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PotlatchDeltic Corp – Other Financial Vehicles
potlatchdeltic (nasdaq:pch) is a leading real estate investment trust (reit) that owns 1.8 million acres of timberlands in alabama, arkansas, idaho, louisiana, minnesota and mississippi. through its taxable reit subsidiary, the company also operates six sawmills, an industrial-grade plywood mill, a residential and commercial real estate development business and a rural timberland sales program. potlatchdeltic, a leader in sustainable forest management, is committed to environmental and social responsibility and to responsible governance.
Analysis Results
Intrinsic Value $125.11
Latest Price $45.28
Relative Value 64% 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 18.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 18.4%, 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 (million) Present value (million)
2023 358 333
2024 424 365
2025 502 402
2026 595 441
2027 704 485
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 12500 million. This corresponds to a present value of 7970 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2030 million. Adding in the terminal value gives a total present value of 10000 million.

There are presently 79.9 million outstanding shares, so the intrinsic value per share is 125.11.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 471,535,000
Current Cash 343,809,000
Current Liabilities 139,766,000
Current Debt 39,979,000
Non-Cash Working Capital (NCWC) 27,939,000
Change in NCWC -13,886,000
EBIT 441,902,000
Tax Provision 65,412,000
Depreciation and Amortization 98,234,000
Capital Expenditure -184,804,000
Unlevered Free Cash Flow 269,057,257
Current Assets 421,178,000
Current Cash 296,151,000
Current Liabilities 126,179,000
Current Debt 42,977,000
Non-Cash Working Capital (NCWC) 41,825,000
Change in NCWC 36,900,000
EBIT 548,157,000
Tax Provision 85,156,000
Depreciation and Amortization 77,425,000
Capital Expenditure -75,414,000
Unlevered Free Cash Flow 495,363,893
Current Assets 357,118,000
Current Cash 252,340,000
Current Liabilities 139,834,000
Current Debt 39,981,000
Non-Cash Working Capital (NCWC) 4,925,000
Change in NCWC -27,928,000
EBIT 280,630,000
Tax Provision 27,123,000
Depreciation and Amortization 77,885,000
Capital Expenditure -29,551,000
Unlevered Free Cash Flow 261,791,814
Current Assets 183,441,000
Current Cash 83,310,000
Current Liabilities 113,252,000
Current Debt 45,974,000
Non-Cash Working Capital (NCWC) 32,853,000
Change in NCWC -56,395,000
EBIT 87,107,000
Tax Provision 1,010,000
Depreciation and Amortization 72,105,000
Capital Expenditure -39,779,000
Unlevered Free Cash Flow 61,485,564
Current Assets 262,198,000
Current Cash 76,639,000
Current Liabilities 136,284,000
Current Debt 39,973,000
Non-Cash Working Capital (NCWC) 89,248,000
Change in NCWC 76,933,000
EBIT 207,073,000
Tax Provision 19,199,000
Depreciation and Amortization 73,161,000
Capital Expenditure -34,757,000
Unlevered Free Cash Flow 294,428,422
Current Assets 193,307,000
Current Cash 120,457,000
Current Liabilities 74,798,000
Current Debt 14,263,000
Non-Cash Working Capital (NCWC) 12,315,000
Change in NCWC -19,197,000
EBIT 147,844,000
Tax Provision 32,021,000
Depreciation and Amortization 29,912,000
Capital Expenditure -34,898,000
Unlevered Free Cash Flow 83,701,914
Current Assets 163,645,000
Current Cash 82,584,000
Current Liabilities 60,581,000
Current Debt 11,032,000
Non-Cash Working Capital (NCWC) 31,512,000
Change in NCWC 11,561,000
EBIT 35,554,000
Tax Provision -4,325,000
Depreciation and Amortization 34,190,000
Capital Expenditure -1,244,000
Unlevered Free Cash Flow 80,061,000
Current Assets 70,753,000
Current Cash 7,925,000
Current Liabilities 80,720,000
Current Debt 37,843,000
Non-Cash Working Capital (NCWC) 19,951,000
Change in NCWC 2,239,000
EBIT 58,907,000
Tax Provision -5,568,000
Depreciation and Amortization 38,105,000
Capital Expenditure -29,217,000
Unlevered Free Cash Flow 70,034,000
Current Assets 93,663,000
Current Cash 31,012,000
Current Liabilities 72,194,000
Current Debt 27,255,000
Non-Cash Working Capital (NCWC) 17,712,000
Change in NCWC -7,422,000
EBIT 132,506,000
Tax Provision 19,687,000
Depreciation and Amortization 26,749,000
Capital Expenditure -402,213,000
Unlevered Free Cash Flow -274,182,162
Current Assets 130,369,000
Current Cash 57,837,000
Current Liabilities 50,318,000
Current Debt 2,920,000
Non-Cash Working Capital (NCWC) 25,134,000
Change in NCWC 18,188,000
EBIT 111,120,000
Tax Provision 13,885,000
Depreciation and Amortization 26,962,000
Capital Expenditure -23,653,000
Unlevered Free Cash Flow 114,350,464
Current Assets 138,097,000
Current Cash 80,062,000
Current Liabilities 63,587,000
Current Debt 12,498,000
Non-Cash Working Capital (NCWC) 6,946,000
Change in NCWC -4,772,000
EBIT 84,942,000
Tax Provision 16,809,000
Depreciation and Amortization 26,247,000
Capital Expenditure -29,188,000
Unlevered Free Cash Flow 53,193,343

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