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Kirby Corp. – Inland Water Freight Transportation
Kirby Corporation, headquartered in Houston, Texas is the largest tank barge operator in the United States, transporting bulk liquid products throughout the Mississippi River System, on the Gulf Intracoastal Waterway, along all three U.S. Coasts, and in Alaska and Hawaii.
Analysis Results
Intrinsic Value $77.26
Latest Price $83.50
Relative Value 8% overvalued
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Cash Flow (Millions)
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 8.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.4%, 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 240 222
2024 260 223
2025 282 223
2026 306 224
2027 331 224
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 5550 million. This corresponds to a present value of 3480 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1120 million. Adding in the terminal value gives a total present value of 4600 million.

There are presently 59.5 million outstanding shares, so the intrinsic value per share is 77.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,211,759,000
Current Cash 80,577,000
Current Liabilities 642,197,000
Current Debt 3,292,000
Non-Cash Working Capital (NCWC) 492,277,000
Change in NCWC 65,063,000
EBIT 184,607,000
Tax Provision 42,214,000
Depreciation and Amortization 230,474,000
Capital Expenditure -172,606,000
Unlevered Free Cash Flow 260,300,540
Current Assets 1,003,865,000
Current Cash 34,813,000
Current Liabilities 543,772,000
Current Debt 1,934,000
Non-Cash Working Capital (NCWC) 427,214,000
Change in NCWC -74,427,000
EBIT 76,819,000
Tax Provision -43,830,000
Depreciation and Amortization 246,931,000
Capital Expenditure -98,015,000
Unlevered Free Cash Flow 151,308,000
Current Assets 1,047,971,000
Current Cash 80,338,000
Current Liabilities 466,032,000
Current Debt 40,000
Non-Cash Working Capital (NCWC) 501,641,000
Change in NCWC 122,898,000
EBIT 140,397,000
Tax Provision -189,759,000
Depreciation and Amortization 219,921,000
Capital Expenditure -148,185,000
Unlevered Free Cash Flow 335,031,000
Current Assets 917,579,000
Current Cash 24,737,000
Current Liabilities 514,115,000
Current Debt 16,000
Non-Cash Working Capital (NCWC) 378,743,000
Change in NCWC -102,183,000
EBIT 234,254,000
Tax Provision 46,801,000
Depreciation and Amortization 219,632,000
Capital Expenditure -248,164,000
Unlevered Free Cash Flow 45,782,591
Current Assets 1,096,489,000
Current Cash 7,800,000
Current Liabilities 607,782,000
Current Debt 19,000
Non-Cash Working Capital (NCWC) 480,926,000
Change in NCWC 24,249,000
EBIT 241,486,000
Tax Provision 35,081,000
Depreciation and Amortization 224,972,000
Capital Expenditure -301,861,000
Unlevered Free Cash Flow 114,637,480
Current Assets 957,082,000
Current Cash 20,102,000
Current Liabilities 480,306,000
Current Debt 3,000
Non-Cash Working Capital (NCWC) 456,677,000
Change in NCWC 174,094,000
EBIT 204,737,000
Tax Provision -240,889,000
Depreciation and Amortization 202,881,000
Capital Expenditure -177,222,000
Unlevered Free Cash Flow 404,490,000
Current Assets 646,555,000
Current Cash 5,634,000
Current Liabilities 358,338,000
Current Debt 0
Non-Cash Working Capital (NCWC) 282,583,000
Change in NCWC 9,609,000
EBIT 245,854,000
Tax Provision 84,942,000
Depreciation and Amortization 200,917,000
Capital Expenditure -231,066,000
Unlevered Free Cash Flow 133,618,293
Current Assets 640,776,000
Current Cash 5,885,000
Current Liabilities 361,917,000
Current Debt 0
Non-Cash Working Capital (NCWC) 272,974,000
Change in NCWC -28,554,000
EBIT 379,441,000
Tax Provision 133,742,000
Depreciation and Amortization 192,240,000
Capital Expenditure -345,475,000
Unlevered Free Cash Flow 57,354,751
Current Assets 803,154,000
Current Cash 24,299,000
Current Liabilities 594,027,000
Current Debt 116,700,000
Non-Cash Working Capital (NCWC) 301,528,000
Change in NCWC 107,533,000
EBIT 475,415,000
Tax Provision 169,782,000
Depreciation and Amortization 169,312,000
Capital Expenditure -355,144,000
Unlevered Free Cash Flow 219,478,046
Current Assets 544,006,000
Current Cash 4,022,000
Current Liabilities 345,989,000
Current Debt 0
Non-Cash Working Capital (NCWC) 193,995,000
Change in NCWC -101,182,000
EBIT 435,642,000
Tax Provision 152,379,000
Depreciation and Amortization 164,437,000
Capital Expenditure -253,227,000
Unlevered Free Cash Flow 83,237,247
Current Assets 596,256,000
Current Cash 11,059,000
Current Liabilities 355,020,000
Current Debt 65,000,000
Non-Cash Working Capital (NCWC) 295,177,000
Change in NCWC 101,892,000
EBIT 365,123,000
Tax Provision 127,907,000
Depreciation and Amortization 145,147,000
Capital Expenditure -312,167,000
Unlevered Free Cash Flow 162,848,974

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