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Minerals Technologies, Inc. – All Other Miscellaneous Chemical Product and Preparation Manufacturing
minerals technologies inc. is a resource- and technology-based company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. the company has five reportable segments: specialty minerals, refractories, performance materials, construction technologies and energy services. the specialty minerals, performance materials and construction technologies segments produce and sell products and technologies based primarily upon the mineral products calcium carbonate, bentonite, talc, chromite and leonardite. these segments are used principally in the paper, metalcasting, building materials, paints and coatings, consumer products, ceramic, polymer, and food and pharmaceutical industries. the refractories and energy services segments both produce and market patented technologies, products and services. the refractories segment produces monolithic refractory materials and specialty
Analysis Results
Intrinsic Value $166.93
Latest Price $54.42
Relative Value 67% 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 5.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 5.0%, 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 280 261
2024 294 255
2025 309 249
2026 324 244
2027 341 238
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6430 million. This corresponds to a present value of 4190 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1250 million. Adding in the terminal value gives a total present value of 5430 million.

There are presently 32.5 million outstanding shares, so the intrinsic value per share is 166.93.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,070,500,000
Current Cash 252,800,000
Current Liabilities 502,600,000
Current Debt 134,200,000
Non-Cash Working Capital (NCWC) 449,300,000
Change in NCWC 64,200,000
EBIT 254,200,000
Tax Provision 32,100,000
Depreciation and Amortization 94,200,000
Capital Expenditure -82,300,000
Unlevered Free Cash Flow 278,785,984
Current Assets 1,028,500,000
Current Cash 304,400,000
Current Liabilities 419,800,000
Current Debt 80,800,000
Non-Cash Working Capital (NCWC) 385,100,000
Change in NCWC 18,100,000
EBIT 243,600,000
Tax Provision 36,600,000
Depreciation and Amortization 94,600,000
Capital Expenditure -86,000,000
Unlevered Free Cash Flow 226,829,692
Current Assets 1,033,600,000
Current Cash 371,800,000
Current Liabilities 295,800,000
Current Debt 1,000,000
Non-Cash Working Capital (NCWC) 367,000,000
Change in NCWC -13,800,000
EBIT 211,200,000
Tax Provision 24,400,000
Depreciation and Amortization 93,900,000
Capital Expenditure -66,800,000
Unlevered Free Cash Flow 187,743,366
Current Assets 919,200,000
Current Cash 243,200,000
Current Liabilities 398,500,000
Current Debt 103,300,000
Non-Cash Working Capital (NCWC) 380,800,000
Change in NCWC -9,500,000
EBIT 234,700,000
Tax Provision 22,800,000
Depreciation and Amortization 98,400,000
Capital Expenditure -65,000,000
Unlevered Free Cash Flow 224,987,185
Current Assets 876,300,000
Current Cash 212,600,000
Current Liabilities 381,900,000
Current Debt 108,500,000
Non-Cash Working Capital (NCWC) 390,300,000
Change in NCWC 52,900,000
EBIT 263,600,000
Tax Provision 34,400,000
Depreciation and Amortization 94,300,000
Capital Expenditure -75,900,000
Unlevered Free Cash Flow 291,220,616
Current Assets 852,200,000
Current Cash 214,900,000
Current Liabilities 310,000,000
Current Debt 10,100,000
Non-Cash Working Capital (NCWC) 337,400,000
Change in NCWC 59,400,000
EBIT 262,600,000
Tax Provision -6,600,000
Depreciation and Amortization 91,000,000
Capital Expenditure -76,700,000
Unlevered Free Cash Flow 336,300,000
Current Assets 751,100,000
Current Cash 190,500,000
Current Liabilities 295,500,000
Current Debt 12,900,000
Non-Cash Working Capital (NCWC) 278,000,000
Change in NCWC 15,400,000
EBIT 259,300,000
Tax Provision 35,300,000
Depreciation and Amortization 91,900,000
Capital Expenditure -62,400,000
Unlevered Free Cash Flow 251,106,670
Current Assets 803,600,000
Current Cash 232,000,000
Current Liabilities 318,600,000
Current Debt 9,600,000
Non-Cash Working Capital (NCWC) 262,600,000
Change in NCWC -64,600,000
EBIT 259,100,000
Tax Provision 22,800,000
Depreciation and Amortization 98,300,000
Capital Expenditure -86,000,000
Unlevered Free Cash Flow 162,845,535
Current Assets 924,600,000
Current Cash 250,400,000
Current Liabilities 352,900,000
Current Debt 5,900,000
Non-Cash Working Capital (NCWC) 327,200,000
Change in NCWC 185,309,000
EBIT 230,000,000
Tax Provision 30,800,000
Depreciation and Amortization 84,400,000
Capital Expenditure -81,800,000
Unlevered Free Cash Flow 360,871,962
Current Assets 815,117,000
Current Cash 506,036,000
Current Liabilities 180,894,000
Current Debt 13,704,000
Non-Cash Working Capital (NCWC) 141,891,000
Change in NCWC 11,686,000
EBIT 124,361,000
Tax Provision 34,515,000
Depreciation and Amortization 47,289,000
Capital Expenditure -43,831,000
Unlevered Free Cash Flow 104,808,371
Current Assets 764,485,000
Current Cash 468,270,000
Current Liabilities 250,098,000
Current Debt 84,088,000
Non-Cash Working Capital (NCWC) 130,205,000
Change in NCWC -9,934,000
EBIT 110,041,000
Tax Provision 30,777,000
Depreciation and Amortization 51,209,000
Capital Expenditure -52,130,000
Unlevered Free Cash Flow 67,547,901

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