DCF Tool

ODFL

Old Dominion Freight Line, Inc. – General Freight Trucking, Local
Old Dominion Freight Line, Inc. is a leading, less-than-truckload ('LTL'), union-free motor carrier providing regional, inter-regional and national LTL services through a single integrated organization. Its service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, the Company also provides LTL services throughout North America. In addition to its core LTL services, the Company offers a range of value-added services including container drayage, truckload brokerage and supply chain consulting.
Analysis Results
Intrinsic Value $371.92
Latest Price $248.77
Relative Value 33% undervalued
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Cash Flow (Billions)
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 41.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 41.2%, 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 (billion) Present value (billion)
2022 1.18 1.07
2023 1.66 1.37
2024 2.35 1.75
2025 3.32 2.24
2026 4.68 2.87
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 57.9 billion. This corresponds to a present value of 32.3 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 9.31 billion. Adding in the terminal value gives a total present value of 41.6 billion.

There are presently 112.0 million outstanding shares, so the intrinsic value per share is 371.92.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,383,787,000
Current Cash 716,997,000
Current Liabilities 464,234,000
Current Debt 0
Non-Cash Working Capital (NCWC) 202,556,000
Change in NCWC 64,051,000
EBIT 1,391,602,000
Tax Provision 354,048,000
Depreciation and Amortization 259,899,000
Capital Expenditure -550,077,000
Unlevered Free Cash Flow 810,616,354
Current Assets 1,243,339,000
Current Cash 731,704,000
Current Liabilities 373,130,000
Current Debt 0
Non-Cash Working Capital (NCWC) 138,505,000
Change in NCWC 41,327,000
EBIT 906,882,000
Tax Provision 228,682,000
Depreciation and Amortization 261,267,000
Capital Expenditure -225,081,000
Unlevered Free Cash Flow 754,313,046
Current Assets 866,834,000
Current Cash 403,571,000
Current Liabilities 366,085,000
Current Debt 0
Non-Cash Working Capital (NCWC) 97,178,000
Change in NCWC -62,037,000
EBIT 818,706,000
Tax Provision 208,431,000
Depreciation and Amortization 253,681,000
Capital Expenditure -479,325,000
Unlevered Free Cash Flow 323,920,300
Current Assets 706,229,000
Current Cash 190,282,000
Current Liabilities 356,732,000
Current Debt 0
Non-Cash Working Capital (NCWC) 159,215,000
Change in NCWC 3,073,000
EBIT 817,051,000
Tax Provision 209,845,000
Depreciation and Amortization 230,357,000
Capital Expenditure -588,292,000
Unlevered Free Cash Flow 251,948,247
Current Assets 584,653,000
Current Cash 127,462,000
Current Liabilities 351,049,000
Current Debt 50,000,000
Non-Cash Working Capital (NCWC) 156,142,000
Change in NCWC 72,327,000
EBIT 575,886,000
Tax Provision 112,058,000
Depreciation and Amortization 205,763,000
Capital Expenditure -382,125,000
Unlevered Free Cash Flow 359,782,491
Current Assets 382,622,000
Current Cash 10,171,000
Current Liabilities 288,636,000
Current Debt 0
Non-Cash Working Capital (NCWC) 83,815,000
Change in NCWC -27,529,000
EBIT 483,835,000
Tax Provision 181,822,000
Depreciation and Amortization 189,867,000
Capital Expenditure -417,941,000
Unlevered Free Cash Flow 44,031,325
Current Assets 381,730,000
Current Cash 11,472,000
Current Liabilities 285,402,000
Current Debt 26,488,000
Non-Cash Working Capital (NCWC) 111,344,000
Change in NCWC -67,088,000
EBIT 498,240,000
Tax Provision 185,327,000
Depreciation and Amortization 165,343,000
Capital Expenditure -462,059,000
Unlevered Free Cash Flow -54,000,981
Current Assets 433,143,000
Current Cash 34,787,000
Current Liabilities 255,638,000
Current Debt 35,714,000
Non-Cash Working Capital (NCWC) 178,432,000
Change in NCWC 72,034,000
EBIT 441,307,000
Tax Provision 165,000,000
Depreciation and Amortization 146,466,000
Capital Expenditure -367,680,000
Unlevered Free Cash Flow 123,772,553
Current Assets 332,979,000
Current Cash 30,174,000
Current Liabilities 232,122,000
Current Debt 35,715,000
Non-Cash Working Capital (NCWC) 106,398,000
Change in NCWC 30,388,000
EBIT 338,438,000
Tax Provision 122,573,000
Depreciation and Amortization 127,072,000
Capital Expenditure -295,606,000
Unlevered Free Cash Flow 74,082,301
Current Assets 275,028,000
Current Cash 12,857,000
Current Liabilities 225,139,000
Current Debt 38,978,000
Non-Cash Working Capital (NCWC) 76,010,000
Change in NCWC -14,536,000
EBIT 285,254,000
Tax Provision 103,646,000
Depreciation and Amortization 110,743,000
Capital Expenditure -373,193,000
Unlevered Free Cash Flow -99,991,438

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