DCF Tool

OSK

Oshkosh Corp – Heavy Duty Truck Manufacturing
Oshkosh Corporation is a leading manufacturer and marketer of access equipment, specialty vehicles and truck bodies for the primary markets of access equipment, defense, fire & emergency and municipal, refuse hauling, concrete placement as well as airport services. Headquartered in Wisconsin, Oshkosh Corporation employs more than 14,000 team members worldwide. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, Oshkosh® Defense, McNeilus®, IMT®, Frontline™, Jerr-Dan®, Oshkosh® Airport Products and London™.
Analysis Results
Intrinsic Value $222.75
Latest Price $70.43
Relative Value 68% 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 6.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 6.4%, 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 0.781 0.724
2023 0.83 0.714
2024 0.883 0.704
2025 0.94 0.694
2026 0.999 0.685
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 17.4 billion. This corresponds to a present value of 11.0 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.52 billion. Adding in the terminal value gives a total present value of 14.6 billion.

There are presently 65.4 million outstanding shares, so the intrinsic value per share is 222.75.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 8,835,800,000
Current Cash 2,751,600,000
Current Liabilities 4,303,400,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,780,800,000
Change in NCWC 407,800,000
EBIT 1,089,400,000
Tax Provision 50,400,000
Depreciation and Amortization 208,000,000
Capital Expenditure -229,600,000
Unlevered Free Cash Flow 1,420,462,663
Current Assets 3,535,800,000
Current Cash 582,900,000
Current Liabilities 1,585,100,000
Current Debt 5,200,000
Non-Cash Working Capital (NCWC) 1,373,000,000
Change in NCWC 155,000,000
EBIT 486,900,000
Tax Provision 112,800,000
Depreciation and Amortization 104,200,000
Capital Expenditure -130,200,000
Unlevered Free Cash Flow 490,305,854
Current Assets 3,408,300,000
Current Cash 448,400,000
Current Liabilities 1,741,900,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,218,000,000
Change in NCWC 92,800,000
EBIT 797,000,000
Tax Provision 171,300,000
Depreciation and Amortization 115,200,000
Capital Expenditure -174,200,000
Unlevered Free Cash Flow 648,934,940
Current Assets 3,269,900,000
Current Cash 454,600,000
Current Liabilities 1,690,100,000
Current Debt 0
Non-Cash Working Capital (NCWC) 1,125,200,000
Change in NCWC 192,500,000
EBIT 654,600,000
Tax Provision 123,800,000
Depreciation and Amortization 120,500,000
Capital Expenditure -100,100,000
Unlevered Free Cash Flow 731,459,241
Current Assets 3,039,800,000
Current Cash 447,000,000
Current Liabilities 1,683,100,000
Current Debt 23,000,000
Non-Cash Working Capital (NCWC) 932,700,000
Change in NCWC 184,700,000
EBIT 464,500,000
Tax Provision 127,200,000
Depreciation and Amortization 130,300,000
Capital Expenditure -113,200,000
Unlevered Free Cash Flow 523,169,186
Current Assets 2,417,500,000
Current Cash 321,900,000
Current Liabilities 1,367,600,000
Current Debt 20,000,000
Non-Cash Working Capital (NCWC) 748,000,000
Change in NCWC -263,800,000
EBIT 392,700,000
Tax Provision 92,400,000
Depreciation and Amortization 128,800,000
Capital Expenditure -127,300,000
Unlevered Free Cash Flow 12,895,207
Current Assets 2,429,300,000
Current Cash 42,900,000
Current Liabilities 1,458,100,000
Current Debt 83,500,000
Non-Cash Working Capital (NCWC) 1,011,800,000
Change in NCWC 232,900,000
EBIT 401,200,000
Tax Provision 99,200,000
Depreciation and Amortization 124,500,000
Capital Expenditure -158,000,000
Unlevered Free Cash Flow 479,519,866
Current Assets 2,384,300,000
Current Cash 313,800,000
Current Liabilities 1,311,600,000
Current Debt 20,000,000
Non-Cash Working Capital (NCWC) 778,900,000
Change in NCWC 274,700,000
EBIT 505,700,000
Tax Provision 125,000,000
Depreciation and Amortization 126,800,000
Capital Expenditure -124,900,000
Unlevered Free Cash Flow 636,749,689
Current Assets 2,553,400,000
Current Cash 733,500,000
Current Liabilities 1,380,700,000
Current Debt 65,000,000
Non-Cash Working Capital (NCWC) 504,200,000
Change in NCWC 54,900,000
EBIT 517,700,000
Tax Provision 131,700,000
Depreciation and Amortization 126,800,000
Capital Expenditure -59,900,000
Unlevered Free Cash Flow 487,310,066
Current Assets 2,694,500,000
Current Cash 540,700,000
Current Liabilities 1,704,500,000
Current Debt 0
Non-Cash Working Capital (NCWC) 449,300,000
Change in NCWC 74,900,000
EBIT 368,300,000
Tax Provision 57,400,000
Depreciation and Amortization 130,900,000
Capital Expenditure -64,300,000
Unlevered Free Cash Flow 436,649,757

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