,000
Depreciation and Amortization 54,019,000
Capital Expenditure -47,474,000
Unlevered Free Cash Flow 696,857,761
Current Assets 2,541,452,000
Current Cash 1,051,099,000
Current Liabilities 1,093,119,000
Current Debt 0
Non-Cash Working Capital (NCWC) 397,234,000
Change in NCWC 83,021,000
EBIT 700,260,000
Tax Provision 228,212,000
Depreciation and Amortization 49,310,000
Capital Expenditure -95,016,000
Unlevered Free Cash Flow 515,185,844
Current Assets 2,218,579,000
Current Cash 974,435,000
Current Liabilities 929,931,000
Current Debt 0
Non-Cash Working Capital (NCWC) 314,213,000
Change in NCWC -9,948,000
EBIT 670,163,000
Tax Provision 254,323,000
Depreciation and Amortization 46,796,000
Capital Expenditure -59,316,000
Unlevered Free Cash Flow 399,552,937
Current Assets 1,993,370,000
Current Cash 807,836,000
Current Liabilities 861,373,000
Current Debt 0
Non-Cash Working Capital (NCWC) 324,161,000
Change in NCWC -13,863,000
EBIT 721,484,000
Tax Provision 277,192,000
Depreciation and Amortization 46,012,000
Capital Expenditure -44,383,000
Unlevered Free Cash Flow 437,779,144
Current Assets 2,289,250,000
Current Cash 967,443,000
Current Liabilities 983,783,000
Current Debt 0
Non-Cash Working Capital (NCWC) 338,024,000
Change in NCWC 66,944,000
EBIT 594,648,000
Tax Provision 231,429,000
Depreciation and Amortization 49,292,000
Capital Expenditure -37,472,000
Unlevered Free Cash Flow 448,135,735
Current Assets 2,415,269,000
Current Cash 1,273,989,000
Current Liabilities 870,200,000
Current Debt 0
Non-Cash Working Capital (NCWC) 271,080,000
Change in NCWC 16,881,000
EBIT 552,073,000
Tax Provision 222,585,000
Depreciation and Amortization 48,071,000
Capital Expenditure -53,411,000
Unlevered Free Cash Flow 349,006,897
Current Assets 2,357,599,000
Current Cash 1,260,842,000
Current Liabilities 842,558,000
Current Debt 0
Non-Cash Working Capital (NCWC) 254,199,000
Change in NCWC 58,289,000
EBIT 530,798,000
Tax Provision 217,424,000
Depreciation and Amortization 39,940,000
Capital Expenditure -47,626,000
Unlevered Free Cash Flow 371,717,693

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