DCF Tool


WestRock Co – Corrugated and Solid Fiber Box Manufacturing
WestRock (NYSE: WRK) partners with our customers to provide differentiated paper and packaging solutions that help them win in the marketplace. WestRock's team members support customers around the world from locations spanning North America, South America, Europe, Asia and Australia.
Analysis Results
Intrinsic Value $218.51
Latest Price $37.40
Relative Value 83% undervalued
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Cash Flow (Billions)
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 7.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.3%, 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 2.19 2.06
2024 2.35 2.07
2025 2.52 2.09
2026 2.7 2.1
2027 2.9 2.12
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 65.9 billion. This corresponds to a present value of 45.2 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 10.4 billion. Adding in the terminal value gives a total present value of 55.6 billion.

There are presently 255.0 million outstanding shares, so the intrinsic value per share is 218.51.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 5,985,400,000
Current Cash 260,200,000
Current Liabilities 3,902,800,000
Current Debt 212,200,000
Non-Cash Working Capital (NCWC) 2,034,600,000
Change in NCWC 141,200,000
EBIT 1,810,600,000
Tax Provision 269,600,000
Depreciation and Amortization 1,488,600,000
Capital Expenditure -862,600,000
Unlevered Free Cash Flow 2,177,293,140
Current Assets 5,659,600,000
Current Cash 290,900,000
Current Liabilities 3,644,100,000
Current Debt 168,800,000
Non-Cash Working Capital (NCWC) 1,893,400,000
Change in NCWC -94,200,000
EBIT 1,354,800,000
Tax Provision 243,400,000
Depreciation and Amortization 1,460,000,000
Capital Expenditure -815,500,000
Unlevered Free Cash Flow 1,601,427,175
Current Assets 4,944,700,000
Current Cash 251,100,000
Current Liabilities 2,928,900,000
Current Debt 222,900,000
Non-Cash Working Capital (NCWC) 1,987,600,000
Change in NCWC 38,900,000
EBIT 1,188,100,000
Tax Provision 163,500,000
Depreciation and Amortization 1,487,000,000
Capital Expenditure -978,100,000
Unlevered Free Cash Flow 1,735,900,000
Current Assets 4,974,300,000
Current Cash 151,600,000
Current Liabilities 3,435,100,000
Current Debt 561,100,000
Non-Cash Working Capital (NCWC) 1,948,700,000
Change in NCWC 393,000,000
EBIT 1,643,700,000
Tax Provision 276,800,000
Depreciation and Amortization 1,511,200,000
Capital Expenditure -1,369,100,000
Unlevered Free Cash Flow 1,781,336,769
Current Assets 4,785,100,000
Current Cash 636,800,000
Current Liabilities 3,333,300,000
Current Debt 740,700,000
Non-Cash Working Capital (NCWC) 1,555,700,000
Change in NCWC -236,000,000
EBIT 1,637,500,000
Tax Provision -874,500,000
Depreciation and Amortization 1,252,200,000
Capital Expenditure -999,900,000
Unlevered Free Cash Flow 1,653,800,000
Current Assets 4,490,900,000
Current Cash 298,100,000
Current Liabilities 3,009,800,000
Current Debt 608,700,000
Non-Cash Working Capital (NCWC) 1,791,700,000
Change in NCWC 110,100,000
EBIT 1,150,000,000
Tax Provision 159,000,000
Depreciation and Amortization 1,116,600,000
Capital Expenditure -778,600,000
Unlevered Free Cash Flow 1,384,888,712
Current Assets 3,912,600,000
Current Cash 340,900,000
Current Liabilities 2,183,000,000
Current Debt 292,900,000
Non-Cash Working Capital (NCWC) 1,681,600,000
Change in NCWC -161,400,000
EBIT 806,400,000
Tax Provision 89,800,000
Depreciation and Amortization 1,146,500,000
Capital Expenditure -796,700,000
Unlevered Free Cash Flow 698,746,361
Current Assets 4,160,400,000
Current Cash 228,300,000
Current Liabilities 2,163,200,000
Current Debt 74,100,000
Non-Cash Working Capital (NCWC) 1,843,000,000
Change in NCWC 671,000,000
EBIT 1,045,500,000
Tax Provision 250,500,000
Depreciation and Amortization 740,800,000
Capital Expenditure -585,500,000
Unlevered Free Cash Flow 1,528,237,426

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