DCF Tool

LNN

Lindsay Corporation – Farm Machinery and Equipment Manufacturing
during the past 60 years, lindsay corporation has grown to become a global leader in providing innovative water management and road infrastructure products and services. as a pioneer in the field of center pivot and lateral move irrigation, lindsay's irrigation division has systems operating in more than 90 countries. our success results from finding highly efficient ways to irrigate crops on varied terrain and soils to increase yields and better utilize natural resources to meet rising population growth. lindsay’s industrial water solutions division is uniquely qualified to provide large agricultural investor clients with consultative engineering services, state-of-the-art equipment, water management telemetry systems and advanced controls – all through one dependable source. our infrastructure division, lindsay transportation solutions, is dedicated to producing a wide variety of high quality products to meet the needs of developed and emerging countries that must manage railways, wo
Analysis Results
Intrinsic Value $102.48
Latest Price $122.99
Relative Value 20% overvalued
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Cash Flow (Millions)
Analysis Parameters
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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 8.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.2%, 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)
2024 66.7 61.3
2025 72.2 61.0
2026 78.2 60.7
2027 84.6 60.4
2028 91.6 60.1
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1370 million. This corresponds to a present value of 827 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 303 million. Adding in the terminal value gives a total present value of 1130 million.

There are presently 11.0 million outstanding shares, so the intrinsic value per share is 102.48.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 487,484,000
Current Cash 166,311,000
Current Liabilities 136,108,000
Current Debt 226,000
Non-Cash Working Capital (NCWC) 185,291,000
Change in NCWC -14,582,000
EBIT 102,184,000
Tax Provision 27,996,000
Depreciation and Amortization 19,282,000
Capital Expenditure -18,775,000
Unlevered Free Cash Flow 59,608,444
Current Assets 477,101,000
Current Cash 116,508,000
Current Liabilities 160,942,000
Current Debt 222,000
Non-Cash Working Capital (NCWC) 199,873,000
Change in NCWC 68,504,000
EBIT 94,643,000
Tax Provision 22,399,000
Depreciation and Amortization 20,178,000
Capital Expenditure -15,595,000
Unlevered Free Cash Flow 143,603,940
Current Assets 416,103,000
Current Cash 146,711,000
Current Liabilities 138,240,000
Current Debt 217,000
Non-Cash Working Capital (NCWC) 131,369,000
Change in NCWC 26,548,000
EBIT 54,107,000
Tax Provision 7,814,000
Depreciation and Amortization 19,177,000
Capital Expenditure -26,511,000
Unlevered Free Cash Flow 64,929,937
Current Assets 347,935,000
Current Cash 140,914,000
Current Liabilities 102,395,000
Current Debt 195,000
Non-Cash Working Capital (NCWC) 104,821,000
Change in NCWC 457,000
EBIT 54,202,000
Tax Provision 10,214,000
Depreciation and Amortization 19,396,000
Capital Expenditure -21,445,000
Unlevered Free Cash Flow 41,275,331
Current Assets 313,490,000
Current Cash 127,204,000
Current Liabilities 82,131,000
Current Debt 209,000
Non-Cash Working Capital (NCWC) 104,364,000
Change in NCWC 13,989,000
EBIT 6,115,000
Tax Provision -65,000
Depreciation and Amortization 14,018,000
Capital Expenditure -23,211,000
Unlevered Free Cash Flow 10,911,000
Current Assets 331,051,000
Current Cash 160,787,000
Current Liabilities 80,094,000
Current Debt 205,000
Non-Cash Working Capital (NCWC) 90,375,000
Change in NCWC 10,897,000
EBIT 38,563,000
Tax Provision 13,576,000
Depreciation and Amortization 16,514,000
Capital Expenditure -11,054,000
Unlevered Free Cash Flow 39,455,158
Current Assets 292,934,000
Current Cash 121,620,000
Current Liabilities 92,037,000
Current Debt 201,000
Non-Cash Working Capital (NCWC) 79,478,000
Change in NCWC -23,727,000
EBIT 40,201,000
Tax Provision 12,536,000
Depreciation and Amortization 16,678,000
Capital Expenditure -8,863,000
Unlevered Free Cash Flow 10,178,409
Current Assets 292,124,000
Current Cash 101,246,000
Current Liabilities 87,870,000
Current Debt 197,000
Non-Cash Working Capital (NCWC) 103,205,000
Change in NCWC 15,050,000
EBIT 34,375,000
Tax Provision 9,021,000
Depreciation and Amortization 16,881,000
Capital Expenditure -11,496,000
Unlevered Free Cash Flow 44,222,152
Current Assets 322,167,000
Current Cash 139,093,000
Current Liabilities 95,112,000
Current Debt 193,000
Non-Cash Working Capital (NCWC) 88,155,000
Change in NCWC 2,306,000
EBIT 50,695,000
Tax Provision 20,442,000
Depreciation and Amortization 16,412,000
Capital Expenditure -15,244,000
Unlevered Free Cash Flow 32,002,475
Current Assets 374,058,000
Current Cash 171,842,000
Current Liabilities 116,367,000
Current Debt 0
Non-Cash Working Capital (NCWC) 85,849,000
Change in NCWC -28,923,000
EBIT 78,358,000
Tax Provision 27,143,000
Depreciation and Amortization 14,793,000
Capital Expenditure -17,715,000
Unlevered Free Cash Flow 19,472,491
Current Assets 368,791,000
Current Cash 151,927,000
Current Liabilities 102,092,000
Current Debt 0
Non-Cash Working Capital (NCWC) 114,772,000
Change in NCWC 35,504,000
EBIT 107,061,000
Tax Provision 36,737,000
Depreciation and Amortization 12,600,000
Capital Expenditure -11,136,000
Unlevered Free Cash Flow 107,376,219
Current Assets 298,865,000
Current Cash 143,444,000
Current Liabilities 80,438,000
Current Debt 4,285,000
Non-Cash Working Capital (NCWC) 79,268,000
Change in NCWC 4,775,000
EBIT 65,510,000
Tax Provision 21,831,000
Depreciation and Amortization 12,468,000
Capital Expenditure -9,890,000
Unlevered Free Cash Flow 50,897,207

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