DCF Tool

VWDRY

Vestas Wind Systems AS – Turbine and Turbine Generator Set Units Manufacturing
Analysis Results
Intrinsic Value $43.38
Latest Price $6.09
Relative Value 86% undervalued
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Cash Flow (Billions)
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 34.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 34.9%, 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 (billion) Present value (billion)
2020 1.47 1.42
2021 1.99 1.85
2022 2.68 2.41
2023 3.62 3.14
2024 4.89 4.09
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 147 billion. This corresponds to a present value of 118 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 12.9 billion. Adding in the terminal value gives a total present value of 131 billion.

There are presently 3.03 billion outstanding shares, so the intrinsic value per share is 43.38.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 11,702,302,917
Current Cash 3,430,449,073
Current Liabilities 10,475,141,291
Current Debt 178,190,592
Non-Cash Working Capital (NCWC) -2,025,096,856
Change in NCWC 478,023,472
EBIT 1,128,540,417
Tax Provision 234,225,369
Depreciation and Amortization 611,899,769
Capital Expenditure -869,659,745
Unlevered Free Cash Flow 1,089,326,523
Current Assets 9,778,170,962
Current Cash 3,817,544,244
Current Liabilities 8,463,747,045
Current Debt 0
Non-Cash Working Capital (NCWC) -2,503,120,328
Change in NCWC 108,534,672
EBIT 1,141,834,341
Tax Provision 259,455,851
Depreciation and Amortization 523,483,612
Capital Expenditure -693,787,232
Unlevered Free Cash Flow 795,234,189
Current Assets 9,560,544,093
Current Cash 4,370,670,919
Current Liabilities 7,801,528,174
Current Debt 0
Non-Cash Working Capital (NCWC) -2,611,655,000
Change in NCWC -247,903,350
EBIT 1,421,065,135
Tax Provision 355,863,369
Depreciation and Amortization 502,746,572
Capital Expenditure -586,338,639
Unlevered Free Cash Flow 734,303,434
Current Assets 7,340,515,625
Current Cash 3,761,090,092
Current Liabilities 5,943,177,183
Current Debt 0
Non-Cash Working Capital (NCWC) -2,363,751,650
Change in NCWC -624,012,230
EBIT 1,394,169,874
Tax Provision 340,092,954
Depreciation and Amortization 427,756,665
Capital Expenditure -516,476,567
Unlevered Free Cash Flow 332,624,455
Current Assets 6,522,385,680
Current Cash 3,017,803,950
Current Liabilities 5,244,321,150
Current Debt 0
Non-Cash Working Capital (NCWC) -1,739,739,420
Change in NCWC -431,948,170
EBIT 975,738,420
Tax Provision 261,943,200
Depreciation and Amortization 332,886,150
Capital Expenditure -404,920,530
Unlevered Free Cash Flow 218,591,306
Current Assets 5,712,918,800
Current Cash 2,454,997,900
Current Liabilities 5,300,508,350
Current Debt 734,796,200
Non-Cash Working Capital (NCWC) -1,307,791,250
Change in NCWC -285,378,670
EBIT 642,338,400
Tax Provision 159,368,050
Depreciation and Amortization 458,639,350
Capital Expenditure -357,665,700
Unlevered Free Cash Flow 297,041,734
Current Assets 4,452,930,160
Current Cash 954,985,640
Current Liabilities 4,525,861,340
Current Debt 5,504,240
Non-Cash Working Capital (NCWC) -1,022,412,580
Change in NCWC -1,159,972,340
EBIT 290,348,660
Tax Provision 63,298,760
Depreciation and Amortization 553,176,120
Capital Expenditure -360,527,720
Unlevered Free Cash Flow -676,975,280
Current Assets 5,766,928,400
Current Cash 1,125,609,190
Current Liabilities 4,891,307,620
Current Debt 387,548,170
Non-Cash Working Capital (NCWC) 137,559,760
Change in NCWC 451,307,920
EBIT 2,645,380
Tax Provision 330,672,500
Depreciation and Amortization 1,317,399,240
Capital Expenditure -444,423,840
Unlevered Free Cash Flow 1,326,928,700

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