Discounted Cash Flow (DCF) Analysis Levered

BWX Technologies, Inc. (BWXT)

$61.06

-0.57 (-0.92%)

All numbers are in Millions, Currency in USD

Stock DCF: 1.03 | 61.06 | overvalue

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	1,799.89	1,894.92	2,123.52	2,124.07	2,232.83	2,358.38	2,490.98	2,631.03	2,778.96	2,935.21
Revenue (%)
Operating Cash Flow	169.29	279.37	196.44	386.03	244.70	294.95	311.53	329.05	347.55	367.09
Operating Cash Flow (%)
Capital Expenditure	-109.34	-182.12	-255.03	-311.05	-198.31	-241.60	-255.18	-269.53	-284.68	-300.69
Capital Expenditure (%)
Free Cash Flow	59.95	97.24	-58.58	74.97	46.39	53.35	56.35	59.52	62.87	66.40

Weighted Average Cost Of Capital

Share price	$ 61.06
Beta	0.804
Diluted Shares Outstanding	91.70
Cost of Debt
Tax Rate	24.23
After-tax Cost of Debt	2.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.495
Total Debt	1,288.87
Total Equity	5,599.33
Total Capital	6,888.20
Debt Weighting	18.71
Equity Weighting	81.29
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	1,799.89	1,894.92	2,123.52	2,124.07	2,232.83	2,358.38	2,490.98	2,631.03	2,778.96	2,935.21
Operating Cash Flow	169.29	279.37	196.44	386.03	244.70	294.95	311.53	329.05	347.55	367.09
Capital Expenditure	-109.34	-182.12	-255.03	-311.05	-198.31	-241.60	-255.18	-269.53	-284.68	-300.69
Free Cash Flow	59.95	97.24	-58.58	74.97	46.39	53.35	56.35	59.52	62.87	66.40
WACC
PV LFCF						50.10	49.69	49.29	48.89	48.49
SUM PV LFCF										246.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.49
Free cash flow (t + 1)	67.73
Terminal Value	1,508.46
Present Value of Terminal Value	1,101.51

Intrinsic Value

Enterprise Value	1,347.97
Net Debt	1,253.63
Equity Value	94.34
Shares Outstanding	91.70
Equity Value Per Share	1.03