DCF Tool

WHR

Whirlpool Corp. – Audio and Video Equipment Manufacturing
for generations, whirlpool corporation has been helping people make the most of time so they can focus on what really matters – their families and their lives. “there is no right way to do a wrong thing” has guided everything we do, and for generations to come, we will sustain our commitment to make each experience an extraordinary one. whirlpool corporation is the number one major appliance manufacturer in the world, with approximately $21 billion in annual sales, 97,000 employees and 70 manufacturing and technology research centers in 2015. the company markets whirlpool, kitchenaid, maytag, consul, brastemp, amana, bauknecht, jenn-air, indesit and other major brand names in nearly every country throughout the world. additional information about the company can be found on twitter at @whirlpoolcorp and whirlpoolcorp.com.
Analysis Results
Intrinsic Value $745.08
Latest Price $130.92
Relative Value 82% 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 5.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 5.4%, 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)
2023 1.57 1.48
2024 1.66 1.47
2025 1.75 1.46
2026 1.84 1.45
2027 1.94 1.44
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 47.9 billion. This corresponds to a present value of 33.5 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 7.32 billion. Adding in the terminal value gives a total present value of 40.8 billion.

There are presently 54.8 million outstanding shares, so the intrinsic value per share is 745.08.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 6,394,000,000
Current Cash 1,958,000,000
Current Liabilities 5,931,000,000
Current Debt 252,000,000
Non-Cash Working Capital (NCWC) -1,243,000,000
Change in NCWC 308,000,000
EBIT 1,199,000,000
Tax Provision 265,000,000
Depreciation and Amortization 475,000,000
Capital Expenditure -570,000,000
Unlevered Free Cash Flow 1,412,000,000
Current Assets 9,695,000,000
Current Cash 3,044,000,000
Current Liabilities 8,510,000,000
Current Debt 308,000,000
Non-Cash Working Capital (NCWC) -1,551,000,000
Change in NCWC 378,000,000
EBIT 2,273,000,000
Tax Provision 518,000,000
Depreciation and Amortization 494,000,000
Capital Expenditure -525,000,000
Unlevered Free Cash Flow 2,113,367,469
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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