DCF Tool

GNTX

Gentex Corp. – Motor Vehicle Gasoline Engine and Engine Parts Manufacturing
Founded in 1974, Gentex Corporation is a leading supplier of digital vision, connected car, dimmable glass and fire protection technologies.
Analysis Results
Intrinsic Value $36.69
Latest Price $27.50
Relative Value 25% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 7.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.3%, 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 517 475
2023 554 469
2024 595 463
2025 638 457
2026 684 450
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 10400 million. This corresponds to a present value of 6290 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2310 million. Adding in the terminal value gives a total present value of 8610 million.

There are presently 235.0 million outstanding shares, so the intrinsic value per share is 36.69.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 872,975,749
Current Cash 267,735,282
Current Liabilities 181,656,100
Current Debt 0
Non-Cash Working Capital (NCWC) 423,584,367
Change in NCWC 72,526,065
EBIT 409,781,978
Tax Provision 55,554,504
Depreciation and Amortization 99,112,019
Capital Expenditure -68,835,047
Unlevered Free Cash Flow 457,907,124
Current Assets 979,330,564
Current Cash 450,535,405
Current Liabilities 177,736,857
Current Debt 0
Non-Cash Working Capital (NCWC) 351,058,302
Change in NCWC 9,233,885
EBIT 399,556,092
Tax Provision 64,249,308
Depreciation and Amortization 104,739,900
Capital Expenditure -51,706,541
Unlevered Free Cash Flow 399,486,287
Current Assets 950,376,892
Current Cash 436,705,675
Current Liabilities 171,846,800
Current Debt 0
Non-Cash Working Capital (NCWC) 341,824,417
Change in NCWC 46,493,359
EBIT 488,537,604
Tax Provision 75,731,395
Depreciation and Amortization 104,702,974
Capital Expenditure -84,580,255
Unlevered Free Cash Flow 481,219,827
Current Assets 850,930,254
Current Cash 386,438,277
Current Liabilities 169,160,919
Current Debt 0
Non-Cash Working Capital (NCWC) 295,331,058
Change in NCWC -1,313,208
EBIT 508,125,547
Tax Provision 84,163,850
Depreciation and Amortization 102,186,814
Capital Expenditure -85,990,570
Unlevered Free Cash Flow 441,089,126
Current Assets 1,184,563,823
Current Cash 722,272,550
Current Liabilities 243,647,007
Current Debt 78,000,000
Non-Cash Working Capital (NCWC) 296,644,266
Change in NCWC 7,511,488
EBIT 523,358,352
Tax Provision 125,004,782
Depreciation and Amortization 99,570,908
Capital Expenditure -104,040,919
Unlevered Free Cash Flow 403,378,576
Current Assets 1,154,989,029
Current Cash 723,498,272
Current Liabilities 149,857,979
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 289,132,778
Change in NCWC -15,264,586
EBIT 511,742,935
Tax Provision 162,969,497
Depreciation and Amortization 88,587,430
Capital Expenditure -120,955,614
Unlevered Free Cash Flow 300,763,325
Current Assets 984,008,792
Current Cash 556,104,882
Current Liabilities 131,006,546
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 304,397,364
Change in NCWC 71,120,637
EBIT 458,766,439
Tax Provision 145,121,597
Depreciation and Amortization 80,599,167
Capital Expenditure -97,941,762
Unlevered Free Cash Flow 368,933,296
Current Assets 856,637,694
Current Cash 497,429,804
Current Liabilities 133,431,163
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 233,276,727
Change in NCWC 54,162,623
EBIT 398,834,174
Tax Provision 126,721,911
Depreciation and Amortization 77,376,305
Capital Expenditure -72,518,987
Unlevered Free Cash Flow 336,164,239
Current Assets 601,186,242
Current Cash 309,591,724
Current Liabilities 119,980,414
Current Debt 7,500,000
Non-Cash Working Capital (NCWC) 179,114,104
Change in NCWC -27,109,974
EBIT 304,741,813
Tax Provision 105,134,094
Depreciation and Amortization 62,854,155
Capital Expenditure -55,380,457
Unlevered Free Cash Flow 187,445,476
Current Assets 744,663,040
Current Cash 450,481,520
Current Liabilities 87,957,442
Current Debt 0
Non-Cash Working Capital (NCWC) 206,224,078
Change in NCWC -26,579,395
EBIT 239,455,232
Tax Provision 81,038,760
Depreciation and Amortization 50,179,823
Capital Expenditure -117,474,449
Unlevered Free Cash Flow 67,844,171

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.