DCF Tool

ICFI

ICF International, Inc – Payroll Services
ICF International, Inc. provides management, technology, policy consulting, and implementation services primarily to the U.S. federal government, as well as to other government, commercial, and international clients.
Analysis Results
Intrinsic Value $207.74
Latest Price $100.63
Relative Value 52% undervalued
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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 10.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.2%, 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 121 115
2023 134 119
2024 147 124
2025 162 129
2026 179 134
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 4650 million. This corresponds to a present value of 3290 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 621 million. Adding in the terminal value gives a total present value of 3910 million.

There are presently 18.8 million outstanding shares, so the intrinsic value per share is 207.74.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 449,163,000
Current Cash 8,254,000
Current Liabilities 376,631,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) 74,278,000
Change in NCWC 29,471,000
EBIT 110,936,000
Tax Provision 28,958,000
Depreciation and Amortization 31,970,000
Capital Expenditure -19,932,000
Unlevered Free Cash Flow 120,349,039
Current Assets 475,675,000
Current Cash 13,841,000
Current Liabilities 427,027,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) 44,807,000
Change in NCWC -45,446,000
EBIT 89,109,000
Tax Provision 19,714,000
Depreciation and Amortization 33,748,000
Capital Expenditure -17,683,000
Unlevered Free Cash Flow 36,202,832
Current Assets 434,717,000
Current Cash 6,482,000
Current Liabilities 337,982,000
Current Debt 0
Non-Cash Working Capital (NCWC) 90,253,000
Change in NCWC -12,100,000
EBIT 101,393,000
Tax Provision 21,235,000
Depreciation and Amortization 28,182,000
Capital Expenditure -26,901,000
Unlevered Free Cash Flow 66,696,782
Current Assets 392,106,000
Current Cash 11,694,000
Current Liabilities 278,059,000
Current Debt 0
Non-Cash Working Capital (NCWC) 102,353,000
Change in NCWC 7,094,000
EBIT 92,272,000
Tax Provision 21,427,000
Depreciation and Amortization 27,206,000
Capital Expenditure -21,812,000
Unlevered Free Cash Flow 80,889,617
Current Assets 331,438,000
Current Cash 11,809,000
Current Liabilities 224,370,000
Current Debt 0
Non-Cash Working Capital (NCWC) 95,259,000
Change in NCWC -1,110,000
EBIT 82,418,000
Tax Provision 11,110,000
Depreciation and Amortization 28,579,000
Capital Expenditure -14,513,000
Unlevered Free Cash Flow 82,997,820
Current Assets 299,131,000
Current Cash 6,042,000
Current Liabilities 196,720,000
Current Debt 0
Non-Cash Working Capital (NCWC) 96,369,000
Change in NCWC 20,360,000
EBIT 82,793,000
Tax Provision 27,923,000
Depreciation and Amortization 29,119,000
Capital Expenditure -13,791,000
Unlevered Free Cash Flow 87,452,654
Current Assets 277,613,000
Current Cash 7,747,000
Current Liabilities 193,857,000
Current Debt 0
Non-Cash Working Capital (NCWC) 76,009,000
Change in NCWC 2,945,000
EBIT 75,231,000
Tax Provision 24,231,000
Depreciation and Amortization 33,406,000
Capital Expenditure -12,682,000
Unlevered Free Cash Flow 70,237,698
Current Assets 288,429,000
Current Cash 12,122,000
Current Liabilities 203,243,000
Current Debt 0
Non-Cash Working Capital (NCWC) 73,064,000
Change in NCWC 5,893,000
EBIT 69,362,000
Tax Provision 24,120,000
Depreciation and Amortization 23,806,000
Capital Expenditure -12,974,000
Unlevered Free Cash Flow 60,007,320
Current Assets 226,344,000
Current Cash 8,953,000
Current Liabilities 150,220,000
Current Debt 0
Non-Cash Working Capital (NCWC) 67,171,000
Change in NCWC -9,775,000
EBIT 64,685,000
Tax Provision 22,896,000
Depreciation and Amortization 20,715,000
Capital Expenditure -14,161,000
Unlevered Free Cash Flow 37,663,213
Current Assets 238,502,000
Current Cash 14,725,000
Current Liabilities 146,831,000
Current Debt 0
Non-Cash Working Capital (NCWC) 76,946,000
Change in NCWC -15,214,000
EBIT 65,620,000
Tax Provision 23,836,000
Depreciation and Amortization 24,440,000
Capital Expenditure -13,561,000
Unlevered Free Cash Flow 36,021,019

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