DCF Tool

KNL

Knoll Inc – Wood Office Furniture Manufacturing
Knoll, Inc. is a constellation of design-driven brands and people, working together with our clients in person and digitally to create inspired modern interiors. Its internationally recognized portfolio includes furniture, textiles, leathers, accessories, and architectural and acoustical elements. Its brands — Knoll Office, KnollStudio, KnollTextiles, KnollExtra, Spinneybeck | FilzFelt, Edelman Leather, HOLLY HUNT, DatesWeiser, Muuto, and Fully — reflect our commitment to modern design that meets the diverse requirements of high performance workplaces, work from home settings and luxury residential interiors. A recipient of the National Design Award for Corporate and Institutional Achievement from the Smithsonian`s Cooper-Hewitt, National Design Museum, Knoll, Inc. is aligned with the U.S. Green Building Council and the Canadian Green Building Council and can help organizations achieve the Leadership in Energy and Environmental Design (LEED) workplace certification. Its products can also help clients comply with the International Living Future Institute to achieve Living Building Challenge Certification, and with the International WELL Building Institute to attain WELL Building Certification. Knoll, Inc. is the founding sponsor of the World Monuments Fund Modernism at Risk program.
Analysis Results
Intrinsic Value $44.16
Latest Price $24.81
Relative Value 44% 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 10.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.2%, 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)
2021 102 94.4
2022 112 96.5
2023 124 98.7
2024 136 101
2025 150 103
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2650 million. This corresponds to a present value of 1690 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 494 million. Adding in the terminal value gives a total present value of 2180 million.

There are presently 49.4 million outstanding shares, so the intrinsic value per share is 44.16.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 364,800,000
Current Cash 37,300,000
Current Liabilities 256,400,000
Current Debt 14,600,000
Non-Cash Working Capital (NCWC) 85,700,000
Change in NCWC 26,500,000
EBIT 67,300,000
Tax Provision -800,000
Depreciation and Amortization 43,300,000
Capital Expenditure -43,300,000
Unlevered Free Cash Flow 93,800,000
Current Assets 340,600,000
Current Cash 8,500,000
Current Liabilities 290,000,000
Current Debt 17,100,000
Non-Cash Working Capital (NCWC) 59,200,000
Change in NCWC -15,262,000
EBIT 137,100,000
Tax Provision 23,400,000
Depreciation and Amortization 29,600,000
Capital Expenditure -49,900,000
Unlevered Free Cash Flow 66,244,930
Current Assets 331,615,000
Current Cash 1,560,000
Current Liabilities 272,778,000
Current Debt 17,185,000
Non-Cash Working Capital (NCWC) 74,462,000
Change in NCWC 11,375,000
EBIT 117,807,000
Tax Provision 24,896,000
Depreciation and Amortization 25,493,000
Capital Expenditure -40,289,000
Unlevered Free Cash Flow 84,504,255
Current Assets 278,270,000
Current Cash 2,103,000
Current Liabilities 223,080,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) 63,087,000
Change in NCWC 8,406,000
EBIT 108,587,000
Tax Provision -1,600,000
Depreciation and Amortization 22,749,000
Capital Expenditure -40,587,000
Unlevered Free Cash Flow 99,155,000
Current Assets 276,808,000
Current Cash 9,754,000
Current Liabilities 222,373,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) 54,681,000
Change in NCWC -43,959,000
EBIT 136,308,000
Tax Provision 45,424,000
Depreciation and Amortization 19,071,000
Capital Expenditure -40,105,000
Unlevered Free Cash Flow 22,767,472
Current Assets 308,772,000
Current Cash 4,092,000
Current Liabilities 216,040,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) 98,640,000
Change in NCWC 27,016,000
EBIT 112,656,000
Tax Provision 37,471,000
Depreciation and Amortization 17,364,000
Capital Expenditure -29,610,000
Unlevered Free Cash Flow 86,608,229
Current Assets 311,819,000
Current Cash 18,421,000
Current Liabilities 231,774,000
Current Debt 10,000,000
Non-Cash Working Capital (NCWC) 71,624,000
Change in NCWC 15,354,000
EBIT 84,884,000
Tax Provision 29,165,000
Depreciation and Amortization 16,327,000
Capital Expenditure -41,901,000
Unlevered Free Cash Flow 41,982,259
Current Assets 236,199,000
Current Cash 11,626,000
Current Liabilities 168,303,000
Current Debt 0
Non-Cash Working Capital (NCWC) 56,270,000
Change in NCWC 3,349,000
EBIT 55,656,000
Tax Provision 15,403,000
Depreciation and Amortization 14,727,000
Capital Expenditure -29,379,000
Unlevered Free Cash Flow 22,114,566
Current Assets 258,522,000
Current Cash 29,656,000
Current Liabilities 175,945,000
Current Debt 0
Non-Cash Working Capital (NCWC) 52,921,000
Change in NCWC -881,000
EBIT 87,901,000
Tax Provision 28,335,000
Depreciation and Amortization 14,632,000
Capital Expenditure -16,545,000
Unlevered Free Cash Flow 53,312,233

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.