Discounted Cash Flow (DCF) Analysis Levered

Raven Industries Inc (RAVN)
$36.57
-1.06 (-2.82%)
Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
Revenue | 406.18 | 394.68 | 378.15 | 258.23 | 277.39 | 377.32 | 406.67 | 382.53 | 386.11 | 389.73 | 393.38 | 397.06 | 400.78 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | |||||||||||||
Operating Cash Flow | 76.46 | 52.84 | 60.08 | 44.01 | 48.64 | 44.96 | 65.95 | 54.87 | 60.40 | 60.97 | 61.54 | 62.12 | 62.70 |
Operating Cash Flow (%) | |||||||||||||
Capital Expenditure | -29.67 | -30.70 | -17.04 | -13.05 | -4.80 | -12.01 | -14.13 | -8.56 | -17.02 | -17.18 | -17.34 | -17.50 | -17.67 |
Capital Expenditure (%) | |||||||||||||
Free Cash Flow | 46.78 | 22.14 | 43.04 | 30.96 | 43.84 | 32.95 | 51.83 | 46.31 | 43.38 | 43.79 | 44.20 | 44.61 | 45.03 |
Weighted Average Cost Of Capital
Share price | $ 36.57 |
---|---|
Beta | 1.473 |
Diluted Shares Outstanding | 36.22 |
Cost of Debt | |
Tax Rate | 12.08 |
After-tax Cost of Debt | 4.40% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 14.183 |
Total Debt | 5.38 |
Total Equity | 1,324.42 |
Total Capital | 1,329.80 |
Debt Weighting | 0.40 |
Equity Weighting | 99.60 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
Revenue | 406.18 | 394.68 | 378.15 | 258.23 | 277.39 | 377.32 | 406.67 | 382.53 | 386.11 | 389.73 | 393.38 | 397.06 | 400.78 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 76.46 | 52.84 | 60.08 | 44.01 | 48.64 | 44.96 | 65.95 | 54.87 | 60.40 | 60.97 | 61.54 | 62.12 | 62.70 |
Capital Expenditure | -29.67 | -30.70 | -17.04 | -13.05 | -4.80 | -12.01 | -14.13 | -8.56 | -17.02 | -17.18 | -17.34 | -17.50 | -17.67 |
Free Cash Flow | 46.78 | 22.14 | 43.04 | 30.96 | 43.84 | 32.95 | 51.83 | 46.31 | 43.38 | 43.79 | 44.20 | 44.61 | 45.03 |
WACC | |||||||||||||
PV LFCF | 38.01 | 33.61 | 29.72 | 26.29 | 23.24 | ||||||||
SUM PV LFCF | 150.87 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 14.14 |
Free cash flow (t + 1) | 46.83 |
Terminal Value | 461.85 |
Present Value of Terminal Value | 238.41 |
Intrinsic Value
Enterprise Value | 389.28 |
---|---|
Net Debt | -19.97 |
Equity Value | 409.24 |
Shares Outstanding | 36.22 |
Equity Value Per Share | 11.30 |