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Rayonier Advanced Materials Inc – All Other Miscellaneous Chemical Product and Preparation Manufacturing
rayonier advanced materials is the leading global supplier of high-purity, cellulose specialties natural polymers for the chemical industry. working closely with its customers, the company engineers natural polymeric chemical chains to create dozens of customized high-purity performance fibers at its plants in florida and georgia. rayonier advanced materials’ intellectual property and manufacturing processes have been developed over 85 years, resulting in unique properties and very high quality and consistency. the company’s facilities have the capacity to produce approximately 485,000 tons of cellulose specialties for use in a wide range of industrial and consumer products such as filters, cosmetics and pharmaceuticals and approximately 245,000 tons of commodity products. rayonier advanced materials is consistently ranked among the nation’s top 50 exporters and delivers products to 79 ports around the world, serving customers in 20 countries across five continents. more information is
Analysis Results
Intrinsic Value $0.63
Latest Price $3.23
Relative Value 416% overvalued
Thoughts on this result? Let us know.
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 -31.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -31.0%, 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 5.37 5.13
2024 3.71 3.38
2025 2.56 2.23
2026 1.77 1.47
2027 1.22 0.969
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 36.6 million. This corresponds to a present value of 27.8 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 13.2 million. Adding in the terminal value gives a total present value of 40.9 million.

There are presently 65.3 million outstanding shares, so the intrinsic value per share is 0.63.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 689,530,000
Current Cash 151,803,000
Current Liabilities 353,680,000
Current Debt 14,617,000
Non-Cash Working Capital (NCWC) 198,664,000
Change in NCWC -7,266,000
EBIT 26,218,000
Tax Provision 902,000
Depreciation and Amortization 134,576,000
Capital Expenditure -138,223,000
Unlevered Free Cash Flow 15,305,000
Current Assets 776,120,000
Current Cash 253,307,000
Current Liabilities 354,563,000
Current Debt 37,680,000
Non-Cash Working Capital (NCWC) 205,930,000
Change in NCWC -58,089,000
EBIT -4,700,000
Tax Provision -34,688,000
Depreciation and Amortization 138,299,000
Capital Expenditure -95,238,000
Unlevered Free Cash Flow -19,728,000
Current Assets 633,572,000
Current Cash 93,653,000
Current Liabilities 293,000,000
Current Debt 17,100,000
Non-Cash Working Capital (NCWC) 264,019,000
Change in NCWC 20,915,000
EBIT 48,155,000
Tax Provision -46,607,000
Depreciation and Amortization 151,462,000
Capital Expenditure -77,159,000
Unlevered Free Cash Flow 143,373,000
Current Assets 573,827,000
Current Cash 64,025,000
Current Liabilities 286,146,000
Current Debt 19,448,000
Non-Cash Working Capital (NCWC) 243,104,000
Change in NCWC -8,616,000
EBIT -40,576,000
Tax Provision -29,676,000
Depreciation and Amortization 153,275,000
Capital Expenditure -102,807,000
Unlevered Free Cash Flow 1,276,000
Current Assets 716,092,000
Current Cash 108,966,000
Current Liabilities 370,418,000
Current Debt 15,012,000
Non-Cash Working Capital (NCWC) 251,720,000
Change in NCWC -436,000
EBIT 231,626,000
Tax Provision 43,793,000
Depreciation and Amortization 148,416,000
Capital Expenditure -132,209,000
Unlevered Free Cash Flow 188,494,170
Current Assets 646,537,000
Current Cash 96,235,000
Current Liabilities 307,571,000
Current Debt 9,425,000
Non-Cash Working Capital (NCWC) 252,156,000
Change in NCWC 176,689,000
EBIT 59,229,000
Tax Provision 19,731,000
Depreciation and Amortization 96,963,000
Capital Expenditure -75,042,000
Unlevered Free Cash Flow 254,448,618
Current Assets 519,508,000
Current Cash 326,655,000
Current Liabilities 126,979,000
Current Debt 9,593,000
Non-Cash Working Capital (NCWC) 75,467,000
Change in NCWC -27,765,000
EBIT 143,331,000
Tax Provision 39,315,000
Depreciation and Amortization 88,274,000
Capital Expenditure -88,703,000
Unlevered Free Cash Flow 65,092,522
Current Assets 328,041,000
Current Cash 101,303,000
Current Liabilities 131,732,000
Current Debt 8,226,000
Non-Cash Working Capital (NCWC) 103,232,000
Change in NCWC -27,737,000
EBIT 154,792,000
Tax Provision 27,607,000
Depreciation and Amortization 89,189,000
Capital Expenditure -77,424,000
Unlevered Free Cash Flow 87,249,441
Current Assets 319,991,000
Current Cash 65,977,000
Current Liabilities 131,445,000
Current Debt 8,400,000
Non-Cash Working Capital (NCWC) 130,969,000
Change in NCWC -35,240,000
EBIT 183,778,000
Tax Provision 8,816,000
Depreciation and Amortization 85,607,000
Capital Expenditure -89,011,000
Unlevered Free Cash Flow 105,100,720
Current Assets 246,055,000
Current Cash 0
Current Liabilities 79,846,000
Current Debt 0
Non-Cash Working Capital (NCWC) 166,209,000
Change in NCWC 43,308,000
EBIT 296,787,000
Tax Provision 69,148,000
Depreciation and Amortization 74,386,000
Capital Expenditure -96,008,000
Unlevered Free Cash Flow 247,440,940

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