DCF Tool


Ingevity Corp – All Other Miscellaneous Chemical Product and Preparation Manufacturing
ingevity is a performance chemicals and materials company dedicated to advancing technologies in oilfield, pavement, carbon and industrial markets that improve daily living. our innovations enable oil to flow better. they help crops grow fuller. they make roads last longer. and they ensure that the air we all breathe is cleaner. there is no customer challenge that our creative and resourceful teams will not take on and solve. by bringing together our high performing people, products and processes, we work together to purify, protect and enhance the world around us, driving exponential results.
Analysis Results
Intrinsic Value $304.80
Latest Price $47.21
Relative Value 85% 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 12.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 12.9%, 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)
2023 355 334
2024 401 354
2025 453 376
2026 512 399
2027 578 423
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 13300 million. This corresponds to a present value of 9160 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1890 million. Adding in the terminal value gives a total present value of 11000 million.

There are presently 36.2 million outstanding shares, so the intrinsic value per share is 304.8.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 679,000,000
Current Cash 76,700,000
Current Liabilities 303,500,000
Current Debt 900,000
Non-Cash Working Capital (NCWC) 299,700,000
Change in NCWC 99,500,000
EBIT 341,000,000
Tax Provision 58,000,000
Depreciation and Amortization 108,800,000
Capital Expenditure -142,500,000
Unlevered Free Cash Flow 333,439,465
Current Assets 724,900,000
Current Cash 275,400,000
Current Liabilities 268,900,000
Current Debt 19,600,000
Non-Cash Working Capital (NCWC) 200,200,000
Change in NCWC 26,600,000
EBIT 307,200,000
Tax Provision 44,700,000
Depreciation and Amortization 109,900,000
Capital Expenditure -103,800,000
Unlevered Free Cash Flow 255,552,088
Current Assets 628,700,000
Current Cash 257,700,000
Current Liabilities 223,400,000
Current Debt 26,000,000
Non-Cash Working Capital (NCWC) 173,600,000
Change in NCWC -39,700,000
EBIT 293,500,000
Tax Provision 53,700,000
Depreciation and Amortization 100,200,000
Capital Expenditure -82,100,000
Unlevered Free Cash Flow 204,860,655
Current Assets 463,200,000
Current Cash 56,900,000
Current Liabilities 215,500,000
Current Debt 22,500,000
Non-Cash Working Capital (NCWC) 213,300,000
Change in NCWC 40,600,000
EBIT 301,100,000
Tax Provision 44,200,000
Depreciation and Amortization 85,000,000
Capital Expenditure -114,800,000
Unlevered Free Cash Flow 253,503,247
Current Assets 422,700,000
Current Cash 77,900,000
Current Liabilities 183,300,000
Current Debt 11,200,000
Non-Cash Working Capital (NCWC) 172,700,000
Change in NCWC 37,500,000
EBIT 263,700,000
Tax Provision 40,000,000
Depreciation and Amortization 57,000,000
Capital Expenditure -93,900,000
Unlevered Free Cash Flow 216,743,642
Current Assets 368,700,000
Current Cash 89,700,000
Current Liabilities 153,200,000
Current Debt 9,400,000
Non-Cash Working Capital (NCWC) 135,200,000
Change in NCWC -100,000
EBIT 203,500,000
Tax Provision 29,600,000
Depreciation and Amortization 40,400,000
Capital Expenditure -52,600,000
Unlevered Free Cash Flow 156,740,045

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