DCF Tool

IESC

IES Holdings Inc – Electrical Contractors and Other Wiring Installation Contractors
ies services is a construction company located in 1505 sherrye dr, plano, texas, united states.
Analysis Results
Intrinsic Value $382.14
Latest Price $71.70
Relative Value 81% 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 26.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 26.7%, 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 114 110
2024 145 133
2025 184 162
2026 233 197
2027 295 239
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 8840 million. This corresponds to a present value of 6880 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 840 million. Adding in the terminal value gives a total present value of 7720 million.

There are presently 20.2 million outstanding shares, so the intrinsic value per share is 382.14.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 624,398,000
Current Cash 24,848,000
Current Liabilities 401,886,000
Current Debt 0
Non-Cash Working Capital (NCWC) 197,664,000
Change in NCWC 48,189,000
EBIT 56,216,000
Tax Provision 12,815,000
Depreciation and Amortization 25,468,000
Capital Expenditure -29,255,000
Unlevered Free Cash Flow 87,025,651
Current Assets 484,180,000
Current Cash 23,105,000
Current Liabilities 311,600,000
Current Debt 0
Non-Cash Working Capital (NCWC) 149,475,000
Change in NCWC 74,051,000
EBIT 85,747,000
Tax Provision 16,231,000
Depreciation and Amortization 21,914,000
Capital Expenditure -7,401,000
Unlevered Free Cash Flow 157,919,423
Current Assets 371,450,000
Current Cash 53,577,000
Current Liabilities 242,449,000
Current Debt 0
Non-Cash Working Capital (NCWC) 75,424,000
Change in NCWC -8,625,000
EBIT 57,048,000
Tax Provision 8,740,000
Depreciation and Amortization 12,508,000
Capital Expenditure -4,745,000
Unlevered Free Cash Flow 46,071,188
Current Assets 296,455,000
Current Cash 18,934,000
Current Liabilities 193,472,000
Current Debt 0
Non-Cash Working Capital (NCWC) 84,049,000
Change in NCWC 12,020,000
EBIT 41,528,000
Tax Provision 6,663,000
Depreciation and Amortization 9,557,000
Capital Expenditure -6,300,000
Unlevered Free Cash Flow 49,911,772
Current Assets 262,693,000
Current Cash 26,247,000
Current Liabilities 164,417,000
Current Debt 0
Non-Cash Working Capital (NCWC) 72,029,000
Change in NCWC 19,195,000
EBIT 26,042,000
Tax Provision 38,151,000
Depreciation and Amortization 8,860,000
Capital Expenditure -4,563,000
Unlevered Free Cash Flow 11,383,000
Current Assets 231,752,000
Current Cash 28,290,000
Current Liabilities 150,628,000
Current Debt 0
Non-Cash Working Capital (NCWC) 52,834,000
Change in NCWC 9,118,000
EBIT 20,128,000
Tax Provision 5,211,000
Depreciation and Amortization 9,634,000
Capital Expenditure -4,589,000
Unlevered Free Cash Flow 28,713,387
Current Assets 209,728,000
Current Cash 32,961,000
Current Liabilities 133,051,000
Current Debt 0
Non-Cash Working Capital (NCWC) 43,716,000
Change in NCWC 12,111,000
EBIT 26,422,000
Tax Provision -97,117,000
Depreciation and Amortization 5,664,000
Capital Expenditure -3,417,000
Unlevered Free Cash Flow 40,780,000
Current Assets 189,040,000
Current Cash 49,360,000
Current Liabilities 108,079,000
Current Debt 4,000
Non-Cash Working Capital (NCWC) 31,605,000
Change in NCWC 6,874,000
EBIT 18,475,000
Tax Provision 661,000
Depreciation and Amortization 2,509,000
Capital Expenditure -2,779,000
Unlevered Free Cash Flow 24,382,684
Current Assets 167,957,000
Current Cash 47,342,000
Current Liabilities 95,884,000
Current Debt 0
Non-Cash Working Capital (NCWC) 24,731,000
Change in NCWC -3,541,000
EBIT 7,555,000
Tax Provision 748,000
Depreciation and Amortization 2,526,000
Capital Expenditure -1,982,000
Unlevered Free Cash Flow 3,656,701
Current Assets 144,025,000
Current Cash 20,757,000
Current Liabilities 98,558,000
Current Debt 3,562,000
Non-Cash Working Capital (NCWC) 28,272,000
Change in NCWC -6,456,000
EBIT 362,000
Tax Provision 326,000
Depreciation and Amortization 2,552,000
Capital Expenditure -444,000
Unlevered Free Cash Flow -3,986,000
Current Assets 147,385,000
Current Cash 18,729,000
Current Liabilities 104,384,000
Current Debt 10,456,000
Non-Cash Working Capital (NCWC) 34,728,000
Change in NCWC 8,375,000
EBIT -557,000
Tax Provision 38,000
Depreciation and Amortization 2,146,000
Capital Expenditure -1,877,000
Unlevered Free Cash Flow 8,087,000

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