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NSIT

Insight Enterprises Inc. – Business to Business Electronic Markets
Insight Enterprises Inc. empowers organizations of all sizes with Insight Intelligent Technology Solutions™ and services to maximize the business value of IT. As a Fortune 500-ranked global provider of Digital Innovation, Cloud + Data Center Transformation, and Connected Workforce solutions and services, Insight Enterprises helps clients successfully manage their IT today while transforming for tomorrow. From IT strategy and design to implementation and management, Insight employees helps clients innovate and optimize their operations to run business smarter.
Analysis Results
Intrinsic Value $349.26
Latest Price $91.76
Relative Value 74% 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 17.9%.

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 17.9%, 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 414 386
2023 488 424
2024 576 465
2025 679 511
2026 800 560
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 15200 million. This corresponds to a present value of 9910 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2350 million. Adding in the terminal value gives a total present value of 12300 million.

There are presently 35.1 million outstanding shares, so the intrinsic value per share is 349.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,568,311,000
Current Cash 103,840,000
Current Liabilities 2,515,257,000
Current Debt 36,000
Non-Cash Working Capital (NCWC) 949,250,000
Change in NCWC 127,472,000
EBIT 330,427,000
Tax Provision 73,212,000
Depreciation and Amortization 55,421,000
Capital Expenditure -52,079,000
Unlevered Free Cash Flow 378,552,082
Current Assets 3,176,450,000
Current Cash 128,313,000
Current Liabilities 2,227,464,000
Current Debt 1,105,000
Non-Cash Working Capital (NCWC) 821,778,000
Change in NCWC -229,749,000
EBIT 286,177,000
Tax Provision 55,812,000
Depreciation and Amortization 65,560,000
Capital Expenditure -24,184,000
Unlevered Free Cash Flow 27,889,485
Current Assets 3,048,032,000
Current Cash 114,668,000
Current Liabilities 1,883,528,000
Current Debt 1,691,000
Non-Cash Working Capital (NCWC) 1,051,527,000
Change in NCWC 390,872,000
EBIT 257,361,000
Tax Provision 52,309,000
Depreciation and Amortization 46,209,000
Capital Expenditure -69,086,000
Unlevered Free Cash Flow 561,769,419
Current Assets 2,338,577,000
Current Cash 142,655,000
Current Liabilities 1,536,662,000
Current Debt 1,395,000
Non-Cash Working Capital (NCWC) 660,655,000
Change in NCWC -54,475,000
EBIT 237,189,000
Tax Provision 48,225,000
Depreciation and Amortization 37,458,000
Capital Expenditure -17,251,000
Unlevered Free Cash Flow 148,941,143
Current Assets 2,304,343,000
Current Cash 105,831,000
Current Liabilities 1,499,974,000
Current Debt 16,592,000
Non-Cash Working Capital (NCWC) 715,130,000
Change in NCWC 372,589,000
EBIT 195,242,000
Tax Provision 68,415,000
Depreciation and Amortization 42,599,000
Capital Expenditure -19,230,000
Unlevered Free Cash Flow 507,242,430
Current Assets 1,983,605,000
Current Cash 202,882,000
Current Liabilities 1,438,662,000
Current Debt 480,000
Non-Cash Working Capital (NCWC) 342,541,000
Change in NCWC -14,550,000
EBIT 157,859,000
Tax Provision 54,768,000
Depreciation and Amortization 38,130,000
Capital Expenditure -12,266,000
Unlevered Free Cash Flow 107,178,552
Current Assets 1,751,659,000
Current Cash 187,978,000
Current Liabilities 1,208,125,000
Current Debt 1,535,000
Non-Cash Working Capital (NCWC) 357,091,000
Change in NCWC -58,095,000
EBIT 131,426,000
Tax Provision 43,325,000
Depreciation and Amortization 37,957,000
Capital Expenditure -13,416,000
Unlevered Free Cash Flow 50,093,659
Current Assets 1,717,872,000
Current Cash 164,524,000
Current Liabilities 1,138,928,000
Current Debt 766,000
Non-Cash Working Capital (NCWC) 415,186,000
Change in NCWC -1,073,000
EBIT 135,436,000
Tax Provision 48,688,000
Depreciation and Amortization 40,570,000
Capital Expenditure -9,983,000
Unlevered Free Cash Flow 111,930,767
Current Assets 1,594,664,000
Current Cash 126,817,000
Current Liabilities 1,051,805,000
Current Debt 217,000
Non-Cash Working Capital (NCWC) 416,259,000
Change in NCWC 48,347,000
EBIT 133,977,000
Tax Provision 43,503,000
Depreciation and Amortization 41,544,000
Capital Expenditure -19,024,000
Unlevered Free Cash Flow 153,951,598
Current Assets 1,701,550,000
Current Cash 152,119,000
Current Liabilities 1,182,121,000
Current Debt 602,000
Non-Cash Working Capital (NCWC) 367,912,000
Change in NCWC 68,714,000
EBIT 154,470,000
Tax Provision 51,905,000
Depreciation and Amortization 41,177,000
Capital Expenditure -30,152,000
Unlevered Free Cash Flow 178,787,169

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