DCF Tool

TRS

Trimas Corporation – Gasket, Packing, and Sealing Device Manufacturing
TriMas is a global manufacturer and provider of products for customers primarily in the consumer products, aerospace and industrial markets, with approximately 3,500 dedicated employees in 11 countries. We provide customers with a wide range of innovative and quality product solutions through our market-leading businesses. Our TriMas family of businesses has strong brand names in the end markets served, and operates under a common set of values and strategic priorities under the TriMas Business Model. TriMas is publicly traded on the NASDAQ under the ticker symbol "TRS," and is headquartered inBloomfield Hills, Michigan.
Analysis Results
Intrinsic Value $13.30
Latest Price $27.75
Relative Value 109% overvalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 -11.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -11.4%, 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 46.2 43.2
2023 40.9 35.8
2024 36.2 29.7
2025 32.1 24.6
2026 28.4 20.4
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 601 million. This corresponds to a present value of 404 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 154 million. Adding in the terminal value gives a total present value of 558 million.

There are presently 42.0 million outstanding shares, so the intrinsic value per share is 13.3.

Financial Statements

The following data was to determine the past cash flows.

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

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.