Discounted Cash Flow (DCF) Analysis Levered

Worthington Industries, Inc. (WOR)

$53.77

-0.04 (-0.07%)
All numbers are in Millions, Currency in USD
Stock DCF: 143.70 | 53.77 | undervalue

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 3,581.623,759.563,059.123,171.435,242.225,9676,7927,731.058,799.9410,016.61
Revenue (%)
Operating Cash Flow 281.34197.86336.73274.3870.11407.12463.41527.48600.41683.42
Operating Cash Flow (%)
Capital Expenditure -76.09-84.50-95.50-82.18-94.60-141.89-161.51-183.84-209.26-238.19
Capital Expenditure (%)
Free Cash Flow 205.26113.36241.22192.20-24.49265.23301.90343.64391.15445.23

Weighted Average Cost Of Capital

Share price $ 53.77
Beta 1.029
Diluted Shares Outstanding 53.92
Cost of Debt
Tax Rate 26.23
After-tax Cost of Debt 2.74%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.746
Total Debt 844.41
Total Equity 2,899.12
Total Capital 3,743.53
Debt Weighting 22.56
Equity Weighting 77.44
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 3,581.623,759.563,059.123,171.435,242.225,9676,7927,731.058,799.9410,016.61
Operating Cash Flow 281.34197.86336.73274.3870.11407.12463.41527.48600.41683.42
Capital Expenditure -76.09-84.50-95.50-82.18-94.60-141.89-161.51-183.84-209.26-238.19
Free Cash Flow 205.26113.36241.22192.20-24.49265.23301.90343.64391.15445.23
WACC
PV LFCF 248.76265.57283.52302.69323.14
SUM PV LFCF 1,423.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.62
Free cash flow (t + 1) 454.14
Terminal Value 9,829.82
Present Value of Terminal Value 7,134.31

Intrinsic Value

Enterprise Value 8,558
Net Debt 809.92
Equity Value 7,748.08
Shares Outstanding 53.92
Equity Value Per Share 143.70