Discounted Cash Flow (DCF) Analysis Levered

Raven Industries, Inc. (RAVN)

$58.08

0.00 (0.00%)

All numbers are in Millions, Currency in USD

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	277.39	377.32	406.67	382.53	348.36	373.56	400.58	429.55	460.62	493.93
Revenue (%)
Operating Cash Flow	48.64	44.96	65.95	54.87	55.47	56.73	60.84	65.24	69.95	75.01
Operating Cash Flow (%)
Capital Expenditure	-4.80	-12.01	-14.13	-8.56	-16.15	-11.40	-12.22	-13.11	-14.06	-15.07
Capital Expenditure (%)
Free Cash Flow	43.84	32.95	51.83	46.31	39.33	45.33	48.61	52.13	55.90	59.94

Weighted Average Cost Of Capital

Share price	$ 58.08
Beta	1.426
Diluted Shares Outstanding	36.15
Cost of Debt
Tax Rate	1.56
After-tax Cost of Debt	-%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.368
Total Debt	9.89
Total Equity	2,099.59
Total Capital	2,109.48
Debt Weighting	0.47
Equity Weighting	99.53
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	277.39	377.32	406.67	382.53	348.36	373.56	400.58	429.55	460.62	493.93
Operating Cash Flow	48.64	44.96	65.95	54.87	55.47	56.73	60.84	65.24	69.95	75.01
Capital Expenditure	-4.80	-12.01	-14.13	-8.56	-16.15	-11.40	-12.22	-13.11	-14.06	-15.07
Free Cash Flow	43.84	32.95	51.83	46.31	39.33	45.33	48.61	52.13	55.90	59.94
WACC
PV LFCF						-	-	-	-	-
SUM PV LFCF										-

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	-
Free cash flow (t + 1)	61.14
Terminal Value	-
Present Value of Terminal Value	-

Intrinsic Value

Enterprise Value	-
Net Debt	-23.05
Equity Value	-
Shares Outstanding	36.15
Equity Value Per Share	-