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Trimas Corporation – Gasket, Packing, and Sealing Device Manufacturing
we have laid the foundation for sustainable sales and earnings growth through a disciplined approach to investment and capital allocation. through selective organic growth strategies such as product innovation, market penetration and geographic expansion, and bolt-on acquisitions, we provide our customers with highly-engineered solutions in a variety of growing and markets. trimas is listed on nasdaq (ticker: trs) and has more than 50 facilities in 16 countries globally. trimas corporation is a diversified designer, manufacturer and distributor of engineered and applied products that serve a variety of industrial, commercial and consumer end markets worldwide. trimas provides its customers with outstanding products and services that reflect the company's commitment to market leadership, innovation and operational excellence.
Analysis Results
Intrinsic Value $26.59
Latest Price $26.00
Relative Value 2% undervalued
Thoughts on this result? Let us know.
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 -8.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -8.7%, 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 54.0 52.0
2024 49.3 45.7
2025 45.0 40.2
2026 41.1 35.3
2027 37.5 31.1
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 1130 million. This corresponds to a present value of 897 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 204 million. Adding in the terminal value gives a total present value of 1100 million.

There are presently 41.4 million outstanding shares, so the intrinsic value per share is 26.59.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 422,660,000
Current Cash 112,090,000
Current Liabilities 140,150,000
Current Debt 0
Non-Cash Working Capital (NCWC) 170,420,000
Change in NCWC 34,290,000
EBIT 77,110,000
Tax Provision 21,500,000
Depreciation and Amortization 53,220,000
Capital Expenditure -45,960,000
Unlevered Free Cash Flow 99,749,711
Current Assets 431,770,000
Current Cash 140,740,000
Current Liabilities 154,900,000
Current Debt 0
Non-Cash Working Capital (NCWC) 136,130,000
Change in NCWC -4,560,000
EBIT 95,220,000
Tax Provision 11,800,000
Depreciation and Amortization 53,450,000
Capital Expenditure -45,060,000
Unlevered Free Cash Flow 82,791,918
Current Assets 351,830,000
Current Cash 73,950,000
Current Liabilities 137,190,000
Current Debt 0
Non-Cash Working Capital (NCWC) 140,690,000
Change in NCWC -1,090,000
EBIT 47,600,000
Tax Provision -22,950,000
Depreciation and Amortization 49,770,000
Capital Expenditure -40,480,000
Unlevered Free Cash Flow 55,800,000
Current Assets 434,040,000
Current Cash 172,470,000
Current Liabilities 119,790,000
Current Debt 0
Non-Cash Working Capital (NCWC) 141,780,000
Change in NCWC -20,150,000
EBIT 91,370,000
Tax Provision 16,320,000
Depreciation and Amortization 43,500,000
Capital Expenditure -29,670,000
Unlevered Free Cash Flow 65,996,097
Current Assets 411,810,000
Current Cash 108,150,000
Current Liabilities 141,730,000
Current Debt 0
Non-Cash Working Capital (NCWC) 161,930,000
Change in NCWC 120,000
EBIT 122,320,000
Tax Provision 22,680,000
Depreciation and Amortization 44,020,000
Capital Expenditure -25,050,000
Unlevered Free Cash Flow 115,233,196
Current Assets 311,270,000
Current Cash 27,580,000
Current Liabilities 121,880,000
Current Debt 0
Non-Cash Working Capital (NCWC) 161,810,000
Change in NCWC -6,820,000
EBIT 89,570,000
Tax Provision 35,250,000
Depreciation and Amortization 46,870,000
Capital Expenditure -36,800,000
Unlevered Free Cash Flow 45,133,207
Current Assets 308,800,000
Current Cash 20,710,000
Current Liabilities 133,270,000
Current Debt 13,810,000
Non-Cash Working Capital (NCWC) 168,630,000
Change in NCWC 360,000
EBIT 56,770,000
Tax Provision -18,430,000
Depreciation and Amortization 44,860,000
Capital Expenditure -31,330,000
Unlevered Free Cash Flow 70,660,000
Current Assets 326,620,000
Current Cash 19,450,000
Current Liabilities 152,750,000
Current Debt 13,850,000
Non-Cash Working Capital (NCWC) 168,270,000
Change in NCWC -79,870,000
EBIT 73,760,000
Tax Provision 6,540,000
Depreciation and Amortization 43,540,000
Capital Expenditure -28,660,000
Unlevered Free Cash Flow 8,770,000
Current Assets 558,620,000
Current Cash 24,420,000
Current Liabilities 309,920,000
Current Debt 23,860,000
Non-Cash Working Capital (NCWC) 248,140,000
Change in NCWC 11,350,000
EBIT 129,060,000
Tax Provision 32,870,000
Depreciation and Amortization 56,480,000
Capital Expenditure -34,450,000
Unlevered Free Cash Flow 119,847,608
Current Assets 515,010,000
Current Cash 27,000,000
Current Liabilities 261,510,000
Current Debt 10,290,000
Non-Cash Working Capital (NCWC) 236,790,000
Change in NCWC 52,410,000
EBIT 108,760,000
Tax Provision 18,390,000
Depreciation and Amortization 50,580,000
Capital Expenditure -39,490,000
Unlevered Free Cash Flow 151,800,748
Current Assets 437,790,000
Current Cash 20,580,000
Current Liabilities 247,200,000
Current Debt 14,370,000
Non-Cash Working Capital (NCWC) 184,380,000
Change in NCWC 58,680,000
EBIT 127,590,000
Tax Provision 5,970,000
Depreciation and Amortization 44,870,000
Capital Expenditure -46,120,000
Unlevered Free Cash Flow 166,995,572

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