DCF Tool


HNI Corp. – Office Furniture (except Wood) Manufacturing
at hni corporation, we go beyond simply building great desks, chairs, file cabinets and fireplaces. we're focused on building relationships by delivering solutions. with deeply held values that were born with the corporation's founding in 1944, we are a collection of individuals, called members, united by a dedication to integrity, quality, innovation, service and continuous improvement. hni corporation's growth strategy centers on three imperatives: building leading brands, taking care of end users and achieving operational excellence. the corporation's manufacturing and supply chain expertise consistently translates to the highest quality products, provided with the fastest and most dependable turnaround in its industries. hni corporation is a group of nine companies, each representing a family of leading brands, products and services for the office and home. in hni corporation's unique and powerful member-owner environment, every member has an opportunity to share in making the busi
Analysis Results
Intrinsic Value $130.19
Latest Price $34.54
Relative Value 73% undervalued
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Cash Flow (Millions)
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 19.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 19.7%, 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)
2023 218 201
2024 260 223
2025 312 248
2026 373 275
2027 447 305
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 7620 million. This corresponds to a present value of 4810 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1250 million. Adding in the terminal value gives a total present value of 6060 million.

There are presently 46.5 million outstanding shares, so the intrinsic value per share is 130.19.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 469,100,000
Current Cash 19,400,000
Current Liabilities 395,100,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 59,600,000
Change in NCWC 90,230,000
EBIT 111,500,000
Tax Provision 22,500,000
Depreciation and Amortization 84,200,000
Capital Expenditure -68,400,000
Unlevered Free Cash Flow 200,393,729
Current Assets 523,494,000
Current Cash 53,662,000
Current Liabilities 506,448,000
Current Debt 5,986,000
Non-Cash Working Capital (NCWC) -30,630,000
Change in NCWC 28,040,000
EBIT 91,719,000
Tax Provision 18,456,000
Depreciation and Amortization 83,146,000
Capital Expenditure -66,548,000
Unlevered Free Cash Flow 114,728,908
Current Assets 495,735,000
Current Cash 117,807,000
Current Liabilities 439,028,000
Current Debt 2,430,000
Non-Cash Working Capital (NCWC) -58,670,000
Change in NCWC -56,983,000
EBIT 100,193,000
Tax Provision 12,466,000
Depreciation and Amortization 77,683,000
Capital Expenditure -41,802,000
Unlevered Free Cash Flow 56,124,999
Current Assets 528,834,000
Current Cash 53,169,000
Current Liabilities 478,705,000
Current Debt 1,353,000
Non-Cash Working Capital (NCWC) -1,687,000
Change in NCWC -21,795,000
EBIT 153,713,000
Tax Provision 32,211,000
Depreciation and Amortization 77,427,000
Capital Expenditure -66,885,000
Unlevered Free Cash Flow 107,766,491
Current Assets 531,883,000
Current Cash 78,146,000
Current Liabilities 434,308,000
Current Debt 679,000
Non-Cash Working Capital (NCWC) 20,108,000
Change in NCWC 9,646,000
EBIT 143,898,000
Tax Provision 25,399,000
Depreciation and Amortization 74,788,000
Capital Expenditure -63,696,000
Unlevered Free Cash Flow 133,851,706
Current Assets 488,880,000
Current Cash 25,363,000
Current Liabilities 489,703,000
Current Debt 36,648,000
Non-Cash Working Capital (NCWC) 10,462,000
Change in NCWC 45,441,000
EBIT 112,157,000
Tax Provision -19,286,000
Depreciation and Amortization 72,872,000
Capital Expenditure -127,391,000
Unlevered Free Cash Flow 103,079,000
Current Assets 433,041,000
Current Cash 38,564,000
Current Liabilities 463,473,000
Current Debt 34,017,000
Non-Cash Working Capital (NCWC) -34,979,000
Change in NCWC -10,126,000
EBIT 167,269,000
Tax Provision 43,273,000
Depreciation and Amortization 68,947,000
Capital Expenditure -119,584,000
Unlevered Free Cash Flow 50,356,940
Current Assets 438,370,000
Current Cash 32,800,000
Current Liabilities 435,900,000
Current Debt 5,477,000
Non-Cash Working Capital (NCWC) -24,853,000
Change in NCWC 13,957,000
EBIT 175,273,000
Tax Provision 51,764,000
Depreciation and Amortization 57,564,000
Capital Expenditure -114,966,000
Unlevered Free Cash Flow 74,101,769
Current Assets 455,559,000
Current Cash 37,196,000
Current Liabilities 457,333,000
Current Debt 160,000
Non-Cash Working Capital (NCWC) -38,810,000
Change in NCWC 8,042,000
EBIT 135,145,000
Tax Provision 43,776,000
Depreciation and Amortization 56,722,000
Capital Expenditure -112,713,000
Unlevered Free Cash Flow 30,815,068
Current Assets 433,228,000
Current Cash 72,281,000
Current Liabilities 411,584,000
Current Debt 3,785,000
Non-Cash Working Capital (NCWC) -46,852,000
Change in NCWC -11,802,000
EBIT 106,320,000
Tax Provision 33,338,000
Depreciation and Amortization 46,621,000
Capital Expenditure -78,895,000
Unlevered Free Cash Flow 25,592,091
Current Assets 404,940,000
Current Cash 49,032,000
Current Liabilities 395,885,000
Current Debt 4,927,000
Non-Cash Working Capital (NCWC) -35,050,000
Change in NCWC -28,831,000
EBIT 89,571,000
Tax Provision 29,278,000
Depreciation and Amortization 43,360,000
Capital Expenditure -60,270,000
Unlevered Free Cash Flow 10,037,157

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