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Chart Industries Inc – Iron and Steel Forging
Chart Industries, Inc. is a leading independent global manufacturer of highly engineered equipment servicing multiple applications in the Energy and Industrial Gas markets. Its unique product portfolio is used in every phase of the liquid gas supply chain, including upfront engineering, service and repair. Being at the forefront of the clean energy transition, Chart is a leading provider of technology, equipment and services related to liquefied natural gas, hydrogen, biogas and CO2 Capture amongst other applications. The company is committed to excellence in environmental, social and corporate governance (ESG) issues both for its company as well as its customers. With over 25 global locations from the United States to Asia, Australia, India, Europe and South America, the company maintains accountability and transparency to its team members, suppliers, customers and communities.
Analysis Results
Intrinsic Value $41.51
Latest Price $208.14
Relative Value 401% overvalued
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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 1.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 1.6%, 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 120 110
2023 122 102
2024 124 94.9
2025 126 88.2
2026 128 82.0
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1780 million. This corresponds to a present value of 1040 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 477 million. Adding in the terminal value gives a total present value of 1520 million.

There are presently 36.6 million outstanding shares, so the intrinsic value per share is 41.51.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 853,500,000
Current Cash 122,200,000
Current Liabilities 693,900,000
Current Debt 255,900,000
Non-Cash Working Capital (NCWC) 293,300,000
Change in NCWC 129,300,000
EBIT 88,800,000
Tax Provision 13,500,000
Depreciation and Amortization 80,600,000
Capital Expenditure -52,700,000
Unlevered Free Cash Flow 229,887,096
Current Assets 703,000,000
Current Cash 125,100,000
Current Liabilities 634,800,000
Current Debt 220,900,000
Non-Cash Working Capital (NCWC) 164,000,000
Change in NCWC -28,600,000
EBIT 108,200,000
Tax Provision 14,900,000
Depreciation and Amortization 85,200,000
Capital Expenditure -37,900,000
Unlevered Free Cash Flow 107,977,699
Current Assets 673,600,000
Current Cash 119,000,000
Current Liabilities 378,300,000
Current Debt 16,300,000
Non-Cash Working Capital (NCWC) 192,600,000
Change in NCWC 4,400,000
EBIT 80,900,000
Tax Provision 6,000,000
Depreciation and Amortization 78,800,000
Capital Expenditure -36,200,000
Unlevered Free Cash Flow 118,706,818
Current Assets 661,700,000
Current Cash 118,100,000
Current Liabilities 366,600,000
Current Debt 11,200,000
Non-Cash Working Capital (NCWC) 188,200,000
Change in NCWC 5,500,000
EBIT 92,100,000
Tax Provision 13,400,000
Depreciation and Amortization 50,800,000
Capital Expenditure -35,600,000
Unlevered Free Cash Flow 94,913,913
Current Assets 634,000,000
Current Cash 122,600,000
Current Liabilities 387,600,000
Current Debt 58,900,000
Non-Cash Working Capital (NCWC) 182,700,000
Change in NCWC 66,729,000
EBIT 42,000,000
Tax Provision -15,900,000
Depreciation and Amortization 41,900,000
Capital Expenditure -35,200,000
Unlevered Free Cash Flow 115,429,000
Current Assets 652,977,000
Current Cash 281,959,000
Current Liabilities 261,534,000
Current Debt 6,487,000
Non-Cash Working Capital (NCWC) 115,971,000
Change in NCWC -91,672,000
EBIT 58,589,000
Tax Provision 13,702,000
Depreciation and Amortization 37,509,000
Capital Expenditure -17,785,000
Unlevered Free Cash Flow -34,265,442
Current Assets 587,230,000
Current Cash 123,708,000
Current Liabilities 262,039,000
Current Debt 6,160,000
Non-Cash Working Capital (NCWC) 207,643,000
Change in NCWC -10,449,000
EBIT 70,337,000
Tax Provision 2,684,000
Depreciation and Amortization 45,448,000
Capital Expenditure -47,039,000
Unlevered Free Cash Flow 58,297,000
Current Assets 604,604,000
Current Cash 103,656,000
Current Liabilities 287,759,000
Current Debt 4,903,000
Non-Cash Working Capital (NCWC) 218,092,000
Change in NCWC 4,831,000
EBIT 138,157,000
Tax Provision 36,092,000
Depreciation and Amortization 43,176,000
Capital Expenditure -62,135,000
Unlevered Free Cash Flow 82,184,462
Current Assets 649,443,000
Current Cash 137,345,000
Current Liabilities 499,304,000
Current Debt 200,467,000
Non-Cash Working Capital (NCWC) 213,261,000
Change in NCWC 68,360,000
EBIT 135,997,000
Tax Provision 31,296,000
Depreciation and Amortization 40,389,000
Capital Expenditure -72,585,000
Unlevered Free Cash Flow 136,291,845
Current Assets 556,424,000
Current Cash 141,498,000
Current Liabilities 273,775,000
Current Debt 3,750,000
Non-Cash Working Capital (NCWC) 144,901,000
Change in NCWC 58,368,000
EBIT 124,883,000
Tax Provision 30,782,000
Depreciation and Amortization 32,196,000
Capital Expenditure -43,685,000
Unlevered Free Cash Flow 134,478,539

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