DCF Tool

FOXF

Fox Factory Holding Corp – Motorcycle, Bicycle, and Parts Manufacturing
Fox Factory Holding Corp. designs and manufactures performance-defining ride dynamics products primarily for bicycles, on-road and off-road vehicles and trucks, side-by-side vehicles, all-terrain vehicles, snowmobiles, specialty vehicles and applications, motorcycles, and commercial trucks. The Company is a direct supplier to leading powered vehicle OEMs. Additionally, the Company supplies top bicycle OEMs and their contract manufacturers, and provides aftermarket products to retailers and distributors.
Analysis Results
Intrinsic Value $495.76
Latest Price $106.95
Relative Value 78% 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 56.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 56.3%, 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 (billion) Present value (billion)
2022 0.455 0.41
2023 0.711 0.577
2024 1.11 0.812
2025 1.74 1.14
2026 2.72 1.61
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 30.7 billion. This corresponds to a present value of 16.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.55 billion. Adding in the terminal value gives a total present value of 21.0 billion.

There are presently 42.3 million outstanding shares, so the intrinsic value per share is 495.76.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 724,670,000
Current Cash 179,686,000
Current Liabilities 229,862,000
Current Debt 17,500,000
Non-Cash Working Capital (NCWC) 332,622,000
Change in NCWC 149,306,000
EBIT 196,914,000
Tax Provision 24,563,000
Depreciation and Amortization 45,111,000
Capital Expenditure -54,846,000
Unlevered Free Cash Flow 310,809,382
Current Assets 581,969,000
Current Cash 245,764,000
Current Liabilities 165,389,000
Current Debt 12,500,000
Non-Cash Working Capital (NCWC) 183,316,000
Change in NCWC 37,052,000
EBIT 114,149,000
Tax Provision 12,784,000
Depreciation and Amortization 33,927,000
Capital Expenditure -56,744,000
Unlevered Free Cash Flow 114,423,598
Current Assets 281,813,000
Current Cash 43,736,000
Current Liabilities 91,813,000
Current Debt 0
Non-Cash Working Capital (NCWC) 146,264,000
Change in NCWC 32,137,000
EBIT 112,809,000
Tax Provision 14,099,000
Depreciation and Amortization 17,736,000
Capital Expenditure -53,526,000
Unlevered Free Cash Flow 94,506,384
Current Assets 231,947,000
Current Cash 27,958,000
Current Liabilities 96,785,000
Current Debt 6,923,000
Non-Cash Working Capital (NCWC) 114,127,000
Change in NCWC 28,334,000
EBIT 94,532,000
Tax Provision 5,523,000
Depreciation and Amortization 14,729,000
Capital Expenditure -30,203,000
Unlevered Free Cash Flow 101,647,691
Current Assets 202,948,000
Current Cash 35,947,000
Current Liabilities 86,246,000
Current Debt 5,038,000
Non-Cash Working Capital (NCWC) 85,793,000
Change in NCWC 21,572,000
EBIT 68,488,000
Tax Provision 21,102,000
Depreciation and Amortization 10,280,000
Capital Expenditure -16,864,000
Unlevered Free Cash Flow 60,994,335
Current Assets 182,912,000
Current Cash 35,280,000
Current Liabilities 87,036,000
Current Debt 3,625,000
Non-Cash Working Capital (NCWC) 64,221,000
Change in NCWC 10,404,000
EBIT 51,452,000
Tax Provision 7,415,000
Depreciation and Amortization 8,754,000
Capital Expenditure -12,024,000
Unlevered Free Cash Flow 49,732,052
Current Assets 131,941,000
Current Cash 6,944,000
Current Liabilities 74,017,000
Current Debt 2,837,000
Non-Cash Working Capital (NCWC) 53,817,000
Change in NCWC 3,408,000
EBIT 42,281,000
Tax Provision 9,290,000
Depreciation and Amortization 13,063,000
Capital Expenditure -10,894,000
Unlevered Free Cash Flow 36,387,655
Current Assets 112,609,000
Current Cash 4,212,000
Current Liabilities 60,825,000
Current Debt 2,837,000
Non-Cash Working Capital (NCWC) 50,409,000
Change in NCWC 12,208,000
EBIT 37,479,000
Tax Provision 6,631,000
Depreciation and Amortization 9,730,000
Capital Expenditure -6,026,000
Unlevered Free Cash Flow 46,149,013

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