DCF Tool


Graphic Packaging Holding Co – Folding Paperboard Box Manufacturing
inspired packaging. a world of difference. we’re a leader in the packaging industry, serving hundreds of the world’s most recognized brands. you’ve probably purchased food, beverages or other consumer products sold in our packaging. our focus on customer service has made us one of the world’s largest manufacturers of folding cartons, unbleached paperboard, coated recycled board, microwave packaging and machinery. we continue to set new standards for our industry, always looking ahead to help our customers meet changing consumer demands and their business goals. we combine market-specific expertise and innovative thinking to create inspired packaging. our mission of providing nature-based, renewable packaging improves the environment for us all. that’s why the world’s leading consumer and commercial brands are drawn to us. we design smart and attractive packaging that stands out in the highly competitive retail marketplace. but that’s just the beginning. our global capabilities,
Analysis Results
Intrinsic Value $141.96
Latest Price $22.16
Relative Value 84% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
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 13.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 13.0%, 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)
2023 1.06 1.0
2024 1.19 1.08
2025 1.35 1.15
2026 1.52 1.24
2027 1.72 1.33
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 51.6 billion. This corresponds to a present value of 37.8 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 5.8 billion. Adding in the terminal value gives a total present value of 43.6 billion.

There are presently 307.0 million outstanding shares, so the intrinsic value per share is 141.96.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,706,000,000
Current Cash 150,000,000
Current Liabilities 1,933,000,000
Current Debt 53,000,000
Non-Cash Working Capital (NCWC) 676,000,000
Change in NCWC 116,000,000
EBIT 1,056,000,000
Tax Provision 194,000,000
Depreciation and Amortization 553,000,000
Capital Expenditure -549,000,000
Unlevered Free Cash Flow 889,877,094
Current Assets 2,502,000,000
Current Cash 172,000,000
Current Liabilities 2,049,000,000
Current Debt 279,000,000
Non-Cash Working Capital (NCWC) 560,000,000
Change in NCWC 78,200,000
EBIT 544,000,000
Tax Provision 74,000,000
Depreciation and Amortization 489,000,000
Capital Expenditure -802,000,000
Unlevered Free Cash Flow 170,386,206
Current Assets 2,020,200,000
Current Cash 179,000,000
Current Liabilities 1,856,600,000
Current Debt 497,200,000
Non-Cash Working Capital (NCWC) 481,800,000
Change in NCWC -22,600,000
EBIT 588,500,000
Tax Provision 41,600,000
Depreciation and Amortization 475,800,000
Capital Expenditure -30,200,000
Unlevered Free Cash Flow 911,534,299
Current Assets 1,805,600,000
Current Cash 152,900,000
Current Liabilities 1,198,700,000
Current Debt 50,400,000
Non-Cash Working Capital (NCWC) 504,400,000
Change in NCWC -68,600,000
EBIT 572,400,000
Tax Provision 76,300,000
Depreciation and Amortization 447,200,000
Capital Expenditure -22,000,000
Unlevered Free Cash Flow 805,766,027
Current Assets 1,763,800,000
Current Cash 70,500,000
Current Liabilities 1,172,300,000
Current Debt 52,000,000
Non-Cash Working Capital (NCWC) 573,000,000
Change in NCWC 260,600,000
EBIT 474,300,000
Tax Provision 54,700,000
Depreciation and Amortization 430,600,000
Capital Expenditure -395,200,000
Unlevered Free Cash Flow 695,897,332
Current Assets 1,169,900,000
Current Cash 67,400,000
Current Liabilities 851,400,000
Current Debt 61,300,000
Non-Cash Working Capital (NCWC) 312,400,000
Change in NCWC -27,000,000
EBIT 375,500,000
Tax Provision -45,500,000
Depreciation and Amortization 330,300,000
Capital Expenditure -260,100,000
Unlevered Free Cash Flow 418,700,000
Current Assets 1,114,900,000
Current Cash 59,100,000
Current Liabilities 779,800,000
Current Debt 63,400,000
Non-Cash Working Capital (NCWC) 339,400,000
Change in NCWC 23,100,000
EBIT 434,900,000
Tax Provision 93,200,000
Depreciation and Amortization 299,300,000
Capital Expenditure -278,600,000
Unlevered Free Cash Flow 352,508,592
Current Assets 1,066,800,000
Current Cash 54,900,000
Current Liabilities 732,200,000
Current Debt 36,600,000
Non-Cash Working Capital (NCWC) 316,300,000
Change in NCWC -178,500,000
EBIT 450,300,000
Tax Provision 130,400,000
Depreciation and Amortization 280,500,000
Capital Expenditure -244,100,000
Unlevered Free Cash Flow 145,317,558
Current Assets 1,220,900,000
Current Cash 81,600,000
Current Liabilities 676,700,000
Current Debt 32,200,000
Non-Cash Working Capital (NCWC) 494,800,000
Change in NCWC -51,400,000
EBIT 427,100,000
Tax Provision 45,400,000
Depreciation and Amortization 270,000,000
Capital Expenditure -201,400,000
Unlevered Free Cash Flow 300,026,636
Current Assets 1,232,200,000
Current Cash 52,200,000
Current Liabilities 711,200,000
Current Debt 77,400,000
Non-Cash Working Capital (NCWC) 546,200,000
Change in NCWC 67,700,000
EBIT 356,200,000
Tax Provision 67,400,000
Depreciation and Amortization 277,400,000
Capital Expenditure -209,200,000
Unlevered Free Cash Flow 379,966,043
Current Assets 1,203,100,000
Current Cash 51,500,000
Current Liabilities 752,900,000
Current Debt 79,800,000
Non-Cash Working Capital (NCWC) 478,500,000
Change in NCWC 51,600,000
EBIT 351,100,000
Tax Provision 82,500,000
Depreciation and Amortization 266,800,000
Capital Expenditure -203,300,000
Unlevered Free Cash Flow 323,229,861

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