DCF Tool

ROG

Rogers Corp. – Plastics Material and Resin Manufacturing
Rogers Corporation is a global leader in engineered materials to power, protect, and connect our world. With more than 180 years of materials science experience, Rogers delivers high-performance solutions that enable the company's growth drivers -- advanced connectivity and advanced mobility applications, as well as other technologies where reliability is critical. Rogers delivers Power Electronics Solutions for energy-efficient motor drives, e-Mobility and renewable energy; Elastomeric Material Solutions for sealing, vibration management and impact protection in mobile devices, transportation interiors, industrial equipment and performance apparel; and Advanced Connectivity Solutions for wireless infrastructure, automotive safety and radar systems. Headquartered in Arizona (USA), Rogers operates manufacturing facilities in the United States, China, Germany, Belgium, Hungary, and South Korea, with joint ventures and sales offices worldwide.
Analysis Results
Intrinsic Value $183.58
Latest Price $268.00
Relative Value 46% overvalued
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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 5.5%.

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 5.5%, 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)
2022 100 96.6
2023 106 98.0
2024 112 99.5
2025 118 101
2026 125 102
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 3740 million. This corresponds to a present value of 2960 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 498 million. Adding in the terminal value gives a total present value of 3450 million.

There are presently 18.8 million outstanding shares, so the intrinsic value per share is 183.58.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 584,065,000
Current Cash 232,296,000
Current Liabilities 163,949,000
Current Debt 0
Non-Cash Working Capital (NCWC) 187,820,000
Change in NCWC 16,939,000
EBIT 127,277,000
Tax Provision 18,147,000
Depreciation and Amortization 43,284,000
Capital Expenditure -71,125,000
Unlevered Free Cash Flow 98,084,726
Current Assets 474,175,000
Current Cash 191,785,000
Current Liabilities 111,509,000
Current Debt 0
Non-Cash Working Capital (NCWC) 170,881,000
Change in NCWC -26,147,000
EBIT 85,094,000
Tax Provision 18,544,000
Depreciation and Amortization 71,425,000
Capital Expenditure -40,385,000
Unlevered Free Cash Flow 66,962,178
Current Assets 464,102,000
Current Cash 166,849,000
Current Liabilities 100,225,000
Current Debt 0
Non-Cash Working Capital (NCWC) 197,028,000
Change in NCWC -14,260,000
EBIT 117,337,000
Tax Provision 7,807,000
Depreciation and Amortization 49,162,000
Capital Expenditure -51,597,000
Unlevered Free Cash Flow 84,024,615
Current Assets 485,786,000
Current Cash 167,738,000
Current Liabilities 107,180,000
Current Debt 420,000
Non-Cash Working Capital (NCWC) 211,288,000
Change in NCWC 51,153,000
EBIT 119,163,000
Tax Provision 22,938,000
Depreciation and Amortization 50,073,000
Capital Expenditure -47,115,000
Unlevered Free Cash Flow 148,557,609
Current Assets 454,523,000
Current Cash 181,159,000
Current Liabilities 113,808,000
Current Debt 579,000
Non-Cash Working Capital (NCWC) 160,135,000
Change in NCWC 26,683,000
EBIT 133,915,000
Tax Provision 52,466,000
Depreciation and Amortization 44,099,000
Capital Expenditure -27,215,000
Unlevered Free Cash Flow 124,625,243
Current Assets 458,401,000
Current Cash 227,767,000
Current Liabilities 101,185,000
Current Debt 4,003,000
Non-Cash Working Capital (NCWC) 133,452,000
Change in NCWC -15,701,000
EBIT 88,732,000
Tax Provision 33,997,000
Depreciation and Amortization 37,847,000
Capital Expenditure -18,136,000
Unlevered Free Cash Flow 56,079,119
Current Assets 429,137,000
Current Cash 204,586,000
Current Liabilities 79,120,000
Current Debt 3,722,000
Non-Cash Working Capital (NCWC) 149,153,000
Change in NCWC 39,172,000
EBIT 79,145,000
Tax Provision 19,853,000
Depreciation and Amortization 34,054,000
Capital Expenditure -24,837,000
Unlevered Free Cash Flow 103,789,184
Current Assets 432,054,000
Current Cash 237,375,000
Current Liabilities 120,445,000
Current Debt 35,747,000
Non-Cash Working Capital (NCWC) 109,981,000
Change in NCWC -4,151,000
EBIT 89,940,000
Tax Provision 27,527,000
Depreciation and Amortization 26,268,000
Capital Expenditure -28,755,000
Unlevered Free Cash Flow 52,512,566
Current Assets 377,707,000
Current Cash 191,884,000
Current Liabilities 90,040,000
Current Debt 18,349,000
Non-Cash Working Capital (NCWC) 114,132,000
Change in NCWC -15,359,000
EBIT 63,982,000
Tax Provision 11,226,000
Depreciation and Amortization 26,351,000
Capital Expenditure -16,859,000
Unlevered Free Cash Flow 43,422,109
Current Assets 306,936,000
Current Cash 114,863,000
Current Liabilities 84,505,000
Current Debt 21,923,000
Non-Cash Working Capital (NCWC) 129,491,000
Change in NCWC 13,288,000
EBIT 44,489,000
Tax Provision -46,484,000
Depreciation and Amortization 27,130,000
Capital Expenditure -23,774,000
Unlevered Free Cash Flow 61,133,000

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