Discounted Cash Flow (DCF) Analysis Unlevered

Crawford & Company (CRD-B)

$6.79

-0.19 (-2.72%)
All numbers are in Millions, Currency in USD
Stock DCF: 36.01 | 6.79 | 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 1,163.711,122.981,047.631,016.201,139.231,136.091,132.961,129.831,126.721,123.61
Revenue (%)
EBITDA 94.2710078.6388.6191.1793.6993.4393.1792.9292.66
EBITDA (%)
EBIT 52.6155.9238.1148.5050.9950.8750.7350.5950.4550.31
EBIT (%)
Depreciation 41.6644.0840.5140.1140.1842.8242.7042.5942.4742.35
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 54.0153.1251.8044.6653.2353.1352.9852.8452.6952.55
Total Cash (%)
Account Receivables 290.90243.49239.93227.86134.46235.87235.22234.57233.93233.28
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 49.3037.8334.3841.5448.4743.6943.5743.4543.3343.21
Accounts Payable (%)
Capital Expenditure -44.91-30.02-21.12-37.38-30.95-33.96-33.86-33.77-33.68-33.58
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.79
Beta 0.521
Diluted Shares Outstanding 53.38
Cost of Debt
Tax Rate 30.03
After-tax Cost of Debt 1.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.299
Total Debt 288.67
Total Equity 362.48
Total Capital 651.14
Debt Weighting 44.33
Equity Weighting 55.67
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 1,163.711,122.981,047.631,016.201,139.231,136.091,132.961,129.831,126.721,123.61
EBITDA 94.2710078.6388.6191.1793.6993.4393.1792.9292.66
EBIT 52.6155.9238.1148.5050.9950.8750.7350.5950.4550.31
Tax Rate 34.54%41.13%47.18%27.61%30.03%36.10%36.10%36.10%36.10%36.10%
EBIAT 34.4432.9220.1335.1135.6832.5132.4232.3332.2432.15
Depreciation 41.6644.0840.5140.1140.1842.8242.7042.5942.4742.35
Accounts Receivable -47.413.5612.0793.40-101.410.650.650.650.64
Inventories ----------
Accounts Payable --11.47-3.467.176.93-4.78-0.12-0.12-0.12-0.12
Capital Expenditure -44.91-30.02-21.12-37.38-30.95-33.96-33.86-33.77-33.68-33.58
UFCF 31.1982.9239.6357.08145.23-64.8241.7941.6741.5641.44
WACC
PV UFCF -62.5138.8637.3735.9334.56
SUM PV UFCF 84.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.70
Free cash flow (t + 1) 42.27
Terminal Value 2,486.46
Present Value of Terminal Value 2,073.42

Intrinsic Value

Enterprise Value 2,157.63
Net Debt 235.44
Equity Value 1,922.19
Shares Outstanding 53.38
Equity Value Per Share 36.01