DCF Tool


International Game Technology PLC – Casinos (except Casino Hotels)
a winning combination. gtech, the largest global lottery business, and igt, the world leader in the gaming equipment space, have merged to create the world's leading end-to-end gaming company. by adopting the igt name and gtech's visual identity, we've melded two iconic brands into one. together, we're uniquely positioned to provide the government-sponsored and commercial gaming industry with proven solutions across the entire continuum of products and channels.
Analysis Results
Intrinsic Value $24.07
Latest Price $30.47
Relative Value 27% overvalued
Thoughts on this result? Let us know.
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 -11.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -11.4%, 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 0.425 0.397
2024 0.376 0.328
2025 0.333 0.271
2026 0.295 0.224
2027 0.262 0.185
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5.14 billion. This corresponds to a present value of 3.39 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1.4 billion. Adding in the terminal value gives a total present value of 4.79 billion.

There are presently 199.0 million outstanding shares, so the intrinsic value per share is 24.07.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,131,000,000
Current Cash 590,000,000
Current Liabilities 1,849,000,000
Current Debt 61,000,000
Non-Cash Working Capital (NCWC) -247,000,000
Change in NCWC -283,000,000
EBIT 927,000,000
Tax Provision 174,000,000
Depreciation and Amortization 492,000,000
Capital Expenditure -317,000,000
Unlevered Free Cash Flow 545,149,405
Current Assets 2,489,000,000
Current Cash 591,000,000
Current Liabilities 1,914,000,000
Current Debt 52,000,000
Non-Cash Working Capital (NCWC) 36,000,000
Change in NCWC -275,181,000
EBIT 909,000,000
Tax Provision 274,000,000
Depreciation and Amortization 526,000,000
Capital Expenditure -238,000,000
Unlevered Free Cash Flow 451,883,150
Current Assets 3,440,085,000
Current Cash 907,015,000
Current Liabilities 2,615,041,000
Current Debt 393,152,000
Non-Cash Working Capital (NCWC) 311,181,000
Change in NCWC 343,081,000
EBIT 233,580,000
Tax Provision 27,698,000
Depreciation and Amortization 566,194,000
Capital Expenditure -254,689,000
Unlevered Free Cash Flow 888,166,000
Current Assets 2,634,037,000
Current Cash 662,934,000
Current Liabilities 2,468,351,000
Current Debt 465,348,000
Non-Cash Working Capital (NCWC) -31,900,000
Change in NCWC -100,625,000
EBIT 739,870,000
Tax Provision 173,109,000
Depreciation and Amortization 713,457,000
Capital Expenditure -442,084,000
Unlevered Free Cash Flow 460,853,259
Current Assets 2,286,696,000
Current Cash 250,669,000
Current Liabilities 2,002,124,000
Current Debt 34,822,000
Non-Cash Working Capital (NCWC) 68,725,000
Change in NCWC 1,139,189,000
EBIT 782,230,000
Tax Provision 189,401,000
Depreciation and Amortization 705,460,000
Capital Expenditure -533,052,000
Unlevered Free Cash Flow 1,606,551,490
Current Assets 3,064,517,000
Current Cash 1,057,418,000
Current Liabilities 3,676,677,000
Current Debt 599,114,000
Non-Cash Working Capital (NCWC) -1,070,464,000
Change in NCWC -724,222,000
EBIT 677,264,000
Tax Provision -29,414,000
Depreciation and Amortization 802,440,000
Capital Expenditure -698,010,000
Unlevered Free Cash Flow 57,472,000
Current Assets 2,289,566,000
Current Cash 294,094,000
Current Liabilities 2,341,791,000
Current Debt 77,000
Non-Cash Working Capital (NCWC) -346,242,000
Change in NCWC -193,666,000
EBIT 728,704,000
Tax Provision 59,206,000
Depreciation and Amortization 882,469,000
Capital Expenditure -557,238,000
Unlevered Free Cash Flow 726,867,902
Current Assets 2,485,374,000
Current Cash 627,484,000
Current Liabilities 2,010,626,000
Current Debt 160,000
Non-Cash Working Capital (NCWC) -152,576,000
Change in NCWC 435,911,814
EBIT 678,952,000
Tax Provision 38,896,000
Depreciation and Amortization 779,828,000
Capital Expenditure -402,634,000
Unlevered Free Cash Flow 1,492,057,814

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