DCF Tool

OII

Oceaneering International, Inc. – Support Activities for Oil and Gas Operations
Oceaneering International, Inc. is a global provider of engineered services and products to the offshore oil and gas industry. The Company offers services and products in remotely operated vehicles, mobile offshore production systems, engineering and product management, manned diving, and other deep water applications. Oceaneering also serves the defense and aerospace industries.
Analysis Results
Intrinsic Value $8.03
Latest Price $7.96
Relative Value 1% 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 -13.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -13.7%, 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 74.0 69.2
2023 63.9 55.9
2024 55.1 45.1
2025 47.5 36.4
2026 41.0 29.4
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 851 million. This corresponds to a present value of 569 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 236 million. Adding in the terminal value gives a total present value of 805 million.

There are presently 100.0 million outstanding shares, so the intrinsic value per share is 8.03.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,188,003,000
Current Cash 538,114,000
Current Liabilities 501,161,000
Current Debt 0
Non-Cash Working Capital (NCWC) 148,728,000
Change in NCWC -132,403,000
EBIT 40,393,000
Tax Provision 43,598,000
Depreciation and Amortization 139,723,000
Capital Expenditure -50,199,000
Unlevered Free Cash Flow -2,486,000
Current Assets 1,170,263,000
Current Cash 452,016,000
Current Liabilities 437,116,000
Current Debt 0
Non-Cash Working Capital (NCWC) 281,131,000
Change in NCWC 11,306,000
EBIT -29,486,000
Tax Provision -2,146,000
Depreciation and Amortization 185,015,000
Capital Expenditure -60,687,000
Unlevered Free Cash Flow 106,148,000
Current Assets 1,244,436,000
Current Cash 373,655,000
Current Liabilities 600,956,000
Current Debt 0
Non-Cash Working Capital (NCWC) 269,825,000
Change in NCWC -126,064,000
EBIT -115,316,000
Tax Provision 17,623,000
Depreciation and Amortization 248,714,000
Capital Expenditure -147,684,000
Unlevered Free Cash Flow -140,350,000
Current Assets 1,244,889,000
Current Cash 354,259,000
Current Liabilities 494,741,000
Current Debt 0
Non-Cash Working Capital (NCWC) 395,889,000
Change in NCWC 74,600,000
EBIT -72,816,000
Tax Provision 26,494,000
Depreciation and Amortization 217,141,000
Capital Expenditure -109,467,000
Unlevered Free Cash Flow 109,458,000
Current Assets 1,187,402,000
Current Cash 430,316,000
Current Liabilities 435,797,000
Current Debt 0
Non-Cash Working Capital (NCWC) 321,289,000
Change in NCWC 17,251,000
EBIT 8,673,000
Tax Provision -184,242,000
Depreciation and Amortization 213,519,000
Capital Expenditure -93,680,000
Unlevered Free Cash Flow 145,763,000
Current Assets 1,262,595,000
Current Cash 450,193,000
Current Liabilities 508,364,000
Current Debt 0
Non-Cash Working Capital (NCWC) 304,038,000
Change in NCWC -212,264,000
EBIT 71,008,000
Tax Provision 18,760,000
Depreciation and Amortization 250,247,000
Capital Expenditure -112,392,000
Unlevered Free Cash Flow -34,133,018
Current Assets 1,517,493,000
Current Cash 385,235,000
Current Liabilities 615,956,000
Current Debt 0
Non-Cash Working Capital (NCWC) 516,302,000
Change in NCWC -87,397,000
EBIT 376,040,000
Tax Provision 105,250,000
Depreciation and Amortization 241,235,000
Capital Expenditure -199,970,000
Unlevered Free Cash Flow 212,207,136
Current Assets 1,713,550,000
Current Cash 430,714,000
Current Liabilities 679,137,000
Current Debt 0
Non-Cash Working Capital (NCWC) 603,699,000
Change in NCWC -11,058,000
EBIT 628,279,000
Tax Provision 195,148,000
Depreciation and Amortization 229,779,000
Capital Expenditure -386,883,000
Unlevered Free Cash Flow 263,465,976
Current Assets 1,433,275,000
Current Cash 91,430,000
Current Liabilities 727,088,000
Current Debt 0
Non-Cash Working Capital (NCWC) 614,757,000
Change in NCWC 149,501,000
EBIT 545,249,000
Tax Provision 170,836,000
Depreciation and Amortization 202,228,000
Capital Expenditure -382,531,000
Unlevered Free Cash Flow 342,693,404
Current Assets 1,202,990,000
Current Cash 120,549,000
Current Liabilities 617,185,000
Current Debt 0
Non-Cash Working Capital (NCWC) 465,256,000
Change in NCWC 88,651,000
EBIT 430,270,000
Tax Provision 132,905,000
Depreciation and Amortization 176,483,000
Capital Expenditure -300,598,000
Unlevered Free Cash Flow 259,271,388

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