DCF Tool

SP

SP Plus Corp – Parking Lots and Garages
SP+ facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for its clients. The Company provides professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, event logistics, and other technology-driven mobility solutions to aviation, commercial, hospitality, healthcare and government clients across North America.
Analysis Results
Intrinsic Value $48.88
Latest Price $34.93
Relative Value 29% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 -1.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -1.8%, 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 58.0 54.2
2023 56.9 49.8
2024 55.9 45.8
2025 54.9 42.1
2026 53.9 38.6
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1130 million. This corresponds to a present value of 755 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 231 million. Adding in the terminal value gives a total present value of 986 million.

There are presently 20.2 million outstanding shares, so the intrinsic value per share is 48.88.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 187,500,000
Current Cash 15,700,000
Current Liabilities 332,800,000
Current Debt 25,600,000
Non-Cash Working Capital (NCWC) -135,400,000
Change in NCWC -4,000,000
EBIT 70,100,000
Tax Provision 10,500,000
Depreciation and Amortization 25,100,000
Capital Expenditure -9,600,000
Unlevered Free Cash Flow 65,529,039
Current Assets 151,900,000
Current Cash 13,900,000
Current Liabilities 317,600,000
Current Debt 48,200,000
Non-Cash Working Capital (NCWC) -131,400,000
Change in NCWC 4,200,000
EBIT 12,800,000
Tax Provision -67,500,000
Depreciation and Amortization 29,300,000
Capital Expenditure -8,400,000
Unlevered Free Cash Flow 37,900,000
Current Assets 211,100,000
Current Cash 24,100,000
Current Liabilities 369,800,000
Current Debt 47,200,000
Non-Cash Working Capital (NCWC) -135,600,000
Change in NCWC -103,800,000
EBIT 89,700,000
Tax Provision 19,400,000
Depreciation and Amortization 29,300,000
Capital Expenditure -10,200,000
Unlevered Free Cash Flow -19,475,105
Current Assets 207,800,000
Current Cash 39,900,000
Current Liabilities 246,900,000
Current Debt 47,200,000
Non-Cash Working Capital (NCWC) -31,800,000
Change in NCWC 800,000
EBIT 85,200,000
Tax Provision 19,600,000
Depreciation and Amortization 18,800,000
Capital Expenditure -8,900,000
Unlevered Free Cash Flow 73,927,368
Current Assets 160,600,000
Current Cash 22,800,000
Current Liabilities 220,000,000
Current Debt 49,600,000
Non-Cash Working Capital (NCWC) -32,600,000
Change in NCWC 5,000,000
EBIT 80,700,000
Tax Provision 27,700,000
Depreciation and Amortization 21,700,000
Capital Expenditure -6,800,000
Unlevered Free Cash Flow 69,638,919
Current Assets 156,600,000
Current Cash 22,200,000
Current Liabilities 228,900,000
Current Debt 56,900,000
Non-Cash Working Capital (NCWC) -37,600,000
Change in NCWC -2,300,000
EBIT 51,800,000
Tax Provision 15,800,000
Depreciation and Amortization 34,200,000
Capital Expenditure -13,000,000
Unlevered Free Cash Flow 51,120,095
Current Assets 150,000,000
Current Cash 18,700,000
Current Liabilities 207,600,000
Current Debt 41,000,000
Non-Cash Working Capital (NCWC) -35,300,000
Change in NCWC 6,226,000
EBIT 37,100,000
Tax Provision 4,800,000
Depreciation and Amortization 34,100,000
Capital Expenditure -9,600,000
Unlevered Free Cash Flow 60,731,179
Current Assets 156,251,000
Current Cash 18,196,000
Current Liabilities 225,930,000
Current Debt 46,349,000
Non-Cash Working Capital (NCWC) -41,526,000
Change in NCWC 919,000
EBIT 39,188,000
Tax Provision -197,000
Depreciation and Amortization 30,372,000
Capital Expenditure -13,517,000
Unlevered Free Cash Flow 56,962,000
Current Assets 169,246,000
Current Cash 23,158,000
Current Liabilities 242,475,000
Current Debt 53,942,000
Non-Cash Working Capital (NCWC) -42,445,000
Change in NCWC 58,770,000
EBIT 41,977,000
Tax Provision 8,821,000
Depreciation and Amortization 29,595,000
Capital Expenditure -16,095,000
Unlevered Free Cash Flow 98,547,893

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.