DCF Tool


PGT Innovations Inc – Metal Window and Door Manufacturing
building smarter products by combining strong companies. that’s what we’re doing at pgt innovations. we’ve brought together pgt® custom windows + doors, cgi®, and windoor® to lead the industry in breakthroughs, technology, and a passion for developing the strongest, most beautiful windows and doors on the market. through our brands, pgt innovations has become a recognized market leader for high performance windows and doors. founded in florida, our company has been built on highly-engineered and technically advanced products that can withstand some of the toughest conditions on earth. for more than 35 years, our focus has remained on helping our customers meet the needs of the market while keeping families, homes, and businesses more secure. we invent. we build. we deliver. for more information about pgt innovations or to join our team, visit www.pgtinnovations.com.
Analysis Results
Intrinsic Value $154.82
Latest Price $32.73
Relative Value 79% 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 18.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 18.6%, 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 166 160
2024 197 182
2025 234 208
2026 277 237
2027 329 270
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 9860 million. This corresponds to a present value of 7780 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1060 million. Adding in the terminal value gives a total present value of 8830 million.

There are presently 57.0 million outstanding shares, so the intrinsic value per share is 154.82.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 415,541,000
Current Cash 66,548,000
Current Liabilities 185,354,000
Current Debt 0
Non-Cash Working Capital (NCWC) 163,639,000
Change in NCWC -26,112,000
EBIT 167,783,000
Tax Provision 32,666,000
Depreciation and Amortization 60,198,000
Capital Expenditure -45,377,000
Unlevered Free Cash Flow 114,676,499
Current Assets 421,758,000
Current Cash 96,146,000
Current Liabilities 135,861,000
Current Debt 0
Non-Cash Working Capital (NCWC) 189,751,000
Change in NCWC 78,875,000
EBIT 100,456,000
Tax Provision 9,759,000
Depreciation and Amortization 51,569,000
Capital Expenditure -33,424,000
Unlevered Free Cash Flow 175,668,634
Current Assets 301,672,000
Current Cash 100,320,000
Current Liabilities 90,476,000
Current Debt 0
Non-Cash Working Capital (NCWC) 110,876,000
Change in NCWC 30,606,000
EBIT 96,938,000
Tax Provision 11,884,000
Depreciation and Amortization 42,839,000
Capital Expenditure -24,800,000
Unlevered Free Cash Flow 125,369,440
Current Assets 233,610,000
Current Cash 97,243,000
Current Liabilities 56,097,000
Current Debt 0
Non-Cash Working Capital (NCWC) 80,270,000
Change in NCWC 5,916,000
EBIT 84,056,000
Tax Provision 12,439,000
Depreciation and Amortization 34,732,000
Capital Expenditure -31,268,000
Unlevered Free Cash Flow 74,807,308
Current Assets 195,561,000
Current Cash 52,650,000
Current Liabilities 68,720,000
Current Debt 163,000
Non-Cash Working Capital (NCWC) 74,354,000
Change in NCWC 4,952,000
EBIT 92,558,000
Tax Provision 11,272,000
Depreciation and Amortization 24,450,000
Capital Expenditure -29,769,000
Unlevered Free Cash Flow 76,190,482
Current Assets 144,516,000
Current Cash 34,029,000
Current Liabilities 41,379,000
Current Debt 294,000
Non-Cash Working Capital (NCWC) 69,402,000
Change in NCWC 9,038,000
EBIT 60,181,000
Tax Provision 63,000
Depreciation and Amortization 19,528,000
Capital Expenditure -32,547,000
Unlevered Free Cash Flow 56,104,982
Current Assets 122,377,000
Current Cash 39,210,000
Current Liabilities 22,803,000
Current Debt 0
Non-Cash Working Capital (NCWC) 60,364,000
Change in NCWC 14,446,000
EBIT 56,103,000
Tax Provision 11,800,000
Depreciation and Amortization 15,673,000
Capital Expenditure -17,694,000
Unlevered Free Cash Flow 49,904,335
Current Assets 126,989,000
Current Cash 61,493,000
Current Liabilities 21,544,000
Current Debt 1,966,000
Non-Cash Working Capital (NCWC) 45,918,000
Change in NCWC 6,278,000
EBIT 50,942,000
Tax Provision 15,297,000
Depreciation and Amortization 10,421,000
Capital Expenditure -17,391,000
Unlevered Free Cash Flow 30,191,317
Current Assets 99,437,000
Current Cash 42,469,000
Current Liabilities 19,290,000
Current Debt 1,962,000
Non-Cash Working Capital (NCWC) 39,640,000
Change in NCWC 13,966,000
EBIT 36,415,000
Tax Provision 9,675,000
Depreciation and Amortization 5,980,000
Capital Expenditure -19,301,000
Unlevered Free Cash Flow 23,550,984
Current Assets 71,400,000
Current Cash 30,204,000
Current Liabilities 20,412,000
Current Debt 4,890,000
Non-Cash Working Capital (NCWC) 25,674,000
Change in NCWC 4,412,000
EBIT 25,540,000
Tax Provision -3,374,000
Depreciation and Amortization 11,080,000
Capital Expenditure -7,550,000
Unlevered Free Cash Flow 33,482,000
Current Assets 53,330,000
Current Cash 18,743,000
Current Liabilities 13,325,000
Current Debt 0
Non-Cash Working Capital (NCWC) 21,262,000
Change in NCWC 4,794,000
EBIT 12,574,000
Tax Provision 110,000
Depreciation and Amortization 12,233,000
Capital Expenditure -3,792,000
Unlevered Free Cash Flow 25,656,419

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