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SXI

Standex International Corp. – Food Product Machinery Manufacturing
Standex International Corporation is a multi-industry manufacturer in five broad business segments: Electronics, Engraving, Scientific, Engineering Technologies, and Specialty Solutions with operations in the United States, Europe, Canada, Japan, Singapore, Mexico, Brazil, Turkey, South Africa, Indiaand China.
Analysis Results
Intrinsic Value $99.61
Latest Price $93.74
Relative Value 6% 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 0.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 0.9%, 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 58.8 55.2
2023 59.3 52.3
2024 59.8 49.6
2025 60.4 47.0
2026 60.9 44.5
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1390 million. This corresponds to a present value of 954 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 249 million. Adding in the terminal value gives a total present value of 1200 million.

There are presently 12.1 million outstanding shares, so the intrinsic value per share is 99.61.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 374,366,000
Current Cash 136,367,000
Current Liabilities 143,709,000
Current Debt 0
Non-Cash Working Capital (NCWC) 94,290,000
Change in NCWC 3,979,000
EBIT 78,198,000
Tax Provision 14,157,000
Depreciation and Amortization 33,241,000
Capital Expenditure -21,752,000
Unlevered Free Cash Flow 72,659,375
Current Assets 331,997,000
Current Cash 118,809,000
Current Liabilities 122,877,000
Current Debt 0
Non-Cash Working Capital (NCWC) 90,311,000
Change in NCWC -8,802,000
EBIT 66,956,000
Tax Provision 13,060,000
Depreciation and Amortization 32,294,000
Capital Expenditure -21,521,000
Unlevered Free Cash Flow 52,755,728
Current Assets 333,873,000
Current Cash 93,145,000
Current Liabilities 141,615,000
Current Debt 0
Non-Cash Working Capital (NCWC) 99,113,000
Change in NCWC -13,903,000
EBIT 82,827,000
Tax Provision 18,424,000
Depreciation and Amortization 30,881,000
Capital Expenditure -34,367,000
Unlevered Free Cash Flow 42,180,343
Current Assets 383,959,000
Current Cash 109,602,000
Current Liabilities 161,341,000
Current Debt 0
Non-Cash Working Capital (NCWC) 113,016,000
Change in NCWC 662,000
EBIT 95,382,000
Tax Provision 40,620,000
Depreciation and Amortization 29,163,000
Capital Expenditure -26,539,000
Unlevered Free Cash Flow 48,515,035
Current Assets 360,884,000
Current Cash 88,566,000
Current Liabilities 159,964,000
Current Debt 0
Non-Cash Working Capital (NCWC) 112,354,000
Change in NCWC 12,600,000
EBIT 78,694,000
Tax Provision 15,355,000
Depreciation and Amortization 20,315,000
Capital Expenditure -26,448,000
Unlevered Free Cash Flow 65,650,143
Current Assets 355,849,000
Current Cash 121,988,000
Current Liabilities 134,107,000
Current Debt 0
Non-Cash Working Capital (NCWC) 99,754,000
Change in NCWC -729,000
EBIT 82,034,000
Tax Provision 16,295,000
Depreciation and Amortization 17,953,000
Capital Expenditure -17,851,000
Unlevered Free Cash Flow 61,899,608
Current Assets 335,402,000
Current Cash 96,128,000
Current Liabilities 138,791,000
Current Debt 0
Non-Cash Working Capital (NCWC) 100,483,000
Change in NCWC 15,977,000
EBIT 81,649,000
Tax Provision 20,874,000
Depreciation and Amortization 16,684,000
Capital Expenditure -22,561,000
Unlevered Free Cash Flow 69,357,928
Current Assets 299,936,000
Current Cash 74,260,000
Current Liabilities 141,170,000
Current Debt 0
Non-Cash Working Capital (NCWC) 84,506,000
Change in NCWC -4,258,000
EBIT 72,483,000
Tax Provision 18,054,000
Depreciation and Amortization 14,591,000
Capital Expenditure -18,832,000
Unlevered Free Cash Flow 44,683,849
Current Assets 258,301,000
Current Cash 51,064,000
Current Liabilities 118,473,000
Current Debt 0
Non-Cash Working Capital (NCWC) 88,764,000
Change in NCWC 11,028,000
EBIT 66,495,000
Tax Provision 15,910,000
Depreciation and Amortization 15,547,000
Capital Expenditure -14,147,000
Unlevered Free Cash Flow 61,645,507
Current Assets 249,270,000
Current Cash 54,749,000
Current Liabilities 116,785,000
Current Debt 0
Non-Cash Working Capital (NCWC) 77,736,000
Change in NCWC -5,369,000
EBIT 61,489,000
Tax Provision 15,912,000
Depreciation and Amortization 13,490,000
Capital Expenditure -9,936,000
Unlevered Free Cash Flow 44,098,887

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