DCF Tool

MLI

Mueller Industries, Inc. – Copper Rolling, Drawing, Extruding, and Alloying
Since 1917, Mueller Industries companies have built a well-earned reputation for providing high-quality products. Through its various operations and brands, the company now supplies a global audience with a broad offering of products. Mueller's companies support many different markets, industries, customers, and channels. The company's principal business segments includes Piping Systems, Climate Products, and Industrial Metals. Every day its products can be found as critical components in applications ranging from potable water distribution to automotive drive trains to household appliances to radar defense systems, and more, quietly doing their part to make life and business better.
Analysis Results
Intrinsic Value $159.87
Latest Price $69.55
Relative Value 56% undervalued
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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 23.2%.

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 23.2%, 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)
2022 339 312
2023 418 353
2024 515 399
2025 635 452
2026 782 512
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 11700 million. This corresponds to a present value of 7030 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2030 million. Adding in the terminal value gives a total present value of 9060 million.

There are presently 56.7 million outstanding shares, so the intrinsic value per share is 159.87.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,019,003,000
Current Cash 87,924,000
Current Liabilities 382,439,000
Current Debt 811,000
Non-Cash Working Capital (NCWC) 549,451,000
Change in NCWC 141,525,000
EBIT 600,757,000
Tax Provision 165,858,000
Depreciation and Amortization 45,390,000
Capital Expenditure -31,833,000
Unlevered Free Cash Flow 600,389,463
Current Assets 825,361,000
Current Cash 119,075,000
Current Liabilities 339,643,000
Current Debt 41,283,000
Non-Cash Working Capital (NCWC) 407,926,000
Change in NCWC 38,855,000
EBIT 217,337,000
Tax Provision 55,321,000
Depreciation and Amortization 44,843,000
Capital Expenditure -43,885,000
Unlevered Free Cash Flow 196,722,296
Current Assets 693,772,000
Current Cash 97,944,000
Current Liabilities 234,287,000
Current Debt 7,530,000
Non-Cash Working Capital (NCWC) 369,071,000
Change in NCWC -35,231,000
EBIT 165,361,000
Tax Provision 35,257,000
Depreciation and Amortization 42,693,000
Capital Expenditure -31,162,000
Unlevered Free Cash Flow 100,455,444
Current Assets 702,618,000
Current Cash 72,616,000
Current Liabilities 232,801,000
Current Debt 7,101,000
Non-Cash Working Capital (NCWC) 404,302,000
Change in NCWC 11,228,000
EBIT 156,390,000
Tax Provision 30,952,000
Depreciation and Amortization 39,555,000
Capital Expenditure -38,481,000
Unlevered Free Cash Flow 133,557,260
Current Assets 739,115,000
Current Cash 120,269,000
Current Liabilities 242,252,000
Current Debt 16,480,000
Non-Cash Working Capital (NCWC) 393,074,000
Change in NCWC 55,405,000
EBIT 149,855,000
Tax Provision 37,884,000
Depreciation and Amortization 33,944,000
Capital Expenditure -46,131,000
Unlevered Free Cash Flow 147,617,963
Current Assets 894,323,000
Current Cash 351,317,000
Current Liabilities 218,992,000
Current Debt 13,655,000
Non-Cash Working Capital (NCWC) 337,669,000
Change in NCWC 9,781,000
EBIT 161,352,000
Tax Provision 48,137,000
Depreciation and Amortization 35,133,000
Capital Expenditure -37,497,000
Unlevered Free Cash Flow 116,250,582
Current Assets 800,401,000
Current Cash 274,844,000
Current Liabilities 209,429,000
Current Debt 11,760,000
Non-Cash Working Capital (NCWC) 327,888,000
Change in NCWC -59,316,000
EBIT 125,334,000
Tax Provision 43,382,000
Depreciation and Amortization 34,608,000
Capital Expenditure -28,834,000
Unlevered Free Cash Flow 30,534,842
Current Assets 941,213,000
Current Cash 352,134,000
Current Liabilities 238,069,000
Current Debt 36,194,000
Non-Cash Working Capital (NCWC) 387,204,000
Change in NCWC 14,460,000
EBIT 155,033,000
Tax Provision 45,479,000
Depreciation and Amortization 33,735,000
Capital Expenditure -39,173,000
Unlevered Free Cash Flow 116,419,009
Current Assets 874,717,000
Current Cash 311,800,000
Current Liabilities 219,256,000
Current Debt 29,083,000
Non-Cash Working Capital (NCWC) 372,744,000
Change in NCWC 55,610,000
EBIT 129,144,000
Tax Provision 98,109,000
Depreciation and Amortization 32,394,000
Capital Expenditure -41,349,000
Unlevered Free Cash Flow 129,114,099
Current Assets 747,194,000
Current Cash 198,934,000
Current Liabilities 258,696,000
Current Debt 27,570,000
Non-Cash Working Capital (NCWC) 317,134,000
Change in NCWC -23,424,000
EBIT 124,524,000
Tax Provision 36,681,000
Depreciation and Amortization 31,495,000
Capital Expenditure -56,825,000
Unlevered Free Cash Flow 37,818,084

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