DCF Tool

TRMB

Trimble Inc – Electromedical and Electrotherapeutic Apparatus Manufacturing
Trimble is transforming the way the world works by delivering products and services that connect the physical and digital worlds. Core technologies in positioning, modeling, connectivity and data analytics enable customers to improve productivity, quality, safety and sustainability. From purpose built products to enterprise lifecycle solutions, Trimble software, hardware and services are transforming industries such as agriculture, construction, geospatial and transportation.
Analysis Results
Intrinsic Value $38.26
Latest Price $54.27
Relative Value 42% overvalued
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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 10.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 10.4%, 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 (million) Present value (million)
2022 669 605
2023 739 604
2024 816 603
2025 901 602
2026 995 602
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 11800 million. This corresponds to a present value of 6460 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3020 million. Adding in the terminal value gives a total present value of 9480 million.

There are presently 248.0 million outstanding shares, so the intrinsic value per share is 38.26.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,450,600,000
Current Cash 325,700,000
Current Liabilities 1,188,600,000
Current Debt 0
Non-Cash Working Capital (NCWC) -63,700,000
Change in NCWC -51,900,000
EBIT 609,000,000
Tax Provision 81,800,000
Depreciation and Amortization 179,900,000
Capital Expenditure -46,100,000
Unlevered Free Cash Flow 604,202,819
Current Assets 1,281,400,000
Current Cash 237,700,000
Current Liabilities 1,311,300,000
Current Debt 255,800,000
Non-Cash Working Capital (NCWC) -11,800,000
Change in NCWC -63,100,000
EBIT 485,000,000
Tax Provision 4,400,000
Depreciation and Amortization 197,500,000
Capital Expenditure -56,800,000
Unlevered Free Cash Flow 557,197,468
Current Assets 1,211,800,000
Current Cash 189,200,000
Current Liabilities 1,190,300,000
Current Debt 219,000,000
Non-Cash Working Capital (NCWC) 51,300,000
Change in NCWC -66,300,000
EBIT 438,500,000
Tax Provision -169,700,000
Depreciation and Amortization 207,200,000
Capital Expenditure -69,000,000
Unlevered Free Cash Flow 510,400,000
Current Assets 1,089,100,000
Current Cash 172,500,000
Current Liabilities 1,055,200,000
Current Debt 256,200,000
Non-Cash Working Capital (NCWC) 117,600,000
Change in NCWC 18,700,000
EBIT 357,600,000
Tax Provision -5,300,000
Depreciation and Amortization 215,200,000
Capital Expenditure -67,600,000
Unlevered Free Cash Flow 523,900,000
Current Assets 1,317,100,000
Current Cash 537,400,000
Current Liabilities 809,200,000
Current Debt 128,400,000
Non-Cash Working Capital (NCWC) 98,900,000
Change in NCWC 5,300,000
EBIT 282,400,000
Tax Provision 137,900,000
Depreciation and Amortization 183,400,000
Capital Expenditure -43,700,000
Unlevered Free Cash Flow 277,099,112
Current Assets 978,700,000
Current Cash 327,200,000
Current Liabilities 688,200,000
Current Debt 130,300,000
Non-Cash Working Capital (NCWC) 93,600,000
Change in NCWC -46,200,000
EBIT 210,200,000
Tax Provision 44,500,000
Depreciation and Amortization 187,800,000
Capital Expenditure -26,300,000
Unlevered Free Cash Flow 272,563,384
Current Assets 798,400,000
Current Cash 116,000,000
Current Liabilities 660,900,000
Current Debt 118,300,000
Non-Cash Working Capital (NCWC) 139,800,000
Change in NCWC -90,948,000
EBIT 183,700,000
Tax Provision 31,100,000
Depreciation and Amortization 199,100,000
Capital Expenditure -43,900,000
Unlevered Free Cash Flow 210,316,492
Current Assets 902,616,000
Current Cash 148,000,000
Current Liabilities 588,299,000
Current Debt 64,431,000
Non-Cash Working Capital (NCWC) 230,748,000
Change in NCWC 11,546,000
EBIT 274,932,000
Tax Provision 52,127,000
Depreciation and Amortization 191,641,000
Capital Expenditure -54,945,000
Unlevered Free Cash Flow 369,299,668
Current Assets 837,017,000
Current Cash 147,227,000
Current Liabilities 576,990,000
Current Debt 106,402,000
Non-Cash Working Capital (NCWC) 219,202,000
Change in NCWC -8,422,000
EBIT 278,377,000
Tax Provision 34,698,000
Depreciation and Amortization 189,577,000
Capital Expenditure -70,877,000
Unlevered Free Cash Flow 350,456,105
Current Assets 815,973,000
Current Cash 157,771,000
Current Liabilities 468,670,000
Current Debt 38,092,000
Non-Cash Working Capital (NCWC) 227,624,000
Change in NCWC -5,407,000
EBIT 239,522,000
Tax Provision 39,708,000
Depreciation and Amortization 149,398,000
Capital Expenditure -54,071,000
Unlevered Free Cash Flow 287,986,269

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