Discounted Cash Flow (DCF) Analysis Unlevered

C.H. Robinson Worldwide, Inc. (CHRW)

$96.31

-2.42 (-2.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 177.76 | 96.31 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 14,869.3816,631.1715,309.5116,207.1123,102.1426,123.1929,539.3133,402.1637,770.1442,709.33
Revenue (%)
EBITDA 868.101,008.81890.43774.991,173.371,441.011,629.441,842.532,083.472,355.93
EBITDA (%)
EBIT 775.12912.08789.98673.271,082.111,290.241,458.961,649.751,865.492,109.43
EBIT (%)
Depreciation 92.9896.73100.45101.7391.26150.77170.48192.78217.99246.49
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 333.89378.61447.86243.80257.41525.91594.68672.44760.38859.81
Total Cash (%)
Account Receivables 2,113.932,322.072,107.262,646.754,417.154,043.564,572.345,170.265,846.376,610.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1,000.30971.02984.601,195.101,813.471,787.922,021.722,286.102,585.062,923.10
Accounts Payable (%)
Capital Expenditure -57.94-63.87-70.47-54.01-70.92-97.92-110.73-125.21-141.58-160.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 96.31
Beta 0.740
Diluted Shares Outstanding 133.83
Cost of Debt
Tax Rate 17.42
After-tax Cost of Debt 2.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.298
Total Debt 2,226.33
Total Equity 12,889.55
Total Capital 15,115.88
Debt Weighting 14.73
Equity Weighting 85.27
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 14,869.3816,631.1715,309.5116,207.1123,102.1426,123.1929,539.3133,402.1637,770.1442,709.33
EBITDA 868.101,008.81890.43774.991,173.371,441.011,629.441,842.532,083.472,355.93
EBIT 775.12912.08789.98673.271,082.111,290.241,458.961,649.751,865.492,109.43
Tax Rate 30.69%24.51%22.27%19.40%17.42%22.86%22.86%22.86%22.86%22.86%
EBIAT 537.23688.52614.06542.64893.64995.321,125.471,272.651,439.081,627.26
Depreciation 92.9896.73100.45101.7391.26150.77170.48192.78217.99246.49
Accounts Receivable --208.14214.82-539.50-1,770.39373.59-528.77-597.92-676.11-764.53
Inventories ----------
Accounts Payable --29.2813.58210.49618.37-25.55233.81264.38298.95338.05
Capital Expenditure -57.95-63.87-70.47-54.01-70.92-97.92-110.73-125.21-141.58-160.10
UFCF 572.26483.95872.44261.35-238.041,396.19890.261,006.681,138.321,287.18
WACC
PV UFCF 1,310.36784.17832.21883.19937.29
SUM PV UFCF 4,747.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.55
Free cash flow (t + 1) 1,312.92
Terminal Value 28,855.49
Present Value of Terminal Value 21,011.70

Intrinsic Value

Enterprise Value 25,758.91
Net Debt 1,968.92
Equity Value 23,790
Shares Outstanding 133.83
Equity Value Per Share 177.76