Discounted Cash Flow (DCF) Analysis Unlevered


Raven Industries Inc.

Raven Industries Inc. (RAVN)

$24.21
0.11 (+0.46%)

Operating Data

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 406.18394.68378.14258.23277.39377.31406.67382.51386.11389.74393.40
Revenue (%)
EBITDA 90.7878.1961.1821.5443.8673.9570.2756.1964.7165.3265.93
EBITDA (%)
EBIT 77.7063.9843.834.3928.4359.1655.1439.9347.5748.0248.47
EBIT (%)
Depreciation 13.0814.2117.3617.1515.4214.7915.1316.2617.1417.3017.47
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 49.3553.2452.1833.7850.6540.5265.8020.6949.7750.2450.71
Total Cash (%)
Account Receivables 56.3054.6256.5738.0643.1358.5254.4562.5457.0757.6058.14
Account Receivables (%)
Inventories 46.1854.8655.1345.8442.3355.3554.0953.9055.4856.0156.53
Inventories (%)
Accounts Payable 14.4212.3111.536.048.4613.098.2614.8811.8511.9612.08
Accounts Payable (%)
Capital Expenditure 29.6930.7117.0513.044.8012.0014.111.4516.1416.2916.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.21
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 14.08
Total Debt 4.66
Total Equity 876.78
Total Capital 879.15
Debt Weighting 0.27
Equity Weighting 99.73
Wacc

Build Up Free Cash

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 406.18394.68378.14258.23277.39377.31406.67382.51386.11389.74393.40
EBITDA 90.7878.1961.1821.5443.8673.9570.2756.1964.7165.3265.93
EBIT 77.7063.9843.834.3928.4359.1655.1439.9347.5748.0248.47
Tax Rate 32.33%32.57%27.05%-17.03%27.51%30.45%15.88%12.08%20.11%20.11%20.11%
EBIAT 52.5843.1431.975.1420.6141.1446.3935.1138.0038.3638.72
Depreciation 13.0814.2117.3617.1515.4214.7915.1316.2617.1417.3017.47
Accounts Receivable -1.67-1.9518.51-5.07-15.394.07-8.095.47-0.54-0.54
Inventories --8.68-0.279.303.51-13.021.260.19-1.59-0.52-0.53
Accounts Payable --2.11-0.78-5.492.424.63-4.846.62-3.030.110.11
Capital Expenditure --1.0113.654.018.24-7.20-2.1112.66-14.69-0.15-0.15
UFCF 65.6647.2259.9848.6145.1324.9659.9062.7541.3254.5755.08
WACC
PV UFCF 31.7736.7832.56
SUM PV UFCF 283.84

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 -16.05
Equity Value 595.27
Shares Outstanding 36.22
Equity Value Per Share 16.44