TDY Intrinsic Value

TDY

Teledyne Technologies Inc – Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing

teledyne technologies is a leading provider of sophisticated electronic components, instruments & communications products, including defense electronics, data acquisition & communications equipment for airlines and business aircraft, monitoring and control instruments for industrial and environmental applications and components, and subsystems for wireless and satellite communications. the teledyne solution no matter what challenge you face, teledyne has a solution. the diverse segments of teledyne technologies incorporated bring decades of experience to bear on every project, working in cooperation to develop leading edge technologies. our markets we serve niche market segments where performance, precision and reliability are critical. our customers include major industrial and communications companies, government agencies, aerospace prime contractors and general aviation companies.

Analysis Results

Intrinsic Value	$4,795.37
Latest Price	$409.02
Relative Value	91% undervalued

Share results:

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Cash Flow (Billions)

Analysis Parameters

New Ticker

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 42.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 42.8%, 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 (billion)	Present value (billion)
2023	2.07	1.99
2024	2.95	2.74
2025	4.22	3.76
2026	6.03	5.17
2027	8.61	7.12

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 258 billion. This corresponds to a present value of 205 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 20.8 billion. Adding in the terminal value gives a total present value of 226 billion.

There are presently 47.2 million outstanding shares, so the intrinsic value per share is 4795.37.

Financial Statements

The following data was to determine the past cash flows.

Current Assets	2,817,900,000
Current Cash	638,100,000
Current Liabilities	1,523,400,000
Current Debt	300,100,000
Non-Cash Working Capital (NCWC)	956,500,000
Change in NCWC	500,200,000
EBIT	972,000,000
Tax Provision	119,200,000
Depreciation and Amortization	332,200,000
Capital Expenditure	-92,600,000
Unlevered Free Cash Flow	1,584,212,289

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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