DCF Tool


WD-40 Co. – Polish and Other Sanitation Good Manufacturing
wd-40 company produces lubricants, hand cleaners, and household cleaners worldwide. its products include wd-40, a multi-purpose product, which acts as a lubricant, rust preventative, penetrant, cleaner, and moisture displacer; wd-40 specialist, a line of best-in class specialty maintenance products; 3-in-one oil, a drip oil for household consumers that has application in the areas of locksmithing, hvac, marine, farming, construction, and jewelry manufacturing, as well as household consumer applications; and a range of heavy-duty hand cleaner products, including bar soaps and liquid cleaners under the lava and solvol brands. the company also offers x-14 line of liquid mildew stain removers, liquid daily shower cleaners, automatic toilet bowl cleaners, and aerosol and liquid all-purpose bathroom cleaners; 2000 flushes line of automatic toilet bowl cleaners; carpet fresh rug and room deodorizers; aerosol and liquid carpet stain removers under the spot shot brand name; and carpet and house
Analysis Results
Intrinsic Value $114.45
Latest Price $200.52
Relative Value 75% overvalued
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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 7.2%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.2%, 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 82.0 75.9
2024 87.9 75.4
2025 94.2 74.9
2026 101 74.4
2027 108 73.9
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1860 million. This corresponds to a present value of 1180 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 375 million. Adding in the terminal value gives a total present value of 1550 million.

There are presently 13.6 million outstanding shares, so the intrinsic value per share is 114.45.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 249,640,000
Current Cash 37,843,000
Current Liabilities 110,820,000
Current Debt 39,173,000
Non-Cash Working Capital (NCWC) 140,150,000
Change in NCWC 70,028,000
EBIT 87,330,000
Tax Provision 16,779,000
Depreciation and Amortization 8,294,000
Capital Expenditure -8,303,000
Unlevered Free Cash Flow 139,927,231
Current Assets 241,219,000
Current Cash 85,961,000
Current Liabilities 85,936,000
Current Debt 800,000
Non-Cash Working Capital (NCWC) 70,122,000
Change in NCWC 746,000
EBIT 88,841,000
Tax Provision 16,270,000
Depreciation and Amortization 7,019,000
Capital Expenditure -15,059,000
Unlevered Free Cash Flow 64,836,482
Current Assets 185,154,000
Current Cash 56,462,000
Current Liabilities 60,116,000
Current Debt 800,000
Non-Cash Working Capital (NCWC) 69,376,000
Change in NCWC 1,999,000
EBIT 77,220,000
Tax Provision 14,805,000
Depreciation and Amortization 7,701,000
Capital Expenditure -19,307,000
Unlevered Free Cash Flow 52,473,728
Current Assets 147,995,000
Current Cash 27,233,000
Current Liabilities 74,590,000
Current Debt 21,205,000
Non-Cash Working Capital (NCWC) 67,377,000
Change in NCWC 10,782,000
EBIT 82,382,000
Tax Provision 24,862,000
Depreciation and Amortization 7,593,000
Capital Expenditure -13,282,000
Unlevered Free Cash Flow 62,116,806
Current Assets 167,983,000
Current Cash 49,085,000
Current Liabilities 85,903,000
Current Debt 23,600,000
Non-Cash Working Capital (NCWC) 56,595,000
Change in NCWC 4,412,000
EBIT 78,604,000
Tax Provision 9,963,000
Depreciation and Amortization 7,800,000
Capital Expenditure -12,356,000
Unlevered Free Cash Flow 68,042,967
Current Assets 224,854,000
Current Cash 117,248,000
Current Liabilities 75,423,000
Current Debt 20,000,000
Non-Cash Working Capital (NCWC) 52,183,000
Change in NCWC 9,929,000
EBIT 75,909,000
Tax Provision 21,692,000
Depreciation and Amortization 6,769,000
Capital Expenditure -20,150,000
Unlevered Free Cash Flow 50,390,879
Current Assets 209,472,000
Current Cash 108,524,000
Current Liabilities 58,694,000
Current Debt 0
Non-Cash Working Capital (NCWC) 42,254,000
Change in NCWC -12,527,000
EBIT 71,348,000
Tax Provision 20,161,000
Depreciation and Amortization 6,465,000
Capital Expenditure -4,354,000
Unlevered Free Cash Flow 41,170,126
Current Assets 205,252,000
Current Cash 102,499,000
Current Liabilities 47,972,000
Current Debt 0
Non-Cash Working Capital (NCWC) 54,781,000
Change in NCWC -4,109,000
EBIT 65,390,000
Tax Provision 18,303,000
Depreciation and Amortization 6,464,000
Capital Expenditure -5,784,000
Unlevered Free Cash Flow 42,996,760
Current Assets 215,654,000
Current Cash 102,853,000
Current Liabilities 151,911,000
Current Debt 98,000,000
Non-Cash Working Capital (NCWC) 58,890,000
Change in NCWC 12,342,000
EBIT 63,737,000
Tax Provision 19,213,000
Depreciation and Amortization 5,860,000
Capital Expenditure -4,085,000
Unlevered Free Cash Flow 58,403,580
Current Assets 192,143,000
Current Cash 90,950,000
Current Liabilities 117,645,000
Current Debt 63,000,000
Non-Cash Working Capital (NCWC) 46,548,000
Change in NCWC -4,372,000
EBIT 57,714,000
Tax Provision 17,054,000
Depreciation and Amortization 5,359,000
Capital Expenditure -2,854,000
Unlevered Free Cash Flow 38,538,990
Current Assets 166,117,000
Current Cash 70,752,000
Current Liabilities 89,445,000
Current Debt 45,000,000
Non-Cash Working Capital (NCWC) 50,920,000
Change in NCWC 8,205,000
EBIT 51,729,000
Tax Provision 15,428,000
Depreciation and Amortization 4,869,000
Capital Expenditure -3,765,000
Unlevered Free Cash Flow 45,362,730

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