DCF Tool

SRCL

Stericycle Inc. – Sewage Treatment Facilities
Stericycle, Inc., is a U.S. based business-to-business services company and leading provider of compliance-based solutions that protects people, promotes health and safeguards the environment. Stericycle serves customers in the U.S. and 17 other countries worldwide with solutions for regulated waste and compliance services, secure information destruction and patient engagement.
Analysis Results
Intrinsic Value $20.40
Latest Price $55.04
Relative Value 170% 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 -13.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -13.2%, 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 118 112
2023 102 92.6
2024 88.8 76.4
2025 77.1 63.0
2026 66.9 52.0
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 2010 million. This corresponds to a present value of 1480 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 396 million. Adding in the terminal value gives a total present value of 1880 million.

There are presently 92.2 million outstanding shares, so the intrinsic value per share is 20.4.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 575,500,000
Current Cash 55,600,000
Current Liabilities 731,700,000
Current Debt 21,500,000
Non-Cash Working Capital (NCWC) -190,300,000
Change in NCWC -83,400,000
EBIT 70,600,000
Tax Provision 27,500,000
Depreciation and Amortization 223,900,000
Capital Expenditure -116,900,000
Unlevered Free Cash Flow 66,700,000
Current Assets 552,500,000
Current Cash 53,300,000
Current Liabilities 697,100,000
Current Debt 91,000,000
Non-Cash Working Capital (NCWC) -106,900,000
Change in NCWC -126,900,000
EBIT 155,500,000
Tax Provision -100,000
Depreciation and Amortization 233,500,000
Capital Expenditure -119,500,000
Unlevered Free Cash Flow 142,600,000
Current Assets 706,600,000
Current Cash 34,700,000
Current Liabilities 756,900,000
Current Debt 105,000,000
Non-Cash Working Capital (NCWC) 20,000,000
Change in NCWC -78,900,000
EBIT 119,400,000
Tax Provision -16,800,000
Depreciation and Amortization 272,800,000
Capital Expenditure -194,200,000
Unlevered Free Cash Flow 119,100,000
Current Assets 747,300,000
Current Cash 34,300,000
Current Liabilities 733,200,000
Current Debt 119,100,000
Non-Cash Working Capital (NCWC) 98,900,000
Change in NCWC 170,600,000
EBIT 197,600,000
Tax Provision -29,800,000
Depreciation and Amortization 255,900,000
Capital Expenditure -130,800,000
Unlevered Free Cash Flow 493,300,000
Current Assets 813,400,000
Current Cash 42,200,000
Current Liabilities 969,400,000
Current Debt 126,500,000
Non-Cash Working Capital (NCWC) -71,700,000
Change in NCWC -331,036,000
EBIT -7,600,000
Tax Provision -150,900,000
Depreciation and Amortization 249,500,000
Capital Expenditure -143,000,000
Unlevered Free Cash Flow -232,136,000
Current Assets 773,618,000
Current Cash 44,251,000
Current Liabilities 542,853,000
Current Debt 72,822,000
Non-Cash Working Capital (NCWC) 259,336,000
Change in NCWC -20,849,000
EBIT 433,775,000
Tax Provision 120,246,000
Depreciation and Amortization 252,546,000
Capital Expenditure -136,160,000
Unlevered Free Cash Flow 370,358,766
Current Assets 761,828,000
Current Cash 55,703,000
Current Liabilities 587,349,000
Current Debt 161,409,000
Non-Cash Working Capital (NCWC) 280,185,000
Change in NCWC 52,147,000
EBIT 487,612,000
Tax Provision 142,894,000
Depreciation and Amortization 127,412,000
Capital Expenditure -114,761,000
Unlevered Free Cash Flow 382,841,632
Current Assets 580,216,000
Current Cash 22,616,000
Current Liabilities 461,531,000
Current Debt 131,969,000
Non-Cash Working Capital (NCWC) 228,038,000
Change in NCWC 15,981,000
EBIT 556,336,000
Tax Provision 159,422,000
Depreciation and Amortization 104,616,000
Capital Expenditure -86,496,000
Unlevered Free Cash Flow 408,529,660
Current Assets 535,089,000
Current Cash 62,404,000
Current Liabilities 411,008,000
Current Debt 150,380,000
Non-Cash Working Capital (NCWC) 212,057,000
Change in NCWC 45,877,000
EBIT 535,619,000
Tax Provision 164,662,000
Depreciation and Amortization 88,408,000
Capital Expenditure -73,109,000
Unlevered Free Cash Flow 412,186,241
Current Assets 441,286,000
Current Cash 31,827,000
Current Liabilities 331,060,000
Current Debt 87,781,000
Non-Cash Working Capital (NCWC) 166,180,000
Change in NCWC 24,899,000
EBIT 468,836,000
Tax Provision 147,256,000
Depreciation and Amortization 76,283,000
Capital Expenditure -65,236,000
Unlevered Free Cash Flow 339,299,232

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