Intrinsic Value | $39.48 |
---|---|
Latest Price | $58.10 |
Relative Value | 47% overvalued |
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 15.4%.
The calculated WACC is 6.1%. This value is used as the default discount rate.
Assuming a growth rate of 15.4%, 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 (million) | Present value (million) |
---|---|---|
2023 | 244 | 230 |
2024 | 282 | 250 |
2025 | 325 | 272 |
2026 | 375 | 296 |
2027 | 433 | 321 |
Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 10700 million. This corresponds to a present value of 7480 million.
The total present value of the projected cash flows is 1370 million. Adding in the terminal value gives a total present value of 8850 million.
There are presently 224.0 million outstanding shares, so the intrinsic value per share is 39.48.
The following data was to determine the past cash flows.
Current Assets | 4,092,850,000 |
---|---|
Current Cash | 3,238,965,000 |
Current Liabilities | 1,157,077,000 |
Current Debt | 3,179,000 |
Non-Cash Working Capital (NCWC) | -300,013,000 |
Change in NCWC | -218,822,000 |
EBIT | 599,562,000 |
Tax Provision | 188,456,000 |
Depreciation and Amortization | 67,855,000 |
Capital Expenditure | -77,833,000 |
Unlevered Free Cash Flow | 157,215,147 |
Current Assets | 3,118,674,000 |
---|---|
Current Cash | 2,348,192,000 |
Current Liabilities | 854,308,000 |
Current Debt | 2,635,000 |
Non-Cash Working Capital (NCWC) | -81,191,000 |
Change in NCWC | -10,797,000 |
EBIT | 637,537,000 |
Tax Provision | -378,137,000 |
Depreciation and Amortization | 57,844,000 |
Capital Expenditure | -181,006,000 |
Unlevered Free Cash Flow | 503,578,000 |
Current Assets | 2,359,894,000 |
---|---|
Current Cash | 1,801,377,000 |
Current Liabilities | 631,195,000 |
Current Debt | 2,284,000 |
Non-Cash Working Capital (NCWC) | -70,394,000 |
Change in NCWC | 60,048,000 |
EBIT | -197,490,000 |
Tax Provision | 63,479,000 |
Depreciation and Amortization | 51,807,000 |
Capital Expenditure | -187,379,000 |
Unlevered Free Cash Flow | -273,014,000 |
Current Assets | 2,481,488,000 |
---|---|
Current Cash | 2,117,554,000 |
Current Liabilities | 513,340,000 |
Current Debt | 18,964,000 |
Non-Cash Working Capital (NCWC) | -130,442,000 |
Change in NCWC | -117,792,000 |
EBIT | 421,688,000 |
Tax Provision | 39,885,000 |
Depreciation and Amortization | 54,533,000 |
Capital Expenditure | -78,064,000 |
Unlevered Free Cash Flow | 245,814,184 |
Current Assets | 1,832,254,000 |
---|---|
Current Cash | 1,438,323,000 |
Current Liabilities | 425,277,000 |
Current Debt | 18,696,000 |
Non-Cash Working Capital (NCWC) | -12,650,000 |
Change in NCWC | 20,144,000 |
EBIT | 155,396,000 |
Tax Provision | 5,854,000 |
Depreciation and Amortization | 54,969,000 |
Capital Expenditure | -73,483,000 |
Unlevered Free Cash Flow | 149,139,464 |
Current Assets | 1,504,854,000 |
---|---|
Current Cash | 1,169,645,000 |
Current Liabilities | 375,396,000 |
Current Debt | 7,393,000 |
Non-Cash Working Capital (NCWC) | -32,794,000 |
Change in NCWC | 55,075,000 |
EBIT | -236,030,000 |
Tax Provision | 852,000 |
Depreciation and Amortization | 52,178,000 |
Capital Expenditure | -111,021,000 |
Unlevered Free Cash Flow | -239,798,000 |
Current Assets | 994,178,000 |
---|---|
Current Cash | 808,546,000 |
Current Liabilities | 273,501,000 |
Current Debt | 0 |
Non-Cash Working Capital (NCWC) | -87,869,000 |
Change in NCWC | -54,454,000 |
EBIT | 162,420,000 |
Tax Provision | 3,182,000 |
Depreciation and Amortization | 58,425,000 |
Capital Expenditure | -120,277,000 |
Unlevered Free Cash Flow | 41,302,070 |
Current Assets | 842,375,000 |
---|---|
Current Cash | 707,783,000 |
Current Liabilities | 168,007,000 |
Current Debt | 0 |
Non-Cash Working Capital (NCWC) | -33,415,000 |
Change in NCWC | 3,509,000 |
EBIT | 50,651,000 |
Tax Provision | 1,025,000 |
Depreciation and Amortization | 44,883,000 |
Capital Expenditure | -26,003,000 |
Unlevered Free Cash Flow | 66,169,000 |
Current Assets | 699,214,000 |
---|---|
Current Cash | 600,263,000 |
Current Liabilities | 221,515,000 |
Current Debt | 85,640,000 |
Non-Cash Working Capital (NCWC) | -36,924,000 |
Change in NCWC | 24,323,000 |
EBIT | -4,804,000 |
Tax Provision | -66,000 |
Depreciation and Amortization | 41,413,000 |
Capital Expenditure | -27,876,000 |
Unlevered Free Cash Flow | 33,056,000 |
Current Assets | 555,799,000 |
---|---|
Current Cash | 509,004,000 |
Current Liabilities | 108,042,000 |
Current Debt | 0 |
Non-Cash Working Capital (NCWC) | -61,247,000 |
Change in NCWC | -6,269,000 |
EBIT | -16,102,000 |
Tax Provision | 299,000 |
Depreciation and Amortization | 29,207,000 |
Capital Expenditure | -4,267,000 |
Unlevered Free Cash Flow | 2,569,000 |
Current Assets | 309,514,000 |
---|---|
Current Cash | 228,418,000 |
Current Liabilities | 136,074,000 |
Current Debt | 0 |
Non-Cash Working Capital (NCWC) | -54,978,000 |
Change in NCWC | 47,452,000 |
EBIT | 1,148,000 |
Tax Provision | 174,000 |
Depreciation and Amortization | 29,979,000 |
Capital Expenditure | -2,839,000 |
Unlevered Free Cash Flow | 75,740,000 |
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