Major Indexes

Discounted Cash Flow (DCF) Analysis Levered

Raven Industries Inc. (RAVN)

$20.855

0.545 (+2.68%)

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
Revenue	406.18	394.68	378.14	258.23	277.39	377.31	406.67	382.51	386.11	389.74	393.40
Revenue (%)
Operating Cash Flow	76.44	52.85	60.09	44.00	48.63	44.98	65.96	54.89	60.39	60.95	61.53
Operating Cash Flow (%)
Capital Expenditure	29.69	30.71	17.05	13.04	4.80	12.00	14.11	1.45	16.14	16.29	16.44
Capital Expenditure (%)
Free Cash Flow	106.13	83.55	77.14	57.04	53.43	56.97	80.07	56.34	76.53	77.25	77.97

Weighted Average Cost Of Capital

Share price	$ 20.855
Diluted Shares Outstanding	36.22
Cost of Debt
Tax Rate	12.08
After-tax Cost of Debt	-0.55
Risk-Free Rate
Market Risk Premium
Cost of Equity	14.08
Total Debt	2.37
Total Equity	755.28
Total Capital	757.65
Debt Weighting	0.31
Equity Weighting	99.69
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
Revenue	406.18	394.68	378.14	258.23	277.39	377.31	406.67	382.51	386.11	389.74	393.40
Operating Cash Flow	76.44	52.85	60.09	44.00	48.63	44.98	65.96	54.89	60.39	60.95	61.53
Capital Expenditure	29.69	30.71	17.05	13.04	4.80	12.00	14.11	1.45	16.14	16.29	16.44
Free Cash Flow	106.13	83.55	77.14	57.04	53.43	56.97	80.07	56.34	76.53	77.25	77.97
WACC
PV LFCF									58.83	52.07	46.08
SUM PV LFCF											410.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	14.05
Free cash flow (t + 1)	57.28
Terminal Value	569.99
Present Value of Terminal Value	295.39

Intrinsic Value

Enterprise Value	579.22
Net Debt	-18.32
Equity Value	597.55
Shares Outstanding	36.22
Equity Value Per Share	23.39

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