Discounted Cash Flow (DCF) Analysis Levered

Gibraltar Industries, Inc. (ROCK)

$48.81

+2.11 (+4.52%)

All numbers are in Millions, Currency in USD

Stock DCF: 59.75 | 48.81 | undervalue

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	986.92	1,002.37	1,047.44	1,032.58	1,339.78	1,454.99	1,580.09	1,715.96	1,863.51	2,023.74
Revenue (%)
Operating Cash Flow	70.07	97.54	129.93	89.10	23.07	115.20	125.10	135.86	147.54	160.23
Operating Cash Flow (%)
Capital Expenditure	-11.40	-12.46	-11.18	-13.07	-17.71	-17.61	-19.13	-20.77	-22.56	-24.50
Capital Expenditure (%)
Free Cash Flow	58.67	85.09	118.75	76.04	5.37	97.59	105.98	115.09	124.99	135.73

Weighted Average Cost Of Capital

Share price	$ 48.81
Beta	1.138
Diluted Shares Outstanding	32.92
Cost of Debt
Tax Rate	24.04
After-tax Cost of Debt	2.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.222
Total Debt	42.41
Total Equity	1,606.73
Total Capital	1,649.14
Debt Weighting	2.57
Equity Weighting	97.43
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	986.92	1,002.37	1,047.44	1,032.58	1,339.78	1,454.99	1,580.09	1,715.96	1,863.51	2,023.74
Operating Cash Flow	70.07	97.54	129.93	89.10	23.07	115.20	125.10	135.86	147.54	160.23
Capital Expenditure	-11.40	-12.46	-11.18	-13.07	-17.71	-17.61	-19.13	-20.77	-22.56	-24.50
Free Cash Flow	58.67	85.09	118.75	76.04	5.37	97.59	105.98	115.09	124.99	135.73
WACC
PV LFCF						123.24	123.82	124.40	124.99	125.57
SUM PV LFCF										455.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.09
Free cash flow (t + 1)	138.45
Terminal Value	2,273.35
Present Value of Terminal Value	1,540.77

Intrinsic Value

Enterprise Value	1,996.45
Net Debt	29.56
Equity Value	1,966.89
Shares Outstanding	32.92
Equity Value Per Share	59.75