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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 90.7878.1961.1821.5443.8673.9570.2770.7872.2573.7575.29
EBITDA (%)
EBIT 77.7063.9843.834.3928.4359.1655.1452.2253.3154.4255.55
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 29.6930.7117.0513.044.8012.0014.1119.5920.0020.4220.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 34.47
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 15.77
After-tax Cost of Debt -0.74
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.08
Total Debt -
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
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 90.7878.1961.1821.5443.8673.9570.2770.7872.2573.7575.29
EBIT 77.7063.9843.834.3928.4359.1655.1452.2253.3154.4255.55
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 52.5943.1432.025.2320.6141.1446.4541.3042.1643.0343.93
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 --1.0113.654.018.24-7.20-2.11-5.48-0.41-0.42-0.42
UFCF 65.6747.2260.0348.7045.1324.9659.9646.6858.4559.6660.90
WACC
PV UFCF ----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 63.34
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -65.80
Equity Value -
Shares Outstanding -
Equity Value Per Share -