Discounted Cash Flow (DCF) Analysis Levered

AAON, Inc. (AAON)

$61.64

-0.82 (-1.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 21.82 | 61.64 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 405.23433.95469.33514.55534.52572.94614.13658.28705.60756.33
Revenue (%)
Operating Cash Flow 57.9954.8697.93128.8161.1896.60103.54110.98118.96127.51
Operating Cash Flow (%)
Capital Expenditure -41.71-37.27-37.17-67.80-55.36-57.68-61.82-66.27-71.03-76.14
Capital Expenditure (%)
Free Cash Flow 16.2817.5960.7661.015.8238.9241.7244.7147.9351.37

Weighted Average Cost Of Capital

Share price $ 61.64
Beta 0.667
Diluted Shares Outstanding 53.73
Cost of Debt
Tax Rate 15.07
After-tax Cost of Debt 4.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.989
Total Debt -
Total Equity 3,311.85
Total Capital 3,311.85
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 405.23433.95469.33514.55534.52572.94614.13658.28705.60756.33
Operating Cash Flow 57.9954.8697.93128.8161.1896.60103.54110.98118.96127.51
Capital Expenditure -41.71-37.27-37.17-67.80-55.36-57.68-61.82-66.27-71.03-76.14
Free Cash Flow 16.2817.5960.7661.015.8238.9241.7244.7147.9351.37
WACC
PV LFCF 36.7237.1337.5537.9838.41
SUM PV LFCF 187.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.99
Free cash flow (t + 1) 52.40
Terminal Value 1,313.32
Present Value of Terminal Value 981.85

Intrinsic Value

Enterprise Value 1,169.64
Net Debt -2.86
Equity Value 1,172.50
Shares Outstanding 53.73
Equity Value Per Share 21.82