Discounted Cash Flow (DCF) Analysis Unlevered

BWX Technologies, Inc. (BWXT)

$60.32

-0.74 (-1.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.26 | 60.32 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,799.891,894.922,123.522,124.072,232.832,358.382,490.982,631.032,778.962,935.21
Revenue (%)
EBITDA 367.72410.22453.33500.13424.20499.84527.94557.63588.98622.09
EBITDA (%)
EBIT 307.62348.50392.66431.05350.36424.31448.17473.37499.98528.09
EBIT (%)
Depreciation 60.1061.7260.6769.0873.8475.5379.7784.268994
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 33.4792.3846.3237.7039.0558.6761.9765.4669.1473.03
Total Cash (%)
Account Receivables 461.29492.85679.96685.42674.61689.31728.06769812.24857.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 114.75170.68184.39189.84127.11182.52192.78203.62215.07227.16
Accounts Payable (%)
Capital Expenditure -109.34-182.12-255.03-311.05-198.31-241.60-255.18-269.53-284.68-300.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 60.32
Beta 0.804
Diluted Shares Outstanding 91.70
Cost of Debt
Tax Rate 24.23
After-tax Cost of Debt 2.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.428
Total Debt 1,288.87
Total Equity 5,531.47
Total Capital 6,820.35
Debt Weighting 18.90
Equity Weighting 81.10
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,799.891,894.922,123.522,124.072,232.832,358.382,490.982,631.032,778.962,935.21
EBITDA 367.72410.22453.33500.13424.20499.84527.94557.63588.98622.09
EBIT 307.62348.50392.66431.05350.36424.31448.17473.37499.98528.09
Tax Rate 18.99%22.19%23.06%22.70%24.23%22.23%22.23%22.23%22.23%22.23%
EBIAT 249.22271.16302.13333.19265.45329.97348.52368.12388.81410.68
Depreciation 60.1061.7260.6769.0873.8475.5379.7784.268994
Accounts Receivable --31.57-187.10-5.4610.81-14.70-38.76-40.94-43.24-45.67
Inventories ----------
Accounts Payable -55.9313.715.45-62.7355.4110.2610.8411.4512.09
Capital Expenditure -109.34-182.12-255.03-311.05-198.31-241.60-255.18-269.53-284.68-300.69
UFCF 199.98175.12-65.6191.2189.06204.61144.62152.75161.34170.41
WACC
PV UFCF 192.25127.67126.70125.74124.79
SUM PV UFCF 697.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.43
Free cash flow (t + 1) 173.82
Terminal Value 3,923.68
Present Value of Terminal Value 2,873.25

Intrinsic Value

Enterprise Value 3,570.40
Net Debt 1,253.63
Equity Value 2,316.77
Shares Outstanding 91.70
Equity Value Per Share 25.26