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Gibraltar Industries Inc. – Other Building Material Dealers
gibraltar industries is a leading manufacturer and distributor of products for building markets. gibraltar serves a large number of customers in a variety of industries in all 50 states and throughout the world from facilities in the united states, canada, england, germany, and poland. gibraltar's common stock is a component of the s&p smallcap 600 and the russell 2000® index.
Analysis Results
Intrinsic Value $286.59
Latest Price $69.59
Relative Value 76% 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 15.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 15.9%, 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 181 173
2024 210 193
2025 243 215
2026 282 239
2027 327 265
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 9800 million. This corresponds to a present value of 7640 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1080 million. Adding in the terminal value gives a total present value of 8720 million.

There are presently 30.4 million outstanding shares, so the intrinsic value per share is 286.59.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 423,937,000
Current Cash 17,608,000
Current Liabilities 215,320,000
Current Debt 0
Non-Cash Working Capital (NCWC) 191,009,000
Change in NCWC 43,881,000
EBIT 130,102,000
Tax Provision 29,084,000
Depreciation and Amortization 26,167,000
Capital Expenditure -20,062,000
Unlevered Free Cash Flow 146,148,753
Current Assets 446,967,000
Current Cash 12,849,000
Current Liabilities 286,990,000
Current Debt 0
Non-Cash Working Capital (NCWC) 147,128,000
Change in NCWC 55,962,000
EBIT 105,288,000
Tax Provision 25,046,000
Depreciation and Amortization 31,966,000
Capital Expenditure -17,705,000
Unlevered Free Cash Flow 149,024,556
Current Assets 425,460,000
Current Cash 32,054,000
Current Liabilities 302,240,000
Current Debt 0
Non-Cash Working Capital (NCWC) 91,166,000
Change in NCWC 74,624,000
EBIT 107,190,000
Tax Provision 24,468,000
Depreciation and Amortization 20,915,000
Capital Expenditure -13,068,000
Unlevered Free Cash Flow 165,322,198
Current Assets 437,102,000
Current Cash 191,363,000
Current Liabilities 229,197,000
Current Debt 0
Non-Cash Working Capital (NCWC) 16,542,000
Change in NCWC -46,938,000
EBIT 87,839,000
Tax Provision 19,672,000
Depreciation and Amortization 19,949,000
Capital Expenditure -11,184,000
Unlevered Free Cash Flow 29,280,114
Current Assets 544,553,000
Current Cash 297,006,000
Current Liabilities 392,872,000
Current Debt 208,805,000
Non-Cash Working Capital (NCWC) 63,480,000
Change in NCWC -6,371,000
EBIT 95,520,000
Tax Provision 16,136,000
Depreciation and Amortization 20,374,000
Capital Expenditure -12,457,000
Unlevered Free Cash Flow 77,786,361
Current Assets 462,764,000
Current Cash 222,280,000
Current Liabilities 171,033,000
Current Debt 400,000
Non-Cash Working Capital (NCWC) 69,851,000
Change in NCWC 519,000
EBIT 93,096,000
Tax Provision 14,943,000
Depreciation and Amortization 21,690,000
Capital Expenditure -11,399,000
Unlevered Free Cash Flow 86,049,893
Current Assets 391,197,000
Current Cash 170,177,000
Current Liabilities 152,088,000
Current Debt 400,000
Non-Cash Working Capital (NCWC) 69,332,000
Change in NCWC -28,237,000
EBIT 83,139,000
Tax Provision 16,264,000
Depreciation and Amortization 24,114,000
Capital Expenditure -10,779,000
Unlevered Free Cash Flow 41,184,348
Current Assets 351,422,000
Current Cash 68,858,000
Current Liabilities 185,395,000
Current Debt 400,000
Non-Cash Working Capital (NCWC) 97,569,000
Change in NCWC -18,567,000
EBIT 52,948,000
Tax Provision 13,624,000
Depreciation and Amortization 30,548,000
Capital Expenditure -12,373,000
Unlevered Free Cash Flow 33,112,238
Current Assets 360,431,000
Current Cash 110,610,000
Current Liabilities 134,085,000
Current Debt 400,000
Non-Cash Working Capital (NCWC) 116,136,000
Change in NCWC 10,279,000
EBIT 37,553,000
Tax Provision -2,958,000
Depreciation and Amortization 25,432,000
Capital Expenditure -23,291,000
Unlevered Free Cash Flow 49,973,000
Current Assets 322,400,000
Current Cash 97,039,000
Current Liabilities 119,913,000
Current Debt 409,000
Non-Cash Working Capital (NCWC) 105,857,000
Change in NCWC 3,139,000
EBIT 44,640,000
Tax Provision 4,797,000
Depreciation and Amortization 27,050,000
Capital Expenditure -14,940,000
Unlevered Free Cash Flow 59,889,000
Current Assets 267,238,000
Current Cash 48,028,000
Current Liabilities 117,585,000
Current Debt 1,093,000
Non-Cash Working Capital (NCWC) 102,718,000
Change in NCWC 15,988,000
EBIT 44,889,000
Tax Provision 9,517,000
Depreciation and Amortization 26,344,000
Capital Expenditure -11,351,000
Unlevered Free Cash Flow 56,597,720

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