DCF Tool

WWD

Woodward Inc – Turbine and Turbine Generator Set Units Manufacturing
Woodward is an independent designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets. The company's innovative fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Its customers include leading original equipment manufacturers and end users of their products. Woodward is a global company headquartered in Fort Collins, Colorado, USA.
Analysis Results
Intrinsic Value $3,309.65
Latest Price $80.26
Relative Value 98% 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 68.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 68.1%, 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 1.86 1.73
2023 3.13 2.71
2024 5.27 4.23
2025 8.86 6.6
2026 14.9 10.3
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 270 billion. This corresponds to a present value of 174 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 25.6 billion. Adding in the terminal value gives a total present value of 199 billion.

There are presently 60.2 million outstanding shares, so the intrinsic value per share is 3309.65.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,929,446,000
Current Cash 893,110,000
Current Liabilities 732,514,000
Current Debt 1,456,000
Non-Cash Working Capital (NCWC) 1,305,278,000
Change in NCWC 534,884,000
EBIT 516,934,000
Tax Provision 74,300,000
Depreciation and Amortization 259,048,000
Capital Expenditure -75,378,000
Unlevered Free Cash Flow 1,157,358,723
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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