DCF Tool


MasterCraft Boat Holdings Inc – Boat Building
Headquartered in Vonore, TN, MasterCraft Boat Holdings, Inc. is a leading innovator, designer, manufacturer and marketer of premium recreational powerboats through its four wholly-owned brands, MasterCraft, NauticStar, Crest and Aviara Boats. Through these four brands, MasterCraft Boat Holdings has leading market share positions in three of the fastest-growing segments of the powerboat industry - performance sport boats, outboard saltwater fishing, pontoon boats - while entering the large, growing luxury day boat segment.
Analysis Results
Intrinsic Value $606.31
Latest Price $32.11
Relative Value 95% undervalued
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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 34.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 34.4%, 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 122 117
2024 163 153
2025 219 198
2026 295 258
2027 396 335
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 11900 million. This corresponds to a present value of 9720 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1060 million. Adding in the terminal value gives a total present value of 10800 million.

There are presently 17.8 million outstanding shares, so the intrinsic value per share is 606.31.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 146,110,000
Current Cash 34,203,000
Current Liabilities 93,172,000
Current Debt 2,873,000
Non-Cash Working Capital (NCWC) 21,608,000
Change in NCWC 22,056,000
EBIT 102,790,000
Tax Provision 18,172,000
Depreciation and Amortization 13,614,000
Capital Expenditure -15,820,000
Unlevered Free Cash Flow 98,186,567
Current Assets 110,227,000
Current Cash 39,252,000
Current Liabilities 74,289,000
Current Debt 2,866,000
Non-Cash Working Capital (NCWC) -448,000
Change in NCWC 5,623,000
EBIT 75,953,000
Tax Provision 15,658,000
Depreciation and Amortization 11,630,000
Capital Expenditure -27,862,000
Unlevered Free Cash Flow 48,786,778
Current Assets 56,743,000
Current Cash 16,319,000
Current Liabilities 55,427,000
Current Debt 8,932,000
Non-Cash Working Capital (NCWC) -6,071,000
Change in NCWC 5,212,000
EBIT 29,870,000
Tax Provision -7,565,000
Depreciation and Amortization 10,527,000
Capital Expenditure -14,241,000
Unlevered Free Cash Flow 31,368,000
Current Assets 54,364,000
Current Cash 5,826,000
Current Liabilities 68,546,000
Current Debt 8,725,000
Non-Cash Working Capital (NCWC) -11,283,000
Change in NCWC 5,277,000
EBIT 64,259,000
Tax Provision 5,392,000
Depreciation and Amortization 7,787,000
Capital Expenditure -14,064,000
Unlevered Free Cash Flow 50,304,370
Current Assets 37,186,000
Current Cash 7,909,000
Current Liabilities 50,906,000
Current Debt 5,069,000
Non-Cash Working Capital (NCWC) -16,560,000
Change in NCWC -976,000
EBIT 55,983,000
Tax Provision 12,856,000
Depreciation and Amortization 5,086,000
Capital Expenditure -5,305,000
Unlevered Free Cash Flow 41,081,445
Current Assets 21,652,000
Current Cash 4,038,000
Current Liabilities 36,885,000
Current Debt 3,687,000
Non-Cash Working Capital (NCWC) -15,584,000
Change in NCWC 2,893,000
EBIT 33,515,000
Tax Provision 11,723,000
Depreciation and Amortization 3,231,000
Capital Expenditure -4,135,000
Unlevered Free Cash Flow 22,948,593
Current Assets 18,092,000
Current Cash 73,000
Current Liabilities 44,381,000
Current Debt 7,885,000
Non-Cash Working Capital (NCWC) -18,477,000
Change in NCWC -1,147,000
EBIT 22,011,000
Tax Provision 8,308,000
Depreciation and Amortization 3,444,000
Capital Expenditure -3,817,000
Unlevered Free Cash Flow 10,615,884

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