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Woodward Inc – Turbine and Turbine Generator Set Units Manufacturing
woodward delivers lasting contributions to energy control, always innovating for a better future. we serve two primary markets – aerospace and energy. we integrate our leading-edge technologies into fuel, combustion, fluid, actuation, and electronic control systems. our growth is driven by the increasing demand for fuel-efficient, low-emission, and high performance energy management.
Analysis Results
Intrinsic Value $136.18
Latest Price $140.98
Relative Value 4% 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 9.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 9.6%, 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)
2024 405 375
2025 444 381
2026 487 387
2027 534 393
2028 585 398
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 9960 million. This corresponds to a present value of 6280 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1930 million. Adding in the terminal value gives a total present value of 8210 million.

There are presently 60.3 million outstanding shares, so the intrinsic value per share is 136.18.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,469,452,000
Current Cash 137,447,000
Current Liabilities 617,196,000
Current Debt 75,817,000
Non-Cash Working Capital (NCWC) 790,626,000
Change in NCWC 57,958,000
EBIT 312,642,000
Tax Provision 43,400,000
Depreciation and Amortization 119,743,000
Capital Expenditure -76,500,000
Unlevered Free Cash Flow 364,639,819
Current Assets 1,311,969,000
Current Cash 107,844,000
Current Liabilities 539,113,000
Current Debt 67,656,000
Non-Cash Working Capital (NCWC) 732,668,000
Change in NCWC 80,029,000
EBIT 220,711,000
Tax Provision 28,200,000
Depreciation and Amortization 120,628,000
Capital Expenditure -52,868,000
Unlevered Free Cash Flow 337,363,869
Current Assets 1,464,723,000
Current Cash 446,555,000
Current Liabilities 366,257,000
Current Debt 728,000
Non-Cash Working Capital (NCWC) 652,639,000
Change in NCWC -117,755,000
EBIT 258,467,000
Tax Provision 37,150,000
Depreciation and Amortization 129,524,000
Capital Expenditure -37,689,000
Unlevered Free Cash Flow 193,482,361
Current Assets 1,210,865,000
Current Cash 149,773,000
Current Liabilities 392,332,000
Current Debt 101,634,000
Non-Cash Working Capital (NCWC) 770,394,000
Change in NCWC 84,175,000
EBIT 304,979,000
Tax Provision 41,486,000
Depreciation and Amortization 131,158,000
Capital Expenditure -47,087,000
Unlevered Free Cash Flow 428,339,538
Current Assets 1,271,228,000
Current Cash 97,573,000
Current Liabilities 707,436,000
Current Debt 220,000,000
Non-Cash Working Capital (NCWC) 686,219,000
Change in NCWC 88,924,000
EBIT 350,163,000
Tax Provision 61,010,000
Depreciation and Amortization 142,004,000
Capital Expenditure -99,066,000
Unlevered Free Cash Flow 415,391,671
Current Assets 1,114,797,000
Current Cash 79,959,000
Current Liabilities 591,178,000
Current Debt 153,635,000
Non-Cash Working Capital (NCWC) 597,295,000
Change in NCWC 58,292,000
EBIT 268,501,000
Tax Provision 39,200,000
Depreciation and Amortization 116,131,000
Capital Expenditure -127,140,000
Unlevered Free Cash Flow 267,850,057
Current Assets 1,021,189,000
Current Cash 87,552,000
Current Liabilities 427,234,000
Current Debt 32,600,000
Non-Cash Working Capital (NCWC) 539,003,000
Change in NCWC 6,282,000
EBIT 271,975,000
Tax Provision 52,240,000
Depreciation and Amortization 80,917,000
Capital Expenditure -92,336,000
Unlevered Free Cash Flow 210,623,785
Current Assets 944,424,000
Current Cash 81,090,000
Current Liabilities 480,613,000
Current Debt 150,000,000
Non-Cash Working Capital (NCWC) 532,721,000
Change in NCWC 3,239,000
EBIT 245,135,000
Tax Provision 45,648,000
Depreciation and Amortization 69,036,000
Capital Expenditure -175,692,000
Unlevered Free Cash Flow 92,311,314
Current Assets 947,476,000
Current Cash 82,202,000
Current Liabilities 338,222,000
Current Debt 2,430,000
Non-Cash Working Capital (NCWC) 529,482,000
Change in NCWC -23,859,000
EBIT 263,864,000
Tax Provision 59,497,000
Depreciation and Amortization 75,235,000
Capital Expenditure -286,612,000
Unlevered Free Cash Flow -36,527,349
Current Assets 1,008,644,000
Current Cash 115,287,000
Current Liabilities 340,016,000
Current Debt 0
Non-Cash Working Capital (NCWC) 553,341,000
Change in NCWC -42,120,000
EBIT 248,477,000
Tax Provision 61,400,000
Depreciation and Amortization 77,353,000
Capital Expenditure -207,106,000
Unlevered Free Cash Flow 9,466,967
Current Assets 957,113,000
Current Cash 48,556,000
Current Liabilities 413,096,000
Current Debt 100,000,000
Non-Cash Working Capital (NCWC) 595,461,000
Change in NCWC 25,852,000
EBIT 224,379,000
Tax Provision 53,629,000
Depreciation and Amortization 74,233,000
Capital Expenditure -141,600,000
Unlevered Free Cash Flow 122,568,559
Current Assets 903,477,000
Current Cash 61,829,000
Current Liabilities 279,868,000
Current Debt 7,829,000
Non-Cash Working Capital (NCWC) 569,609,000
Change in NCWC 88,838,000
EBIT 221,688,000
Tax Provision 56,218,000
Depreciation and Amortization 68,617,000
Capital Expenditure -64,900,000
Unlevered Free Cash Flow 251,237,868

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