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 |