Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


Raven Industries Inc.

Raven Industries Inc. (RAVN)

Industrials

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 406.18394.68378.14258.23277.39377.31406.67415.13423.76432.58441.57
Revenue (%)
EBITDA 90.7477.8360.8121.1543.3073.8076.6271.3672.8474.3675.91
EBITDA (%)
EBIT 77.6663.6243.454.0027.8859.0161.4952.8053.9055.0256.17
EBIT (%)
Depreciation 13.0814.2117.3617.1515.4214.7915.1318.5618.9419.3419.74
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 49.3553.2452.1833.7850.6540.5265.8057.9559.1660.3961.64
Total Cash (%)
Account Receivables 56.3054.6256.5738.0643.1358.5254.4560.4061.6662.9464.25
Account Receivables (%)
Inventories 46.1854.8655.1345.8442.3355.3554.0959.8261.0662.3363.63
Inventories (%)
Accounts Payable 14.4212.3111.536.048.4613.098.2612.2512.5012.7613.03
Accounts Payable (%)
Capital Expenditure -29.69-30.71-17.05-13.04-4.80-12.00-14.11-19.59-20.00-20.42-20.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 34.64
Diluted Shares Outstanding 35.96
Cost of Debt
Tax Rate 15.77
After-tax Cost of Debt -0.74
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.98
Total Debt -
Total Equity 1,245.52
Total Capital 1,245.52
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 406.18394.68378.14258.23277.39377.31406.67415.13423.76432.58441.57
EBITDA 90.7477.8360.8121.1543.3073.8076.6271.3672.8474.3675.91
EBIT 77.6663.6243.454.0027.8859.0161.4952.8053.9055.0256.17
Tax Rate 32.32%32.57%26.95%-19.13%27.51%30.46%15.77%20.92%20.92%20.92%20.92%
EBIAT 52.5642.9031.744.7720.2141.0451.7941.7642.6343.5144.42
Depreciation 13.0814.2117.3617.1515.4214.7915.1318.5618.9419.3419.74
Accounts Receivable -1.67-1.9518.51-5.07-15.394.07-5.95-1.26-1.28-1.31
Inventories --8.68-0.279.303.51-13.021.26-5.73-1.24-1.27-1.30
Accounts Payable --2.11-0.78-5.492.424.63-4.843.990.250.260.27
Capital Expenditure -1.01-13.65-4.01-8.247.202.115.480.410.420.42
UFCF 65.6449.0132.4540.2128.2439.2569.5358.1159.7360.9762.24
WACC
PV UFCF 45.5241.4237.4233.81
SUM PV UFCF 283.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.98
Free cash flow (t + 1) 64.73
Terminal Value 720.83
Present Value of Terminal Value 391.58

Intrinsic Value

Enterprise Value 675.12
Net Debt -65.80
Equity Value 740.92
Shares Outstanding 35.96
Equity Value Per Share 20.61