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Primoris Services Corp – Water and Sewer Line and Related Structures Construction
primoris services corporation (nasdaq: prim), through various subsidiaries, has grown to become one of the largest construction service enterprises in the united states. serving diverse end markets, primoris provides a wide range of construction, fabrication, maintenance, replacement, water and wastewater, and engineering services to major public utilities, petrochemical companies, energy companies, municipalities, and other customers. since december 2009, primoris has more than doubled its size and the company's national footprint now extends throughout the continental united states and canada.
Analysis Results
Intrinsic Value $205.44
Latest Price $32.80
Relative Value 84% 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 21.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 21.2%, 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 (million) Present value (million)
2023 306 286
2024 371 325
2025 450 368
2026 546 417
2027 662 473
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 13600 million. This corresponds to a present value of 9090 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1870 million. Adding in the terminal value gives a total present value of 11000 million.

There are presently 53.3 million outstanding shares, so the intrinsic value per share is 205.44.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,704,385,000
Current Cash 248,692,000
Current Liabilities 1,138,064,000
Current Debt 78,137,000
Non-Cash Working Capital (NCWC) 395,766,000
Change in NCWC 106,076,000
EBIT 175,308,000
Tax Provision 26,265,000
Depreciation and Amortization 99,157,000
Capital Expenditure -94,690,000
Unlevered Free Cash Flow 256,944,099
Current Assets 1,182,090,000
Current Cash 200,512,000
Current Liabilities 759,118,000
Current Debt 67,230,000
Non-Cash Working Capital (NCWC) 289,690,000
Change in NCWC 217,861,000
EBIT 186,550,000
Tax Provision 36,118,000
Depreciation and Amortization 105,559,000
Capital Expenditure -133,842,000
Unlevered Free Cash Flow 331,758,541
Current Assets 1,115,266,000
Current Cash 326,744,000
Current Liabilities 764,415,000
Current Debt 47,722,000
Non-Cash Working Capital (NCWC) 71,829,000
Change in NCWC -105,803,000
EBIT 167,379,000
Tax Provision 40,656,000
Depreciation and Amortization 82,497,000
Capital Expenditure -64,357,000
Unlevered Free Cash Flow 32,991,148
Current Assets 912,707,000
Current Cash 120,286,000
Current Liabilities 670,448,000
Current Debt 55,659,000
Non-Cash Working Capital (NCWC) 177,632,000
Change in NCWC -36,426,000
EBIT 140,875,000
Tax Provision 33,812,000
Depreciation and Amortization 85,400,000
Capital Expenditure -94,494,000
Unlevered Free Cash Flow 54,957,188
Current Assets 924,447,000
Current Cash 151,063,000
Current Liabilities 621,814,000
Current Debt 62,488,000
Non-Cash Working Capital (NCWC) 214,058,000
Change in NCWC 56,396,000
EBIT 143,731,000
Tax Provision 25,765,000
Depreciation and Amortization 79,250,000
Capital Expenditure -110,189,000
Unlevered Free Cash Flow 136,519,558
Current Assets 743,214,000
Current Cash 170,385,000
Current Liabilities 480,763,000
Current Debt 65,596,000
Non-Cash Working Capital (NCWC) 157,662,000
Change in NCWC -46,335,000
EBIT 106,288,000
Tax Provision 28,433,000
Depreciation and Amortization 66,303,000
Capital Expenditure -79,782,000
Unlevered Free Cash Flow 17,769,587
Current Assets 731,381,000
Current Cash 135,823,000
Current Liabilities 449,938,000
Current Debt 58,377,000
Non-Cash Working Capital (NCWC) 203,997,000
Change in NCWC 39,058,000
EBIT 60,465,000
Tax Provision 21,146,000
Depreciation and Amortization 68,030,000
Capital Expenditure -58,027,000
Unlevered Free Cash Flow 83,363,390
Current Assets 686,824,000
Current Cash 161,122,000
Current Liabilities 416,173,000
Current Debt 55,410,000
Non-Cash Working Capital (NCWC) 164,939,000
Change in NCWC 33,783,000
EBIT 67,769,000
Tax Provision 23,946,000
Depreciation and Amortization 65,201,000
Capital Expenditure -67,097,000
Unlevered Free Cash Flow 73,095,015
Current Assets 680,365,000
Current Cash 170,457,000
Current Liabilities 419,311,000
Current Debt 40,559,000
Non-Cash Working Capital (NCWC) 131,156,000
Change in NCWC 84,686,000
EBIT 109,056,000
Tax Provision 38,646,000
Depreciation and Amortization 58,422,000
Capital Expenditure -87,954,000
Unlevered Free Cash Flow 123,023,050
Current Assets 659,784,000
Current Cash 214,763,000
Current Liabilities 430,314,000
Current Debt 31,763,000
Non-Cash Working Capital (NCWC) 46,470,000
Change in NCWC 40,317,000
EBIT 120,401,000
Tax Provision 44,896,000
Depreciation and Amortization 49,888,000
Capital Expenditure -87,050,000
Unlevered Free Cash Flow 78,350,245
Current Assets 564,635,000
Current Cash 160,992,000
Current Liabilities 420,669,000
Current Debt 23,179,000
Non-Cash Working Capital (NCWC) 6,153,000
Change in NCWC -1,059,000
EBIT 96,472,000
Tax Provision 33,837,000
Depreciation and Amortization 35,623,000
Capital Expenditure -37,395,000
Unlevered Free Cash Flow 58,199,292

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