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Analysis Results
Intrinsic Value $60.41
Latest Price $35.87
Relative Value 41% 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 16.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 16.3%, 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)
2024 129 116
2025 151 121
2026 175 127
2027 204 133
2028 237 139
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 2590 million. This corresponds to a present value of 1360 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 636 million. Adding in the terminal value gives a total present value of 2000 million.

There are presently 33.1 million outstanding shares, so the intrinsic value per share is 60.41.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 273,600,000
Current Cash 58,474,000
Current Liabilities 134,663,000
Current Debt 2,365,000
Non-Cash Working Capital (NCWC) 82,828,000
Change in NCWC -3,947,000
EBIT 110,701,000
Tax Provision 14,545,000
Depreciation and Amortization 42,866,000
Capital Expenditure -37,390,000
Unlevered Free Cash Flow 95,638,424
Current Assets 280,665,000
Current Cash 55,093,000
Current Liabilities 139,843,000
Current Debt 1,046,000
Non-Cash Working Capital (NCWC) 86,775,000
Change in NCWC 34,944,000
EBIT 111,281,000
Tax Provision 21,427,000
Depreciation and Amortization 40,109,000
Capital Expenditure -33,121,000
Unlevered Free Cash Flow 131,489,668
Current Assets 249,047,000
Current Cash 40,061,000
Current Liabilities 158,001,000
Current Debt 846,000
Non-Cash Working Capital (NCWC) 51,831,000
Change in NCWC 25,694,000
EBIT 81,909,000
Tax Provision 23,114,000
Depreciation and Amortization 42,732,000
Capital Expenditure -24,008,000
Unlevered Free Cash Flow 102,689,216
Current Assets 207,306,000
Current Cash 51,621,000
Current Liabilities 130,240,000
Current Debt 692,000
Non-Cash Working Capital (NCWC) 26,137,000
Change in NCWC -24,313,000
EBIT 55,887,000
Tax Provision 11,804,000
Depreciation and Amortization 47,229,000
Capital Expenditure -25,726,000
Unlevered Free Cash Flow 39,961,887
Current Assets 190,326,000
Current Cash 30,868,000
Current Liabilities 109,754,000
Current Debt 746,000
Non-Cash Working Capital (NCWC) 50,450,000
Change in NCWC -9,088,000
EBIT 48,543,000
Tax Provision 10,776,000
Depreciation and Amortization 49,586,000
Capital Expenditure -24,883,000
Unlevered Free Cash Flow 64,158,000
Current Assets 189,678,000
Current Cash 29,003,000
Current Liabilities 102,361,000
Current Debt 1,224,000
Non-Cash Working Capital (NCWC) 59,538,000
Change in NCWC -29,595,000
EBIT 37,861,000
Tax Provision -875,000
Depreciation and Amortization 51,822,000
Capital Expenditure -26,484,000
Unlevered Free Cash Flow 33,604,000
Current Assets 191,801,000
Current Cash 17,455,000
Current Liabilities 106,455,000
Current Debt 21,242,000
Non-Cash Working Capital (NCWC) 89,133,000
Change in NCWC 14,299,000
EBIT 38,917,000
Tax Provision 6,819,000
Depreciation and Amortization 57,495,000
Capital Expenditure -34,564,000
Unlevered Free Cash Flow 65,740,952
Current Assets 203,974,000
Current Cash 25,526,000
Current Liabilities 114,134,000
Current Debt 10,520,000
Non-Cash Working Capital (NCWC) 74,834,000
Change in NCWC 11,598,000
EBIT 49,484,000
Tax Provision -3,765,000
Depreciation and Amortization 53,146,000
Capital Expenditure -37,243,000
Unlevered Free Cash Flow 76,985,000
Current Assets 172,250,000
Current Cash 23,125,000
Current Liabilities 88,248,000
Current Debt 2,359,000
Non-Cash Working Capital (NCWC) 63,236,000
Change in NCWC -2,732,000
EBIT 24,675,000
Tax Provision 7,539,000
Depreciation and Amortization 35,220,000
Capital Expenditure -29,982,000
Unlevered Free Cash Flow 19,146,411
Current Assets 260,429,000
Current Cash 120,384,000
Current Liabilities 74,276,000
Current Debt 199,000
Non-Cash Working Capital (NCWC) 65,968,000
Change in NCWC 1,106,000
EBIT 14,781,000
Tax Provision 5,468,000
Depreciation and Amortization 36,910,000
Capital Expenditure -33,779,000
Unlevered Free Cash Flow 13,163,841
Current Assets 236,283,000
Current Cash 49,736,000
Current Liabilities 121,868,000
Current Debt 183,000
Non-Cash Working Capital (NCWC) 64,862,000
Change in NCWC 12,691,000
EBIT -16,264,000
Tax Provision -6,498,000
Depreciation and Amortization 60,504,000
Capital Expenditure -37,931,000
Unlevered Free Cash Flow 19,000,000
Current Assets 250,870,000
Current Cash 71,255,000
Current Liabilities 127,812,000
Current Debt 368,000
Non-Cash Working Capital (NCWC) 52,171,000
Change in NCWC 1,114,000
EBIT -24,041,000
Tax Provision -8,651,000
Depreciation and Amortization 37,666,000
Capital Expenditure -42,871,000
Unlevered Free Cash Flow -28,132,000

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