DCF Tool

KBAL

Kimball International, Inc. – Wood Office Furniture Manufacturing
For 70 years, Kimball International has created design driven furnishings that have helped our customers shape spaces into places, bringing possibility to life by enabling collaboration, discovery, wellness and relaxation. The Company goes to market through our family of brands: Kimball, National, Interwoven, Etc., Kimball Hospitality, D'style by Kimball Hospitality and Poppin. The Company values and high integrity are demonstrated daily by living our Purpose and Guiding Principles that establish it as an employer of choice. The Company builds success by growing long-term relationships with customers, employees, suppliers, shareholders and the communities in which we operate. In fiscal year 2020, the company generated $728 million in revenue and employed over 2,800 people.
Analysis Results
Intrinsic Value $40.54
Latest Price $6.29
Relative Value 84% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 12.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 12.7%, 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 54.1 50.6
2024 61.0 53.3
2025 68.8 56.2
2026 77.5 59.3
2027 87.4 62.5
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1800 million. This corresponds to a present value of 1200 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 282 million. Adding in the terminal value gives a total present value of 1480 million.

There are presently 36.6 million outstanding shares, so the intrinsic value per share is 40.54.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 219,141,000
Current Cash 10,934,000
Current Liabilities 151,482,000
Current Debt 33,000
Non-Cash Working Capital (NCWC) 56,758,000
Change in NCWC 36,959,000
EBIT 9,015,000
Tax Provision -1,706,000
Depreciation and Amortization 24,110,000
Capital Expenditure -25,111,000
Unlevered Free Cash Flow 44,973,000
Current Assets 159,347,000
Current Cash 24,336,000
Current Liabilities 115,242,000
Current Debt 30,000
Non-Cash Working Capital (NCWC) 19,799,000
Change in NCWC -6,213,000
EBIT 648,000
Tax Provision -2,806,000
Depreciation and Amortization 21,194,000
Capital Expenditure -19,534,000
Unlevered Free Cash Flow -3,905,000
Current Assets 232,398,000
Current Cash 97,092,000
Current Liabilities 109,321,000
Current Debt 27,000
Non-Cash Working Capital (NCWC) 26,012,000
Change in NCWC 35,753,000
EBIT 62,876,000
Tax Provision 15,076,000
Depreciation and Amortization 17,509,000
Capital Expenditure -21,076,000
Unlevered Free Cash Flow 78,174,086
Current Assets 229,585,000
Current Cash 106,267,000
Current Liabilities 133,084,000
Current Debt 25,000
Non-Cash Working Capital (NCWC) -9,741,000
Change in NCWC -7,615,000
EBIT 50,412,000
Tax Provision 12,326,000
Depreciation and Amortization 16,580,000
Capital Expenditure -20,971,000
Unlevered Free Cash Flow 26,380,098
Current Assets 206,567,000
Current Cash 87,270,000
Current Liabilities 121,446,000
Current Debt 23,000
Non-Cash Working Capital (NCWC) -2,126,000
Change in NCWC 10,190,000
EBIT 51,063,000
Tax Provision 17,886,000
Depreciation and Amortization 15,470,000
Capital Expenditure -22,299,000
Unlevered Free Cash Flow 36,969,383
Current Assets 202,809,000
Current Cash 98,565,000
Current Liabilities 120,339,000
Current Debt 3,779,000
Non-Cash Working Capital (NCWC) -12,316,000
Change in NCWC -17,536,000
EBIT 54,831,000
Tax Provision 20,512,000
Depreciation and Amortization 15,553,000
Capital Expenditure -12,733,000
Unlevered Free Cash Flow 20,729,749
Current Assets 159,642,000
Current Cash 47,576,000
Current Liabilities 106,875,000
Current Debt 29,000
Non-Cash Working Capital (NCWC) 5,220,000
Change in NCWC -4,538,000
EBIT 40,825,000
Tax Provision 12,234,000
Depreciation and Amortization 14,996,000
Capital Expenditure -16,166,000
Unlevered Free Cash Flow 20,158,837
Current Assets 151,553,000
Current Cash 34,661,000
Current Liabilities 107,161,000
Current Debt 27,000
Non-Cash Working Capital (NCWC) 9,758,000
Change in NCWC -99,835,000
EBIT 22,612,000
Tax Provision 6,536,000
Depreciation and Amortization 20,114,000
Capital Expenditure -33,115,000
Unlevered Free Cash Flow -98,583,750
Current Assets 499,792,000
Current Cash 136,624,000
Current Liabilities 253,600,000
Current Debt 25,000
Non-Cash Working Capital (NCWC) 109,593,000
Change in NCWC -1,278,000
EBIT 35,297,000
Tax Provision 9,712,000
Depreciation and Amortization 31,885,000
Capital Expenditure -33,653,000
Unlevered Free Cash Flow 24,310,748
Current Assets 428,899,000
Current Cash 103,600,000
Current Liabilities 214,451,000
Current Debt 23,000
Non-Cash Working Capital (NCWC) 110,871,000
Change in NCWC -4,896,000
EBIT 23,417,000
Tax Provision 2,784,000
Depreciation and Amortization 30,758,000
Capital Expenditure -28,755,000
Unlevered Free Cash Flow 17,647,376
Current Assets 378,690,000
Current Cash 75,197,000
Current Liabilities 187,740,000
Current Debt 14,000
Non-Cash Working Capital (NCWC) 115,767,000
Change in NCWC -10,847,000
EBIT 21,807,000
Tax Provision 6,068,000
Depreciation and Amortization 30,973,000
Capital Expenditure -26,943,000
Unlevered Free Cash Flow 7,514,862

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.