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Comfort Systems USA, Inc. – Electrical Contractors and Other Wiring Installation Contractors
Comfort Systems USA® is a premier provider of business solutions addressing workplace comfort, with 139 locations in 114 cities around the nation.
Analysis Results
Intrinsic Value $302.84
Latest Price $126.00
Relative Value 58% undervalued
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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 28.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 28.3%, 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)
2022 328 303
2023 421 358
2024 540 424
2025 693 501
2026 889 593
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 14100 million. This corresponds to a present value of 8650 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2180 million. Adding in the terminal value gives a total present value of 10800 million.

There are presently 35.8 million outstanding shares, so the intrinsic value per share is 302.84.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,027,321,000
Current Cash 58,776,000
Current Liabilities 836,554,000
Current Debt 2,788,000
Non-Cash Working Capital (NCWC) 134,779,000
Change in NCWC 70,727,000
EBIT 186,898,000
Tax Provision 46,926,000
Depreciation and Amortization 68,944,000
Capital Expenditure -22,330,000
Unlevered Free Cash Flow 258,145,600
Current Assets 811,852,000
Current Cash 54,896,000
Current Liabilities 692,904,000
Current Debt 0
Non-Cash Working Capital (NCWC) 64,052,000
Change in NCWC -88,164,000
EBIT 189,206,000
Tax Provision 41,401,000
Depreciation and Amortization 60,629,000
Capital Expenditure -24,131,000
Unlevered Free Cash Flow 96,643,489
Current Assets 790,184,000
Current Cash 50,788,000
Current Liabilities 607,997,000
Current Debt 20,817,000
Non-Cash Working Capital (NCWC) 152,216,000
Change in NCWC 51,915,000
EBIT 161,938,000
Tax Provision 37,418,000
Depreciation and Amortization 51,572,000
Capital Expenditure -31,750,000
Unlevered Free Cash Flow 193,742,772
Current Assets 609,700,000
Current Cash 45,620,000
Current Liabilities 467,058,000
Current Debt 3,279,000
Non-Cash Working Capital (NCWC) 100,301,000
Change in NCWC 20,601,000
EBIT 149,293,000
Tax Provision 35,773,000
Depreciation and Amortization 42,689,000
Capital Expenditure -27,268,000
Unlevered Free Cash Flow 149,393,543
Current Assets 489,357,000
Current Cash 36,542,000
Current Liabilities 373,728,000
Current Debt 613,000
Non-Cash Working Capital (NCWC) 79,700,000
Change in NCWC 12,735,000
EBIT 99,695,000
Tax Provision 45,666,000
Depreciation and Amortization 37,456,000
Capital Expenditure -35,467,000
Unlevered Free Cash Flow 69,315,353
Current Assets 415,957,000
Current Cash 32,074,000
Current Liabilities 317,681,000
Current Debt 763,000
Non-Cash Working Capital (NCWC) 66,965,000
Change in NCWC 3,796,000
EBIT 100,808,000
Tax Provision 36,165,000
Depreciation and Amortization 26,166,000
Capital Expenditure -23,217,000
Unlevered Free Cash Flow 71,478,536
Current Assets 424,273,000
Current Cash 56,464,000
Current Liabilities 305,391,000
Current Debt 751,000
Non-Cash Working Capital (NCWC) 63,169,000
Change in NCWC -35,639,000
EBIT 89,164,000
Tax Provision 31,224,000
Depreciation and Amortization 23,416,000
Capital Expenditure -20,808,000
Unlevered Free Cash Flow 24,732,919
Current Assets 413,192,000
Current Cash 32,064,000
Current Liabilities 282,637,000
Current Debt 317,000
Non-Cash Working Capital (NCWC) 98,808,000
Change in NCWC 21,303,000
EBIT 42,119,000
Tax Provision 11,614,000
Depreciation and Amortization 21,336,000
Capital Expenditure -19,183,000
Unlevered Free Cash Flow 53,415,060
Current Assets 396,997,000
Current Cash 52,054,000
Current Liabilities 269,438,000
Current Debt 2,000,000
Non-Cash Working Capital (NCWC) 77,505,000
Change in NCWC 13,996,000
EBIT 45,669,000
Tax Provision 18,148,000
Depreciation and Amortization 18,572,000
Capital Expenditure -17,403,000
Unlevered Free Cash Flow 43,117,005
Current Assets 372,553,000
Current Cash 40,757,000
Current Liabilities 268,587,000
Current Debt 300,000
Non-Cash Working Capital (NCWC) 63,509,000
Change in NCWC 4,803,000
EBIT 21,812,000
Tax Provision 10,045,000
Depreciation and Amortization 20,630,000
Capital Expenditure -11,782,000
Unlevered Free Cash Flow 25,290,682

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