DCF Tool

WHR

Whirlpool Corp. – Audio and Video Equipment Manufacturing
Whirlpool Corporation is the world's leading kitchen and laundry appliance company, with approximately $20 billion in annual sales, 77,000 employees and 59 manufacturing and technology research centers in 2019. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, JennAir, Indesit and other major brand names in nearly every country throughout the world.
Analysis Results
Intrinsic Value $1,546.32
Latest Price $137.24
Relative Value 91% 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 11.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 11.7%, 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)
2022 2.13 2.02
2023 2.37 2.14
2024 2.65 2.27
2025 2.97 2.41
2026 3.31 2.56
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 99.4 billion. This corresponds to a present value of 72.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 11.4 billion. Adding in the terminal value gives a total present value of 84.3 billion.

There are presently 54.5 million outstanding shares, so the intrinsic value per share is 1546.32.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 19,390,000,000
Current Cash 6,088,000,000
Current Liabilities 17,020,000,000
Current Debt 616,000,000
Non-Cash Working Capital (NCWC) -3,102,000,000
Change in NCWC -1,173,000,000
EBIT 4,546,000,000
Tax Provision 1,036,000,000
Depreciation and Amortization 988,000,000
Capital Expenditure -1,050,000,000
Unlevered Free Cash Flow 2,297,734,939
Current Assets 9,015,000,000
Current Cash 2,924,000,000
Current Liabilities 8,330,000,000
Current Debt 310,000,000
Non-Cash Working Capital (NCWC) -1,929,000,000
Change in NCWC 141,000,000
EBIT 1,911,000,000
Tax Provision 384,000,000
Depreciation and Amortization 568,000,000
Capital Expenditure -410,000,000
Unlevered Free Cash Flow 1,705,653,608
Current Assets 7,398,000,000
Current Cash 1,952,000,000
Current Liabilities 8,369,000,000
Current Debt 853,000,000
Non-Cash Working Capital (NCWC) -2,070,000,000
Change in NCWC -773,000,000
EBIT 1,322,000,000
Tax Provision 354,000,000
Depreciation and Amortization 587,000,000
Capital Expenditure -532,000,000
Unlevered Free Cash Flow 302,461,340
Current Assets 7,898,000,000
Current Cash 1,498,000,000
Current Liabilities 9,678,000,000
Current Debt 1,981,000,000
Non-Cash Working Capital (NCWC) -1,297,000,000
Change in NCWC -352,000,000
EBIT 1,273,000,000
Tax Provision 138,000,000
Depreciation and Amortization 645,000,000
Capital Expenditure -590,000,000
Unlevered Free Cash Flow 976,000,000
Current Assets 7,930,000,000
Current Cash 1,196,000,000
Current Liabilities 8,505,000,000
Current Debt 826,000,000
Non-Cash Working Capital (NCWC) -945,000,000
Change in NCWC -131,000,000
EBIT 1,411,000,000
Tax Provision 550,000,000
Depreciation and Amortization 654,000,000
Capital Expenditure -684,000,000
Unlevered Free Cash Flow 375,084,554
Current Assets 7,339,000,000
Current Cash 1,085,000,000
Current Liabilities 7,662,000,000
Current Debt 594,000,000
Non-Cash Working Capital (NCWC) -814,000,000
Change in NCWC -151,000,000
EBIT 1,527,000,000
Tax Provision 186,000,000
Depreciation and Amortization 655,000,000
Capital Expenditure -660,000,000
Unlevered Free Cash Flow 1,116,043,087
Current Assets 7,325,000,000
Current Cash 772,000,000
Current Liabilities 7,744,000,000
Current Debt 528,000,000
Non-Cash Working Capital (NCWC) -663,000,000
Change in NCWC -135,000,000
EBIT 1,486,000,000
Tax Provision 209,000,000
Depreciation and Amortization 668,000,000
Capital Expenditure -689,000,000
Unlevered Free Cash Flow 1,028,764,306
Current Assets 8,098,000,000
Current Cash 1,026,000,000
Current Liabilities 8,403,000,000
Current Debt 803,000,000
Non-Cash Working Capital (NCWC) -528,000,000
Change in NCWC 7,000,000
EBIT 1,324,000,000
Tax Provision 189,000,000
Depreciation and Amortization 560,000,000
Capital Expenditure -720,000,000
Unlevered Free Cash Flow 886,963,677
Current Assets 7,022,000,000
Current Cash 1,380,000,000
Current Liabilities 6,794,000,000
Current Debt 617,000,000
Non-Cash Working Capital (NCWC) -535,000,000
Change in NCWC -201,000,000
EBIT 1,445,000,000
Tax Provision 68,000,000
Depreciation and Amortization 540,000,000
Capital Expenditure -578,000,000
Unlevered Free Cash Flow 1,098,846,237
Current Assets 6,827,000,000
Current Cash 1,168,000,000
Current Liabilities 6,510,000,000
Current Debt 517,000,000
Non-Cash Working Capital (NCWC) -334,000,000
Change in NCWC 288,000,000
EBIT 1,106,000,000
Tax Provision 133,000,000
Depreciation and Amortization 551,000,000
Capital Expenditure -476,000,000
Unlevered Free Cash Flow 1,205,383,512

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