Discounted Cash Flow (DCF) Analysis Levered

Lindsay Corporation (LNN)

$114.07

-1.47 (-1.27%)

All numbers are in Millions, Currency in USD

Stock DCF: 24.51 | 114.07 | 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	547.71	444.07	474.69	567.65	770.74	854.24	946.79	1,049.36	1,163.05	1,289.05
Revenue (%)
Operating Cash Flow	33.93	3.80	46.03	43.97	3.05	42.52	47.13	52.24	57.90	64.17
Operating Cash Flow (%)
Capital Expenditure	-11.05	-23.21	-21.44	-26.51	-15.59	-31.53	-34.95	-38.74	-42.93	-47.58
Capital Expenditure (%)
Free Cash Flow	22.88	-19.41	24.59	17.46	-12.55	10.99	12.18	13.50	14.96	16.58

Weighted Average Cost Of Capital

Share price	$ 114.07
Beta	0.624
Diluted Shares Outstanding	11.03
Cost of Debt
Tax Rate	25.49
After-tax Cost of Debt	2.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.424
Total Debt	135.37
Total Equity	1,258.31
Total Capital	1,393.68
Debt Weighting	9.71
Equity Weighting	90.29
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	547.71	444.07	474.69	567.65	770.74	854.24	946.79	1,049.36	1,163.05	1,289.05
Operating Cash Flow	33.93	3.80	46.03	43.97	3.05	42.52	47.13	52.24	57.90	64.17
Capital Expenditure	-11.05	-23.21	-21.44	-26.51	-15.59	-31.53	-34.95	-38.74	-42.93	-47.58
Free Cash Flow	22.88	-19.41	24.59	17.46	-12.55	10.99	12.18	13.50	14.96	16.58
WACC
PV LFCF						10.28	10.65	11.04	11.45	11.86
SUM PV LFCF										55.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.93
Free cash flow (t + 1)	16.92
Terminal Value	343.14
Present Value of Terminal Value	245.45

Intrinsic Value

Enterprise Value	300.74
Net Debt	30.32
Equity Value	270.41
Shares Outstanding	11.03
Equity Value Per Share	24.51