Discounted Cash Flow (DCF) Analysis Levered

Curtiss-Wright Corporation (CW)

$234.79

+1.08 (+0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 96.82 | 234.79 | 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 2,411.842,487.962,391.342,505.932,557.032,596.042,635.662,675.872,716.712,758.16
Revenue (%)
Operating Cash Flow 336.27421.40261.18387.67294.78357.22362.67368.20373.82379.52
Operating Cash Flow (%)
Capital Expenditure -54.96-69.75-47.50-41.11-38.22-52.98-53.79-54.61-55.44-56.29
Capital Expenditure (%)
Free Cash Flow 281.31351.65213.68346.56256.56304.24308.88313.59318.38323.24

Weighted Average Cost Of Capital

Share price $ 234.79
Beta 1.180
Diluted Shares Outstanding 38.65
Cost of Debt
Tax Rate 24.37
After-tax Cost of Debt 3.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.821
Total Debt 1,386.67
Total Equity 9,074.40
Total Capital 10,461.07
Debt Weighting 13.26
Equity Weighting 86.74
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 2,411.842,487.962,391.342,505.932,557.032,596.042,635.662,675.872,716.712,758.16
Operating Cash Flow 336.27421.40261.18387.67294.78357.22362.67368.20373.82379.52
Capital Expenditure -54.96-69.75-47.50-41.11-38.22-52.98-53.79-54.61-55.44-56.29
Free Cash Flow 281.31351.65213.68346.56256.56304.24308.88313.59318.38323.24
WACC
PV LFCF 279.27260.27242.55226.05210.66
SUM PV LFCF 1,218.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.94
Free cash flow (t + 1) 332.93
Terminal Value 5,604.96
Present Value of Terminal Value 3,652.88

Intrinsic Value

Enterprise Value 4,871.68
Net Debt 1,129.70
Equity Value 3,741.98
Shares Outstanding 38.65
Equity Value Per Share 96.82