Discounted Cash Flow (DCF) Analysis Unlevered

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

$70.45

-3.43 (-4.64%)
All numbers are in Millions, Currency in USD
Stock DCF: 131.90 | 70.45 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 15,309.5116,207.1123,102.1424,696.6217,596.4418,764.7820,010.7021,339.3422,756.1924,267.12
Revenue (%)
EBITDA 890.43774.991,173.371,359.56651.63933.93995.941,062.071,132.591,207.79
EBITDA (%)
EBIT 789.98673.271,082.111,266.78552.65835.72891.21950.381,013.481,080.77
EBIT (%)
Depreciation 100.45101.7391.2692.7898.9898.22104.74111.69119.11127.01
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 447.86243.80257.41217.48145.52272.14290.21309.48330.03351.94
Total Cash (%)
Account Receivables 2,107.262,646.754,417.153,249.352,571.862,889.333,081.173,285.753,503.913,736.56
Account Receivables (%)
Inventories -132.87-197.18-453.66--178.09-189.91-202.52-215.97-230.31-245.60
Inventories (%)
Accounts Payable 1,062.841,283.361,919.301,570.561,370.331,400.441,493.431,592.591,698.331,811.09
Accounts Payable (%)
Capital Expenditure -70.47-54.01-70.92-128.50-84.11-78.77-84-89.57-95.52-101.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 70.45
Beta 0.725
Diluted Shares Outstanding 119.68
Cost of Debt
Tax Rate 20.54
After-tax Cost of Debt 3.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.632
Total Debt 1,952.50
Total Equity 8,431.24
Total Capital 10,383.75
Debt Weighting 18.80
Equity Weighting 81.20
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 15,309.5116,207.1123,102.1424,696.6217,596.4418,764.7820,010.7021,339.3422,756.1924,267.12
EBITDA 890.43774.991,173.371,359.56651.63933.93995.941,062.071,132.591,207.79
EBIT 789.98673.271,082.111,266.78552.65835.72891.21950.381,013.481,080.77
Tax Rate 22.27%19.40%17.42%19.39%20.54%19.80%19.80%19.80%19.80%19.80%
EBIAT 614.06542.64893.641,021.15439.12670.21714.71762.17812.77866.74
Depreciation 100.45101.7391.2692.7898.9898.22104.74111.69119.11127.01
Accounts Receivable --539.50-1,770.391,167.80677.49-317.47-191.84-204.58-218.16-232.65
Inventories -64.30256.48-453.66-11.8212.6113.4514.3415.29
Accounts Payable -220.53635.94-348.74-200.2230.1192.9899.16105.74112.76
Capital Expenditure -70.47-54.01-70.92-128.50-84.11-78.77-84-89.57-95.52-101.86
UFCF 644.04335.6936.011,350.82931.26414.13649.20692.31738.28787.29
WACC
PV UFCF 387.43568.21566.88565.55564.22
SUM PV UFCF 2,652.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.89
Free cash flow (t + 1) 810.91
Terminal Value 20,846.10
Present Value of Terminal Value 14,939.62

Intrinsic Value

Enterprise Value 17,591.91
Net Debt 1,806.98
Equity Value 15,784.93
Shares Outstanding 119.68
Equity Value Per Share 131.90