DCF Tool

TDY

Teledyne Technologies Inc – Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne's operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe.
Analysis Results
Intrinsic Value $549.39
Latest Price $427.19
Relative Value 22% undervalued
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Cash Flow (Billions)
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 19.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 19.0%, 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 (billion) Present value (billion)
2022 0.861 0.801
2023 1.03 0.887
2024 1.22 0.982
2025 1.45 1.09
2026 1.73 1.2
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 32.1 billion. This corresponds to a present value of 20.8 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 4.96 billion. Adding in the terminal value gives a total present value of 25.8 billion.

There are presently 46.9 million outstanding shares, so the intrinsic value per share is 549.39.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,429,400,000
Current Cash 474,700,000
Current Liabilities 1,498,400,000
Current Debt 0
Non-Cash Working Capital (NCWC) 456,300,000
Change in NCWC 70,100,000
EBIT 624,300,000
Tax Provision 88,500,000
Depreciation and Amortization 371,800,000
Capital Expenditure -101,600,000
Unlevered Free Cash Flow 861,095,784
Current Assets 1,722,600,000
Current Cash 673,100,000
Current Liabilities 760,900,000
Current Debt 97,600,000
Non-Cash Working Capital (NCWC) 386,200,000
Change in NCWC -65,400,000
EBIT 480,100,000
Tax Provision 67,800,000
Depreciation and Amortization 116,200,000
Capital Expenditure -71,400,000
Unlevered Free Cash Flow 390,198,786
Current Assets 1,313,700,000
Current Cash 199,500,000
Current Liabilities 763,200,000
Current Debt 100,600,000
Non-Cash Working Capital (NCWC) 451,600,000
Change in NCWC 62,200,000
EBIT 491,700,000
Tax Provision 71,400,000
Depreciation and Amortization 111,900,000
Capital Expenditure -88,400,000
Unlevered Free Cash Flow 503,286,890
Current Assets 1,114,400,000
Current Cash 142,500,000
Current Liabilities 720,800,000
Current Debt 138,300,000
Non-Cash Working Capital (NCWC) 389,400,000
Change in NCWC -14,600,000
EBIT 416,600,000
Tax Provision 60,100,000
Depreciation and Amortization 113,000,000
Capital Expenditure -86,800,000
Unlevered Free Cash Flow 364,636,506
Current Assets 1,011,900,000
Current Cash 70,900,000
Current Liabilities 540,600,000
Current Debt 3,600,000
Non-Cash Working Capital (NCWC) 404,000,000
Change in NCWC 56,200,000
EBIT 335,600,000
Tax Provision 59,800,000
Depreciation and Amortization 113,000,000
Capital Expenditure -58,500,000
Unlevered Free Cash Flow 376,373,588
Current Assets 846,200,000
Current Cash 98,600,000
Current Liabilities 501,800,000
Current Debt 102,000,000
Non-Cash Working Capital (NCWC) 347,800,000
Change in NCWC -20,800,000
EBIT 253,800,000
Tax Provision 50,400,000
Depreciation and Amortization 87,300,000
Capital Expenditure -87,600,000
Unlevered Free Cash Flow 179,689,142
Current Assets 828,200,000
Current Cash 85,100,000
Current Liabilities 393,600,000
Current Debt 19,100,000
Non-Cash Working Capital (NCWC) 368,600,000
Change in NCWC 21,100,000
EBIT 281,700,000
Tax Provision 62,700,000
Depreciation and Amortization 90,300,000
Capital Expenditure -47,000,000
Unlevered Free Cash Flow 277,693,377
Current Assets 941,700,000
Current Cash 141,400,000
Current Liabilities 539,000,000
Current Debt 86,200,000
Non-Cash Working Capital (NCWC) 347,500,000
Change in NCWC 29,000,000
EBIT 294,500,000
Tax Provision 66,500,000
Depreciation and Amortization 94,300,000
Capital Expenditure -43,500,000
Unlevered Free Cash Flow 304,876,923
Current Assets 799,100,000
Current Cash 66,000,000
Current Liabilities 418,100,000
Current Debt 3,500,000
Non-Cash Working Capital (NCWC) 318,500,000
Change in NCWC 24,800,000
EBIT 240,300,000
Tax Provision 39,500,000
Depreciation and Amortization 91,100,000
Capital Expenditure -72,600,000
Unlevered Free Cash Flow 241,225,669
Current Assets 744,800,000
Current Cash 45,800,000
Current Liabilities 407,300,000
Current Debt 2,000,000
Non-Cash Working Capital (NCWC) 293,700,000
Change in NCWC 73,200,000
EBIT 243,100,000
Tax Provision 65,400,000
Depreciation and Amortization 78,300,000
Capital Expenditure -65,300,000
Unlevered Free Cash Flow 259,629,798

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