Discounted Cash Flow (DCF) Analysis Levered

Gibraltar Industries, Inc. (ROCK)

$59.91

-0.39 (-0.65%)

All numbers are in Millions, Currency in USD

Stock DCF: 56.12 | 59.91 | 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	1,002.37	1,047.44	1,032.58	1,339.78	1,389.97	1,517.06	1,655.77	1,807.17	1,972.41	2,152.75
Revenue (%)
Operating Cash Flow	97.54	129.93	89.10	23.07	102.69	120.99	132.05	144.12	157.30	171.68
Operating Cash Flow (%)
Capital Expenditure	-12.46	-11.18	-13.07	-17.71	-20.06	-19.24	-21	-22.92	-25.01	-27.30
Capital Expenditure (%)
Free Cash Flow	85.09	118.75	76.04	5.37	82.63	101.75	111.05	121.21	132.29	144.38

Weighted Average Cost Of Capital

Share price	$ 59.91
Beta	1.145
Diluted Shares Outstanding	32.19
Cost of Debt
Tax Rate	26.09
After-tax Cost of Debt	2.77%
Risk-Free Rate
Market Risk Premium
Cost of Equity	9.120
Total Debt	107.80
Total Equity	1,928.62
Total Capital	2,036.43
Debt Weighting	5.29
Equity Weighting	94.71
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	1,002.37	1,047.44	1,032.58	1,339.78	1,389.97	1,517.06	1,655.77	1,807.17	1,972.41	2,152.75
Operating Cash Flow	97.54	129.93	89.10	23.07	102.69	120.99	132.05	144.12	157.30	171.68
Capital Expenditure	-12.46	-11.18	-13.07	-17.71	-20.06	-19.24	-21	-22.92	-25.01	-27.30
Free Cash Flow	85.09	118.75	76.04	5.37	82.63	101.75	111.05	121.21	132.29	144.38
WACC
PV LFCF						93.54	93.85	94.16	94.48	94.79
SUM PV LFCF										470.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.78
Free cash flow (t + 1)	147.27
Terminal Value	2,172.15
Present Value of Terminal Value	1,426.08

Intrinsic Value

Enterprise Value	1,896.90
Net Debt	90.19
Equity Value	1,806.70
Shares Outstanding	32.19
Equity Value Per Share	56.12