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Universal Corp. – Tobacco Manufacturing
over 100 years ago, jaquelin taylor started a company that has grown to become the leader in the global leaf tobacco business, and, today, we’re excited to contemplate future opportunities. but, some things won’t change, like our commitment to setting industry standards in providing products that are responsibly‐sourced and processed with transparency and our dedication to cultivating stronger ties with the various communities that we both serve and depend on, including, our investors, our customers, and our growers.
Analysis Results
Intrinsic Value $938.48
Latest Price $57.55
Relative Value 94% 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 21.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 21.9%, 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)
2024 401 383
2025 488 447
2026 595 522
2027 725 608
2028 884 710
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 26500 million. This corresponds to a present value of 20400 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2670 million. Adding in the terminal value gives a total present value of 23000 million.

There are presently 24.6 million outstanding shares, so the intrinsic value per share is 938.48.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,802,890,000
Current Cash 64,690,000
Current Liabilities 441,987,000
Current Debt 195,564,000
Non-Cash Working Capital (NCWC) 1,491,777,000
Change in NCWC 161,499,000
EBIT 183,455,000
Tax Provision 11,733,000
Depreciation and Amortization 57,300,000
Capital Expenditure -54,674,000
Unlevered Free Cash Flow 332,418,397
Current Assets 1,748,011,000
Current Cash 81,648,000
Current Liabilities 518,724,000
Current Debt 182,639,000
Non-Cash Working Capital (NCWC) 1,330,278,000
Change in NCWC 164,004,000
EBIT 174,335,000
Tax Provision 38,663,000
Depreciation and Amortization 52,521,000
Capital Expenditure -53,203,000
Unlevered Free Cash Flow 290,279,083
Current Assets 1,555,358,000
Current Cash 197,221,000
Current Liabilities 293,157,000
Current Debt 101,294,000
Non-Cash Working Capital (NCWC) 1,166,274,000
Change in NCWC -16,547,000
EBIT 169,199,000
Tax Provision 29,412,000
Depreciation and Amortization 44,733,000
Capital Expenditure -66,154,000
Unlevered Free Cash Flow 91,649,044
Current Assets 1,479,617,000
Current Cash 107,430,000
Current Liabilities 267,399,000
Current Debt 78,033,000
Non-Cash Working Capital (NCWC) 1,182,821,000
Change in NCWC 91,957,000
EBIT 138,121,000
Tax Provision 35,288,000
Depreciation and Amortization 38,379,000
Capital Expenditure -35,227,000
Unlevered Free Cash Flow 190,207,925
Current Assets 1,588,145,000
Current Cash 297,556,000
Current Liabilities 253,748,000
Current Debt 54,023,000
Non-Cash Working Capital (NCWC) 1,090,864,000
Change in NCWC -41,752,000
EBIT 186,772,000
Tax Provision 41,188,000
Depreciation and Amortization 37,104,000
Capital Expenditure -38,760,000
Unlevered Free Cash Flow 92,526,943
Current Assets 1,589,043,000
Current Cash 234,128,000
Current Liabilities 267,720,000
Current Debt 45,421,000
Non-Cash Working Capital (NCWC) 1,132,616,000
Change in NCWC 64,073,000
EBIT 180,612,000
Tax Provision 50,509,000
Depreciation and Amortization 34,836,000
Capital Expenditure -34,037,000
Unlevered Free Cash Flow 190,752,204
Current Assets 1,561,399,000
Current Cash 283,993,000
Current Liabilities 267,996,000
Current Debt 59,133,000
Non-Cash Working Capital (NCWC) 1,068,543,000
Change in NCWC -70,465,000
EBIT 188,484,000
Tax Provision 56,732,000
Depreciation and Amortization 35,911,000
Capital Expenditure -35,630,000
Unlevered Free Cash Flow 55,116,351
Current Assets 1,638,546,000
Current Cash 319,447,000
Current Liabilities 246,270,000
Current Debt 66,179,000
Non-Cash Working Capital (NCWC) 1,139,008,000
Change in NCWC -35,768,000
EBIT 186,068,000
Tax Provision 54,430,000
Depreciation and Amortization 37,644,000
Capital Expenditure -47,153,000
Unlevered Free Cash Flow 82,106,340
Current Assets 1,634,610,000
Current Cash 248,783,000
Current Liabilities 270,913,000
Current Debt 59,862,000
Non-Cash Working Capital (NCWC) 1,174,776,000
Change in NCWC -59,117,000
EBIT 167,225,000
Tax Provision 38,006,000
Depreciation and Amortization 37,324,000
Capital Expenditure -58,385,000
Unlevered Free Cash Flow 46,940,521
Current Assets 1,673,247,000
Current Cash 163,532,000
Current Liabilities 454,977,000
Current Debt 179,155,000
Non-Cash Working Capital (NCWC) 1,233,893,000
Change in NCWC 161,813,000
EBIT 175,175,000
Tax Provision 75,535,000
Depreciation and Amortization 38,899,000
Capital Expenditure -45,849,000
Unlevered Free Cash Flow 272,680,318
Current Assets 1,745,973,000
Current Cash 367,864,000
Current Liabilities 622,597,000
Current Debt 316,568,000
Non-Cash Working Capital (NCWC) 1,072,080,000
Change in NCWC -108,408,000
EBIT 232,757,000
Tax Provision 66,366,000
Depreciation and Amortization 45,116,000
Capital Expenditure -30,783,000
Unlevered Free Cash Flow 64,160,683
Current Assets 1,690,629,000
Current Cash 261,699,000
Current Liabilities 392,708,000
Current Debt 144,266,000
Non-Cash Working Capital (NCWC) 1,180,488,000
Change in NCWC 11,321,000
EBIT 223,548,000
Tax Provision 61,159,000
Depreciation and Amortization 43,866,000
Capital Expenditure -38,174,000
Unlevered Free Cash Flow 156,154,647

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