DCF Tool

THO

Thor Industries, Inc. – Motor Home Manufacturing
THOR is the sole owner of operating subsidiaries that, combined, represent the world's largest manufacturer of recreational vehicles.
Analysis Results
Intrinsic Value $213.12
Latest Price $69.42
Relative Value 67% 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 12.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 12.4%, 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 (billion) Present value (billion)
2022 0.507 0.47
2023 0.569 0.49
2024 0.64 0.512
2025 0.72 0.534
2026 0.809 0.557
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 14.3 billion. This corresponds to a present value of 9.17 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.56 billion. Adding in the terminal value gives a total present value of 11.7 billion.

There are presently 55.0 million outstanding shares, so the intrinsic value per share is 213.12.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,803,523,000
Current Cash 445,852,000
Current Liabilities 1,794,785,000
Current Debt 38,131,000
Non-Cash Working Capital (NCWC) 601,017,000
Change in NCWC 502,784,000
EBIT 907,874,000
Tax Provision 183,711,000
Depreciation and Amortization 230,581,000
Capital Expenditure -128,835,000
Unlevered Free Cash Flow 1,314,925,675
Current Assets 2,102,277,000
Current Cash 538,519,000
Current Liabilities 1,515,281,000
Current Debt 49,756,000
Non-Cash Working Capital (NCWC) 98,233,000
Change in NCWC -126,648,000
EBIT 386,854,000
Tax Provision 51,512,000
Depreciation and Amortization 196,167,000
Capital Expenditure -106,697,000
Unlevered Free Cash Flow 276,653,224
Current Assets 2,037,357,000
Current Cash 425,615,000
Current Liabilities 1,448,325,000
Current Debt 61,464,000
Non-Cash Working Capital (NCWC) 224,881,000
Change in NCWC -42,214,000
EBIT 352,614,000
Tax Provision 52,201,000
Depreciation and Amortization 148,777,000
Capital Expenditure -130,224,000
Unlevered Free Cash Flow 229,276,809
Current Assets 1,311,674,000
Current Cash 275,249,000
Current Liabilities 769,330,000
Current Debt 0
Non-Cash Working Capital (NCWC) 267,095,000
Change in NCWC 91,232,000
EBIT 630,165,000
Tax Provision 202,878,000
Depreciation and Amortization 93,223,000
Capital Expenditure -138,197,000
Unlevered Free Cash Flow 474,462,876
Current Assets 1,180,167,000
Current Cash 223,258,000
Current Liabilities 781,046,000
Current Debt 0
Non-Cash Working Capital (NCWC) 175,863,000
Change in NCWC 20,559,000
EBIT 559,811,000
Tax Provision 182,132,000
Depreciation and Amortization 98,258,000
Capital Expenditure -115,027,000
Unlevered Free Cash Flow 380,347,832
Current Assets 1,016,858,000
Current Cash 209,902,000
Current Liabilities 651,652,000
Current Debt 0
Non-Cash Working Capital (NCWC) 155,304,000
Change in NCWC -58,724,000
EBIT 392,094,000
Tax Provision 125,291,000
Depreciation and Amortization 52,575,000
Capital Expenditure -51,976,000
Unlevered Free Cash Flow 205,807,812
Current Assets 775,841,000
Current Cash 183,478,000
Current Liabilities 378,335,000
Current Debt 0
Non-Cash Working Capital (NCWC) 214,028,000
Change in NCWC 30,030,000
EBIT 290,639,000
Tax Provision 90,886,000
Depreciation and Amortization 31,381,000
Capital Expenditure -42,283,000
Unlevered Free Cash Flow 219,581,042
Current Assets 844,049,000
Current Cash 289,336,000
Current Liabilities 370,715,000
Current Debt 0
Non-Cash Working Capital (NCWC) 183,998,000
Change in NCWC -48,433,000
EBIT 248,764,000
Tax Provision 77,303,000
Depreciation and Amortization 25,834,000
Capital Expenditure -30,406,000
Unlevered Free Cash Flow 119,695,873
Current Assets 830,704,000
Current Cash 236,601,000
Current Liabilities 361,672,000
Current Debt 0
Non-Cash Working Capital (NCWC) 232,431,000
Change in NCWC 77,277,000
EBIT 219,429,000
Tax Provision 70,296,000
Depreciation and Amortization 24,987,000
Capital Expenditure -24,305,000
Unlevered Free Cash Flow 227,897,339
Current Assets 684,886,000
Current Cash 218,642,000
Current Liabilities 311,090,000
Current Debt 0
Non-Cash Working Capital (NCWC) 155,154,000
Change in NCWC 25,420,000
EBIT 176,685,000
Tax Provision 58,952,000
Depreciation and Amortization 24,978,000
Capital Expenditure -10,063,000
Unlevered Free Cash Flow 159,374,992

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