Discounted Cash Flow (DCF) Analysis Levered

Raven Industries Inc

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 406.18394.68378.15258.23277.39377.32406.67382.53386.11389.73393.38397.06400.78
Revenue (%)
Operating Cash Flow 76.4652.8460.0844.0148.6444.9665.9554.8760.4060.9761.5462.1262.70
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 46.7822.1443.0430.9643.8432.9551.8346.3143.3843.7944.2044.6145.03

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 406.18394.68378.15258.23277.39377.32406.67382.53386.11389.73393.38397.06400.78
Operating Cash Flow 76.4652.8460.0844.0148.6444.9665.9554.8760.4060.9761.5462.1262.70
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 46.7822.1443.0430.9643.8432.9551.8346.3143.3843.7944.2044.6145.03
WACC
PV LFCF 38.0133.6129.7226.2923.24
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