DCF Tool

MTX

Minerals Technologies, Inc. – All Other Miscellaneous Chemical Product and Preparation Manufacturing
New York-based Minerals Technologies Inc. is a global resource- and technology-based company that develops, produces and markets a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, construction, environmental, energy, polymer and consumer products industries. The company reported sales of $1.6 billion in 2020.
Analysis Results
Intrinsic Value $167.79
Latest Price $61.05
Relative Value 64% 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 3.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 3.9%, 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 251 235
2023 261 229
2024 271 223
2025 281 217
2026 292 212
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6380 million. This corresponds to a present value of 4330 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1120 million. Adding in the terminal value gives a total present value of 5440 million.

There are presently 32.5 million outstanding shares, so the intrinsic value per share is 167.79.

Financial Statements

The following data was to determine the past cash flows.

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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