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Rogers Corp. – Plastics Material and Resin Manufacturing
rogers corporation (nyse:rog) is a global leader in engineered materials to power, protect, and connect our world. we are trusted business partners to many of the world’s most innovative and successful industrial technology providers. we offer a broad range of solutions for improving the reliability and performance of clean energy, internet connectivity, safety and protection. we have over 3000 team members worldwide and manufacture our products in 7 countries. three things characterize us – leadership in mission-critical reliability, commitment to market-focused innovation, and our passion to deliver exceptional value that enables our customers’ success.
Analysis Results
Intrinsic Value $72.03
Latest Price $129.77
Relative Value 80% overvalued
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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 3.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 3.7%, 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 93.4 85.7
2024 96.8 81.6
2025 100 77.7
2026 104 74.0
2027 108 70.5
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1590 million. This corresponds to a present value of 952 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 389 million. Adding in the terminal value gives a total present value of 1340 million.

There are presently 18.6 million outstanding shares, so the intrinsic value per share is 72.03.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 659,867,000
Current Cash 235,850,000
Current Liabilities 142,537,000
Current Debt 498,000
Non-Cash Working Capital (NCWC) 281,978,000
Change in NCWC 94,158,000
EBIT 67,373,000
Tax Provision 23,751,000
Depreciation and Amortization 45,879,000
Capital Expenditure -116,788,000
Unlevered Free Cash Flow 79,223,110
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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