DCF Tool

SWM

Schweitzer Mauduit International, Inc. (SWM) is a leading global performance materials company. Our highly engineered papers, films, nets and nonwovens are designed and manufactured using natural fibers and polymers for a variety of industries and applications. We provide our customers with essential components that enhance the performance of their products. End markets served include filtration, transportation, infrastructure and construction, medical, industrial, tobacco, energy, food services and home d├ęcor. SWM and its subsidiaries manufacture on four continents, conduct business in over 90 countries and employ approximately 3,400 people worldwide.
Analysis Results
Intrinsic Value $257.66
Latest Price $23.41
Relative Value 91% undervalued
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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 8.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 8.4%, 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 208 201
2023 225 210
2024 244 220
2025 265 230
2026 287 240
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 8610 million. This corresponds to a present value of 6950 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1100 million. Adding in the terminal value gives a total present value of 8050 million.

There are presently 31.3 million outstanding shares, so the intrinsic value per share is 257.66.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 594,600,000
Current Cash 74,700,000
Current Liabilities 231,100,000
Current Debt 3,200,000
Non-Cash Working Capital (NCWC) 292,000,000
Change in NCWC 114,400,000
EBIT 99,800,000
Tax Provision -9,400,000
Depreciation and Amortization 92,700,000
Capital Expenditure -38,900,000
Unlevered Free Cash Flow 268,000,000
Current Assets 396,400,000
Current Cash 54,700,000
Current Liabilities 166,900,000
Current Debt 2,800,000
Non-Cash Working Capital (NCWC) 177,600,000
Change in NCWC 8,800,000
EBIT 145,600,000
Tax Provision 18,400,000
Depreciation and Amortization 72,200,000
Capital Expenditure -33,300,000
Unlevered Free Cash Flow 167,086,301
Current Assets 427,500,000
Current Cash 103,000,000
Current Liabilities 157,600,000
Current Debt 1,900,000
Non-Cash Working Capital (NCWC) 168,800,000
Change in NCWC -26,400,000
EBIT 141,800,000
Tax Provision 15,200,000
Depreciation and Amortization 57,700,000
Capital Expenditure -34,100,000
Unlevered Free Cash Flow 117,659,801
Current Assets 429,200,000
Current Cash 93,800,000
Current Liabilities 143,500,000
Current Debt 3,300,000
Non-Cash Working Capital (NCWC) 195,200,000
Change in NCWC 11,000,000
EBIT 125,400,000
Tax Provision 10,700,000
Depreciation and Amortization 61,600,000
Capital Expenditure -29,700,000
Unlevered Free Cash Flow 155,581,706
Current Assets 433,100,000
Current Cash 106,900,000
Current Liabilities 147,100,000
Current Debt 5,100,000
Non-Cash Working Capital (NCWC) 184,200,000
Change in NCWC 60,100,000
EBIT 135,300,000
Tax Provision 69,600,000
Depreciation and Amortization 59,500,000
Capital Expenditure -40,700,000
Unlevered Free Cash Flow 123,653,076
Current Assets 364,300,000
Current Cash 107,400,000
Current Liabilities 135,800,000
Current Debt 3,000,000
Non-Cash Working Capital (NCWC) 124,100,000
Change in NCWC 5,600,000
EBIT 136,500,000
Tax Provision 15,400,000
Depreciation and Amortization 44,500,000
Capital Expenditure -30,600,000
Unlevered Free Cash Flow 134,593,686
Current Assets 444,800,000
Current Cash 186,500,000
Current Liabilities 143,100,000
Current Debt 3,300,000
Non-Cash Working Capital (NCWC) 118,500,000
Change in NCWC 10,000,000
EBIT 124,200,000
Tax Provision 21,600,000
Depreciation and Amortization 41,000,000
Capital Expenditure -25,100,000
Unlevered Free Cash Flow 126,168,510
Current Assets 519,400,000
Current Cash 290,300,000
Current Liabilities 123,500,000
Current Debt 2,900,000
Non-Cash Working Capital (NCWC) 108,500,000
Change in NCWC -16,900,000
EBIT 121,200,000
Tax Provision 20,500,000
Depreciation and Amortization 45,100,000
Capital Expenditure -36,100,000
Unlevered Free Cash Flow 90,753,720
Current Assets 537,100,000
Current Cash 272,000,000
Current Liabilities 143,900,000
Current Debt 4,200,000
Non-Cash Working Capital (NCWC) 125,400,000
Change in NCWC 17,300,000
EBIT 170,000,000
Tax Provision 53,000,000
Depreciation and Amortization 37,300,000
Capital Expenditure -29,600,000
Unlevered Free Cash Flow 126,482,889
Current Assets 382,000,000
Current Cash 151,200,000
Current Liabilities 126,900,000
Current Debt 4,200,000
Non-Cash Working Capital (NCWC) 108,100,000
Change in NCWC -6,600,000
EBIT 165,400,000
Tax Provision 51,900,000
Depreciation and Amortization 39,400,000
Capital Expenditure -28,100,000
Unlevered Free Cash Flow 106,794,247

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