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Gentherm Inc – Motor Vehicle Gasoline Engine and Engine Parts Manufacturing
as a leader in thermal technology, we design, develop, and manufacture heating, cooling, and ventilating devices for diverse global markets. we expect that our proprietary thermal technologies will be used to create the next generation of thermal comfort and energy efficient products. with an emphasis on innovation, we are inventing, improving, and applying thermal technologies for emerging markets and applications. our broad patent portfolio leverages the advances we have made in all areas of thermal comfort and management, and our world-class team of scientists and engineers are dedicated to the continuous advancement of thermoelectrics for heating, cooling, and power generation. we are recognized by our largest automotive industry customers as a dependable and outstanding supplier of heated seating, climate seating, electronics, and cables. we successfully incorporate lean processes on a global scale, enabling us to provide value now and continual improvement for the future. w
Analysis Results
Intrinsic Value $119.30
Latest Price $46.14
Relative Value 61% undervalued
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Cash Flow (Millions)
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 5.0%.

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 5.0%, 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 (million) Present value (million)
2023 115 111
2024 121 112
2025 127 113
2026 133 115
2027 140 116
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 4200 million. This corresponds to a present value of 3350 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 567 million. Adding in the terminal value gives a total present value of 3910 million.

There are presently 32.8 million outstanding shares, so the intrinsic value per share is 119.3.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 683,867,000
Current Cash 153,891,000
Current Liabilities 285,625,000
Current Debt 2,443,000
Non-Cash Working Capital (NCWC) 246,794,000
Change in NCWC 82,144,000
EBIT 55,235,000
Tax Provision 13,941,000
Depreciation and Amortization 44,394,000
Capital Expenditure -40,198,000
Unlevered Free Cash Flow 121,512,701
Current Assets 565,845,000
Current Cash 190,606,000
Current Liabilities 213,089,000
Current Debt 2,500,000
Non-Cash Working Capital (NCWC) 164,650,000
Change in NCWC -7,127,000
EBIT 118,863,000
Tax Provision 20,418,000
Depreciation and Amortization 38,780,000
Capital Expenditure -46,025,000
Unlevered Free Cash Flow 83,174,336
Current Assets 643,606,000
Current Cash 268,345,000
Current Liabilities 205,984,000
Current Debt 2,500,000
Non-Cash Working Capital (NCWC) 171,777,000
Change in NCWC 2,561,000
EBIT 95,020,000
Tax Provision 21,866,000
Depreciation and Amortization 41,114,000
Capital Expenditure -20,360,000
Unlevered Free Cash Flow 92,859,163
Current Assets 373,863,000
Current Cash 50,443,000
Current Liabilities 156,704,000
Current Debt 2,500,000
Non-Cash Working Capital (NCWC) 169,216,000
Change in NCWC -62,256,000
EBIT 97,179,000
Tax Provision 21,645,000
Depreciation and Amortization 44,246,000
Capital Expenditure -23,729,000
Unlevered Free Cash Flow 19,879,494
Current Assets 443,075,000
Current Cash 39,620,000
Current Liabilities 175,396,000
Current Debt 3,413,000
Non-Cash Working Capital (NCWC) 231,472,000
Change in NCWC 41,430,000
EBIT 87,560,000
Tax Provision 16,220,000
Depreciation and Amortization 50,638,000
Capital Expenditure -41,541,000
Unlevered Free Cash Flow 113,650,529
Current Assets 461,069,000
Current Cash 103,172,000
Current Liabilities 171,315,000
Current Debt 3,460,000
Non-Cash Working Capital (NCWC) 190,042,000
Change in NCWC 70,007,000
EBIT 98,113,000
Tax Provision 34,028,000
Depreciation and Amortization 44,972,000
Capital Expenditure -50,785,000
Unlevered Free Cash Flow 114,099,806
Current Assets 488,753,000
Current Cash 177,187,000
Current Liabilities 193,623,000
Current Debt 2,092,000
Non-Cash Working Capital (NCWC) 120,035,000
Change in NCWC -17,220,000
EBIT 106,862,000
Tax Provision 33,965,000
Depreciation and Amortization 37,764,000
Capital Expenditure -66,316,000
Unlevered Free Cash Flow 28,261,948
Current Assets 420,608,000
Current Cash 144,479,000
Current Liabilities 143,783,000
Current Debt 4,909,000
Non-Cash Working Capital (NCWC) 137,255,000
Change in NCWC 30,217,000
EBIT 121,319,000
Tax Provision 33,545,000
Depreciation and Amortization 31,029,000
Capital Expenditure -55,490,000
Unlevered Free Cash Flow 95,512,187
Current Assets 335,025,000
Current Cash 85,700,000
Current Liabilities 147,593,000
Current Debt 5,306,000
Non-Cash Working Capital (NCWC) 107,038,000
Change in NCWC 23,698,000
EBIT 100,294,000
Tax Provision 24,102,000
Depreciation and Amortization 35,029,000
Capital Expenditure -38,887,000
Unlevered Free Cash Flow 94,478,509
Current Assets 269,932,000
Current Cash 54,885,000
Current Liabilities 153,146,000
Current Debt 21,439,000
Non-Cash Working Capital (NCWC) 83,340,000
Change in NCWC -661,000
EBIT 52,430,000
Tax Provision 11,097,000
Depreciation and Amortization 31,249,000
Capital Expenditure -35,861,000
Unlevered Free Cash Flow 34,571,758
Current Assets 242,144,000
Current Cash 58,152,000
Current Liabilities 117,209,000
Current Debt 17,218,000
Non-Cash Working Capital (NCWC) 84,001,000
Change in NCWC 27,315,000
EBIT 35,976,000
Tax Provision 8,351,000
Depreciation and Amortization 30,627,000
Capital Expenditure -26,793,000
Unlevered Free Cash Flow 57,929,493

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