Discounted Cash Flow (DCF) Analysis Unlevered

Columbus McKinnon Corporation (CMCO)

$41.93

+0.24 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.61 | 41.93 | undervalue

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 876.28809.16649.64906.55936.24972.401,009.951,048.951,089.461,131.53
Revenue (%)
EBITDA 128.51118.2949.56116.83141.86126.32131.19136.26141.52146.99
EBITDA (%)
EBIT 95.8389.1621.4074.9099.9185.9389.2592.6996.2799.99
EBIT (%)
Depreciation 32.6729.1328.1541.9241.9540.3941.9543.5745.2547
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 71.09114.45202.13115.39133.18156.21162.25168.51175.02181.78
Total Cash (%)
Account Receivables 129.16123.74105.46147.52151.45153.08159165.14171.51178.14
Account Receivables (%)
Inventories 146.26127.37111.49172.14179.36170.64177.23184.07191.18198.56
Inventories (%)
Accounts Payable 46.9757.2968.5990.8876.7480.1683.2686.4889.8293.28
Accounts Payable (%)
Capital Expenditure -12.29-9.43-12.30-13.10-12.63-14.11-14.66-15.22-15.81-16.42
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 41.93
Beta 1.275
Diluted Shares Outstanding 28.82
Cost of Debt
Tax Rate 34.97
After-tax Cost of Debt 3.45%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.303
Total Debt 526.08
Total Equity 1,208.34
Total Capital 1,734.42
Debt Weighting 30.33
Equity Weighting 69.67
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 876.28809.16649.64906.55936.24972.401,009.951,048.951,089.461,131.53
EBITDA 128.51118.2949.56116.83141.86126.32131.19136.26141.52146.99
EBIT 95.8389.1621.4074.9099.9185.9389.2592.6996.2799.99
Tax Rate 19.51%22.66%9.63%22.85%34.97%21.92%21.92%21.92%21.92%21.92%
EBIAT 77.1368.9619.3457.7964.9767.0969.6872.3775.1778.07
Depreciation 32.6729.1328.1541.9241.9540.3941.9543.5745.2547
Accounts Receivable -5.4118.28-42.05-3.94-1.63-5.91-6.14-6.38-6.62
Inventories -18.8915.88-60.65-7.228.72-6.59-6.84-7.11-7.38
Accounts Payable -10.3211.3022.29-14.143.433.103.223.343.47
Capital Expenditure -12.29-9.43-12.30-13.10-12.63-14.11-14.66-15.22-15.81-16.42
UFCF 97.52123.2780.676.1968.98103.8887.5690.9594.4698.11
WACC
PV UFCF 95.9874.7571.7468.8466.06
SUM PV UFCF 377.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.23
Free cash flow (t + 1) 101.05
Terminal Value 1,932.11
Present Value of Terminal Value 1,301.05

Intrinsic Value

Enterprise Value 1,678.43
Net Debt 392.91
Equity Value 1,285.52
Shares Outstanding 28.82
Equity Value Per Share 44.61