Discounted Cash Flow (DCF) Analysis Unlevered
BWX Technologies, Inc. (BWXT)
$60.32
-0.74 (-1.21%)
All numbers are in Millions, Currency in USD
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 | 1,799.89 | 1,894.92 | 2,123.52 | 2,124.07 | 2,232.83 | 2,358.38 | 2,490.98 | 2,631.03 | 2,778.96 | 2,935.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 367.72 | 410.22 | 453.33 | 500.13 | 424.20 | 499.84 | 527.94 | 557.63 | 588.98 | 622.09 |
| EBITDA (%) | ||||||||||
| EBIT | 307.62 | 348.50 | 392.66 | 431.05 | 350.36 | 424.31 | 448.17 | 473.37 | 499.98 | 528.09 |
| EBIT (%) | ||||||||||
| Depreciation | 60.10 | 61.72 | 60.67 | 69.08 | 73.84 | 75.53 | 79.77 | 84.26 | 89 | 94 |
| 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 | 33.47 | 92.38 | 46.32 | 37.70 | 39.05 | 58.67 | 61.97 | 65.46 | 69.14 | 73.03 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 461.29 | 492.85 | 679.96 | 685.42 | 674.61 | 689.31 | 728.06 | 769 | 812.24 | 857.90 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 114.75 | 170.68 | 184.39 | 189.84 | 127.11 | 182.52 | 192.78 | 203.62 | 215.07 | 227.16 |
| 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 | 1,799.89 | 1,894.92 | 2,123.52 | 2,124.07 | 2,232.83 | 2,358.38 | 2,490.98 | 2,631.03 | 2,778.96 | 2,935.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 367.72 | 410.22 | 453.33 | 500.13 | 424.20 | 499.84 | 527.94 | 557.63 | 588.98 | 622.09 |
| EBIT | 307.62 | 348.50 | 392.66 | 431.05 | 350.36 | 424.31 | 448.17 | 473.37 | 499.98 | 528.09 |
| Tax Rate | 18.99% | 22.19% | 23.06% | 22.70% | 24.23% | 22.23% | 22.23% | 22.23% | 22.23% | 22.23% |
| EBIAT | 249.22 | 271.16 | 302.13 | 333.19 | 265.45 | 329.97 | 348.52 | 368.12 | 388.81 | 410.68 |
| Depreciation | 60.10 | 61.72 | 60.67 | 69.08 | 73.84 | 75.53 | 79.77 | 84.26 | 89 | 94 |
| Accounts Receivable | - | -31.57 | -187.10 | -5.46 | 10.81 | -14.70 | -38.76 | -40.94 | -43.24 | -45.67 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 55.93 | 13.71 | 5.45 | -62.73 | 55.41 | 10.26 | 10.84 | 11.45 | 12.09 |
| Capital Expenditure | -109.34 | -182.12 | -255.03 | -311.05 | -198.31 | -241.60 | -255.18 | -269.53 | -284.68 | -300.69 |
| UFCF | 199.98 | 175.12 | -65.61 | 91.21 | 89.06 | 204.61 | 144.62 | 152.75 | 161.34 | 170.41 |
| WACC | ||||||||||
| PV UFCF | 192.25 | 127.67 | 126.70 | 125.74 | 124.79 | |||||
| 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 |