DCF Tool


Shyft Group Inc (The) – Heavy Duty Truck Manufacturing
at spartan motors, we know the road our customers face and travel. from our beginnings in custom chassis engineering to our emergence in specialized vehicle design, custom manufacturing, and contract assembly, we combine expertise in what best fits beneath your vehicle with the ability to fully optimize what sits above it. whatever the load, whatever the road, spartan motors can help you command it.
Analysis Results
Intrinsic Value $131.08
Latest Price $15.12
Relative Value 88% 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 34.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 34.7%, 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 150 136
2024 202 167
2025 272 204
2026 367 250
2027 494 306
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6250 million. This corresponds to a present value of 3520 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1060 million. Adding in the terminal value gives a total present value of 4580 million.

There are presently 35.0 million outstanding shares, so the intrinsic value per share is 131.08.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 345,767,000
Current Cash 11,548,000
Current Liabilities 201,232,000
Current Debt 19,733,000
Non-Cash Working Capital (NCWC) 152,720,000
Change in NCWC 81,711,000
EBIT 47,509,000
Tax Provision 7,368,000
Depreciation and Amortization 14,774,000
Capital Expenditure -20,564,000
Unlevered Free Cash Flow 115,460,999
Current Assets 233,826,000
Current Cash 37,158,000
Current Liabilities 135,837,000
Current Debt 10,178,000
Non-Cash Working Capital (NCWC) 71,009,000
Change in NCWC 22,436,000
EBIT 84,052,000
Tax Provision 14,506,000
Depreciation and Amortization 11,356,000
Capital Expenditure -23,002,000
Unlevered Free Cash Flow 80,409,491
Current Assets 156,207,000
Current Cash 20,995,000
Current Liabilities 93,363,000
Current Debt 6,724,000
Non-Cash Working Capital (NCWC) 48,573,000
Change in NCWC -35,268,000
EBIT 48,848,000
Tax Provision 9,867,000
Depreciation and Amortization 14,187,000
Capital Expenditure -14,534,000
Unlevered Free Cash Flow 3,224,211
Current Assets 252,808,000
Current Cash 19,349,000
Current Liabilities 157,957,000
Current Debt 8,339,000
Non-Cash Working Capital (NCWC) 83,841,000
Change in NCWC 3,988,000
EBIT 47,696,000
Tax Provision 10,355,000
Depreciation and Amortization 11,180,000
Capital Expenditure -10,042,000
Unlevered Free Cash Flow 42,345,977
Current Assets 245,329,000
Current Cash 27,439,000
Current Liabilities 138,097,000
Current Debt 60,000
Non-Cash Working Capital (NCWC) 79,853,000
Change in NCWC 24,257,000
EBIT 17,844,000
Tax Provision 2,261,000
Depreciation and Amortization 10,370,000
Capital Expenditure -8,985,000
Unlevered Free Cash Flow 41,150,257
Current Assets 198,787,000
Current Cash 33,523,000
Current Liabilities 109,732,000
Current Debt 64,000
Non-Cash Working Capital (NCWC) 55,596,000
Change in NCWC 13,105,000
EBIT 17,423,000
Tax Provision 90,000
Depreciation and Amortization 9,937,000
Capital Expenditure -5,340,000
Unlevered Free Cash Flow 35,027,142
Current Assets 162,191,000
Current Cash 32,041,000
Current Liabilities 87,724,000
Current Debt 65,000
Non-Cash Working Capital (NCWC) 42,491,000
Change in NCWC -10,799,000
EBIT 9,720,000
Tax Provision 100,000
Depreciation and Amortization 7,903,000
Capital Expenditure -13,410,000
Unlevered Free Cash Flow -6,697,685
Current Assets 158,301,000
Current Cash 32,701,000
Current Liabilities 72,373,000
Current Debt 63,000
Non-Cash Working Capital (NCWC) 53,290,000
Change in NCWC -18,830,000
EBIT -9,624,000
Tax Provision 4,880,000
Depreciation and Amortization 7,437,000
Capital Expenditure -4,895,000
Unlevered Free Cash Flow -25,912,000
Current Assets 161,251,000
Current Cash 28,570,000
Current Liabilities 60,620,000
Current Debt 59,000
Non-Cash Working Capital (NCWC) 72,120,000
Change in NCWC 2,173,000
EBIT 1,006,000
Tax Provision -2,103,000
Depreciation and Amortization 8,378,000
Capital Expenditure -3,463,000
Unlevered Free Cash Flow 8,094,000
Current Assets 170,727,000
Current Cash 30,707,000
Current Liabilities 70,152,000
Current Debt 79,000
Non-Cash Working Capital (NCWC) 69,947,000
Change in NCWC -7,220,000
EBIT -3,344,000
Tax Provision -1,881,000
Depreciation and Amortization 9,238,000
Capital Expenditure -3,526,000
Unlevered Free Cash Flow -4,852,000
Current Assets 152,523,000
Current Cash 21,748,000
Current Liabilities 53,690,000
Current Debt 82,000
Non-Cash Working Capital (NCWC) 77,167,000
Change in NCWC 10,116,000
EBIT 6,542,000
Tax Provision 100,000
Depreciation and Amortization 8,990,000
Capital Expenditure -12,468,000
Unlevered Free Cash Flow 13,180,000

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