Discounted Cash Flow (DCF) Analysis Unlevered

CSW Industrials, Inc. (CSWI)

$119.52

-0.98 (-0.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 60.78 | 119.52 | overvalue

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 326.22350.15385.87419.20626.43744.85885.641,053.041,252.091,488.77
Revenue (%)
EBITDA 20.9376.2474.8476.54132.87129.68154.19183.34218259.20
EBITDA (%)
EBIT 662.4059.9953.5095.9894.29112.11133.30158.50188.46
EBIT (%)
Depreciation 14.9313.8414.8523.0436.8935.3942.0950.0459.5070.75
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 11.7126.6518.3410.0916.6231.3037.2244.2552.6262.56
Total Cash (%)
Account Receivables 63.3866.1474.8896.69122.80149.55177.82211.44251.40298.92
Account Receivables (%)
Inventories 42.9751.4353.7598.09150.11132.81157.91187.76223.25265.45
Inventories (%)
Accounts Payable 16.8319.0221.9832.4447.8447.1756.0866.6879.2994.28
Accounts Payable (%)
Capital Expenditure -5.53-7.51-11.44-8.83-15.65-17-20.21-24.04-28.58-33.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 119.52
Beta 0.815
Diluted Shares Outstanding 15.81
Cost of Debt
Tax Rate 27.42
After-tax Cost of Debt 1.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.727
Total Debt 325.32
Total Equity 1,889.25
Total Capital 2,214.57
Debt Weighting 14.69
Equity Weighting 85.31
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 326.22350.15385.87419.20626.43744.85885.641,053.041,252.091,488.77
EBITDA 20.9376.2474.8476.54132.87129.68154.19183.34218259.20
EBIT 662.4059.9953.5095.9894.29112.11133.30158.50188.46
Tax Rate 124.63%25.82%20.35%21.19%27.42%43.88%43.88%43.88%43.88%43.88%
EBIAT -1.4846.2947.7842.1769.6652.9162.9174.8188.95105.76
Depreciation 14.9313.8414.8523.0436.8935.3942.0950.0459.5070.75
Accounts Receivable --2.75-8.74-21.81-26.11-26.75-28.27-33.61-39.97-47.52
Inventories --8.46-2.32-44.33-52.0317.30-25.10-29.85-35.49-42.20
Accounts Payable -2.202.9510.4715.39-0.678.9210.6012.6014.99
Capital Expenditure -5.53-7.51-11.44-8.83-15.65-17-20.21-24.04-28.58-33.98
UFCF 7.9243.6043.080.6928.1561.1940.3347.9557.0167.79
WACC
PV UFCF 57.3135.3739.3943.8748.86
SUM PV UFCF 224.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.77
Free cash flow (t + 1) 69.14
Terminal Value 1,449.58
Present Value of Terminal Value 1,044.71

Intrinsic Value

Enterprise Value 1,269.52
Net Debt 308.70
Equity Value 960.82
Shares Outstanding 15.81
Equity Value Per Share 60.78