Discounted Cash Flow (DCF) Analysis Levered

American Woodmark Corporation (AMWD)

$63.59

+0.16 (+0.25%)

All numbers are in Millions, Currency in USD

Stock DCF: 112.75 | 63.59 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,250.27	1,645.32	1,650.33	1,744.01	1,857.19	2,061.79	2,288.93	2,541.10	2,821.04	3,131.83
Revenue (%)
Operating Cash Flow	86.78	190.84	177.54	151.76	24.45	162.12	179.98	199.81	221.82	246.26
Operating Cash Flow (%)
Capital Expenditure	-47.59	-32.13	-31.67	-35.73	-44.12	-49.91	-55.40	-61.51	-68.28	-75.81
Capital Expenditure (%)
Free Cash Flow	39.18	158.72	145.87	116.03	-19.68	112.22	124.58	138.30	153.54	170.45

Weighted Average Cost Of Capital

Share price	$ 63.59
Beta	1.812
Diluted Shares Outstanding	16.59
Cost of Debt
Tax Rate	30.85
After-tax Cost of Debt	1.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.246
Total Debt	626.07
Total Equity	1,055.11
Total Capital	1,681.17
Debt Weighting	37.24
Equity Weighting	62.76
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	1,250.27	1,645.32	1,650.33	1,744.01	1,857.19	2,061.79	2,288.93	2,541.10	2,821.04	3,131.83
Operating Cash Flow	86.78	190.84	177.54	151.76	24.45	162.12	179.98	199.81	221.82	246.26
Capital Expenditure	-47.59	-32.13	-31.67	-35.73	-44.12	-49.91	-55.40	-61.51	-68.28	-75.81
Free Cash Flow	39.18	158.72	145.87	116.03	-19.68	112.22	124.58	138.30	153.54	170.45
WACC
PV LFCF						103.80	106.59	109.45	112.40	115.42
SUM PV LFCF										547.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.11
Free cash flow (t + 1)	173.86
Terminal Value	2,845.55
Present Value of Terminal Value	1,926.80

Intrinsic Value

Enterprise Value	2,474.45
Net Debt	603.74
Equity Value	1,870.71
Shares Outstanding	16.59
Equity Value Per Share	112.75