DCF Tool

TWI

Titan International, Inc. – Farm Machinery and Equipment Manufacturing
Titan International, Inc. is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products. Headquartered in Illinois, the company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets.
Analysis Results
Intrinsic Value $0.00
Latest Price $15.17
Relative Value 8050266% 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 -64.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -64.6%, 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 0.00836 0.00753
2023 0.00296 0.00241
2024 0.00105 0.000769
2025 0.000372 0.000246
2026 0.000132 7.84e-05
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 0.0015 million. This corresponds to a present value of 0.000804 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 0.011 million. Adding in the terminal value gives a total present value of 0.0118 million.

There are presently 62.8 million outstanding shares, so the intrinsic value per share is 0.0.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 813,304,000
Current Cash 98,108,000
Current Liabilities 450,813,000
Current Debt 32,500,000
Non-Cash Working Capital (NCWC) 296,883,000
Change in NCWC 54,307,000
EBIT 85,981,000
Tax Provision 1,149,000
Depreciation and Amortization 47,991,000
Capital Expenditure -38,802,000
Unlevered Free Cash Flow 147,541,416
Current Assets 658,599,000
Current Cash 117,431,000
Current Liabilities 329,711,000
Current Debt 31,119,000
Non-Cash Working Capital (NCWC) 242,576,000
Change in NCWC -68,987,000
EBIT -19,831,000
Tax Provision 6,946,000
Depreciation and Amortization 54,655,000
Capital Expenditure -21,680,000
Unlevered Free Cash Flow -55,843,000
Current Assets 644,262,000
Current Cash 66,799,000
Current Liabilities 327,153,000
Current Debt 61,253,000
Non-Cash Working Capital (NCWC) 311,563,000
Change in NCWC -63,050,000
EBIT -26,038,000
Tax Provision 3,475,000
Depreciation and Amortization 54,376,000
Capital Expenditure -36,414,000
Unlevered Free Cash Flow -71,126,000
Current Assets 779,481,000
Current Cash 81,685,000
Current Liabilities 375,068,000
Current Debt 51,885,000
Non-Cash Working Capital (NCWC) 374,613,000
Change in NCWC 64,261,000
EBIT 46,237,000
Tax Provision 6,762,000
Depreciation and Amortization 57,618,000
Capital Expenditure -39,000,000
Unlevered Free Cash Flow 113,330,944
Current Assets 783,193,000
Current Cash 143,570,000
Current Liabilities 372,922,000
Current Debt 43,651,000
Non-Cash Working Capital (NCWC) 310,352,000
Change in NCWC 50,635,000
EBIT 348,000
Tax Provision 11,203,000
Depreciation and Amortization 58,444,000
Capital Expenditure -32,626,000
Unlevered Free Cash Flow 76,801,000
Current Assets 726,236,000
Current Cash 197,827,000
Current Liabilities 366,104,000
Current Debt 97,412,000
Non-Cash Working Capital (NCWC) 259,717,000
Change in NCWC -11,221,000
EBIT -18,317,000
Tax Provision 3,281,000
Depreciation and Amortization 59,768,000
Capital Expenditure -41,948,000
Unlevered Free Cash Flow -11,718,000
Current Assets 710,001,000
Current Cash 200,188,000
Current Liabilities 270,097,000
Current Debt 31,222,000
Non-Cash Working Capital (NCWC) 270,938,000
Change in NCWC -88,218,000
EBIT -22,489,000
Tax Provision 38,281,000
Depreciation and Amortization 69,618,000
Capital Expenditure -48,429,000
Unlevered Free Cash Flow -89,518,000
Current Assets 835,930,000
Current Cash 201,451,000
Current Liabilities 301,556,000
Current Debt 26,233,000
Non-Cash Working Capital (NCWC) 359,156,000
Change in NCWC -147,852,000
EBIT -19,014,000
Tax Provision -21,819,000
Depreciation and Amortization 88,704,000
Capital Expenditure -58,439,000
Unlevered Free Cash Flow -136,601,000
Current Assets 1,007,878,000
Current Cash 189,360,000
Current Liabilities 386,571,000
Current Debt 75,061,000
Non-Cash Working Capital (NCWC) 507,008,000
Change in NCWC 33,027,000
EBIT 103,825,000
Tax Provision 25,047,000
Depreciation and Amortization 80,622,000
Capital Expenditure -80,131,000
Unlevered Free Cash Flow 89,831,311
Current Assets 978,995,000
Current Cash 189,114,000
Current Liabilities 461,701,000
Current Debt 145,801,000
Non-Cash Working Capital (NCWC) 473,981,000
Change in NCWC 202,601,000
EBIT 148,975,000
Tax Provision 86,613,000
Depreciation and Amortization 54,095,000
Capital Expenditure -65,740,000
Unlevered Free Cash Flow 268,474,183

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