DCF Tool

MPX

Marine Products Corp – Boat Dealers
Analysis Results
Intrinsic Value $70.47
Latest Price $10.98
Relative Value 84% 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 30.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 30.6%, 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 77.3 70.8
2023 101 84.7
2024 132 101
2025 172 121
2026 225 145
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 3200 million. This corresponds to a present value of 1890 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 523 million. Adding in the terminal value gives a total present value of 2410 million.

There are presently 34.2 million outstanding shares, so the intrinsic value per share is 70.47.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 93,109,000
Current Cash 14,102,000
Current Liabilities 18,069,000
Current Debt 0
Non-Cash Working Capital (NCWC) 60,938,000
Change in NCWC 33,637,000
EBIT 36,392,000
Tax Provision 7,382,000
Depreciation and Amortization 1,816,000
Capital Expenditure -1,248,000
Unlevered Free Cash Flow 63,218,244
Current Assets 80,536,000
Current Cash 31,573,000
Current Liabilities 21,662,000
Current Debt 0
Non-Cash Working Capital (NCWC) 27,301,000
Change in NCWC -6,781,000
EBIT 24,361,000
Tax Provision 5,012,000
Depreciation and Amortization 1,954,000
Capital Expenditure -2,099,000
Unlevered Free Cash Flow 12,442,469
Current Assets 70,927,000
Current Cash 19,804,000
Current Liabilities 17,041,000
Current Debt 0
Non-Cash Working Capital (NCWC) 34,082,000
Change in NCWC -640,000
EBIT 34,135,000
Tax Provision 6,219,000
Depreciation and Amortization 2,090,000
Capital Expenditure -2,334,000
Unlevered Free Cash Flow 27,090,295
Current Assets 64,600,000
Current Cash 11,711,000
Current Liabilities 18,167,000
Current Debt 0
Non-Cash Working Capital (NCWC) 34,722,000
Change in NCWC 10,216,000
EBIT 35,387,000
Tax Provision 7,167,000
Depreciation and Amortization 1,820,000
Capital Expenditure -2,154,000
Unlevered Free Cash Flow 38,155,870
Current Assets 54,187,000
Current Cash 10,320,000
Current Liabilities 19,361,000
Current Debt 0
Non-Cash Working Capital (NCWC) 24,506,000
Change in NCWC -3,519,000
EBIT 29,759,000
Tax Provision 10,688,000
Depreciation and Amortization 1,526,000
Capital Expenditure -2,410,000
Unlevered Free Cash Flow 14,749,617
Current Assets 52,155,000
Current Cash 6,728,000
Current Liabilities 17,402,000
Current Debt 0
Non-Cash Working Capital (NCWC) 28,025,000
Change in NCWC 4,990,000
EBIT 23,052,000
Tax Provision 6,662,000
Depreciation and Amortization 1,382,000
Capital Expenditure -1,940,000
Unlevered Free Cash Flow 20,923,038
Current Assets 52,644,000
Current Cash 15,811,000
Current Liabilities 13,798,000
Current Debt 0
Non-Cash Working Capital (NCWC) 23,035,000
Change in NCWC 746,000
EBIT 20,551,000
Tax Provision 6,665,000
Depreciation and Amortization 1,013,000
Capital Expenditure -3,878,000
Unlevered Free Cash Flow 11,900,484
Current Assets 43,222,000
Current Cash 7,725,000
Current Liabilities 13,208,000
Current Debt 0
Non-Cash Working Capital (NCWC) 22,289,000
Change in NCWC 2,344,000
EBIT 12,006,000
Tax Provision 3,613,000
Depreciation and Amortization 712,000
Capital Expenditure -451,000
Unlevered Free Cash Flow 11,148,265
Current Assets 45,260,000
Current Cash 10,753,000
Current Liabilities 14,562,000
Current Debt 0
Non-Cash Working Capital (NCWC) 19,945,000
Change in NCWC -46,000
EBIT 9,506,000
Tax Provision 2,502,000
Depreciation and Amortization 726,000
Capital Expenditure -521,000
Unlevered Free Cash Flow 7,293,712
Current Assets 36,035,000
Current Cash 2,798,000
Current Liabilities 13,246,000
Current Debt 0
Non-Cash Working Capital (NCWC) 19,991,000
Change in NCWC 1,048,000
EBIT 8,761,000
Tax Provision 2,742,000
Depreciation and Amortization 768,000
Capital Expenditure -354,000
Unlevered Free Cash Flow 7,751,786

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