Discounted Cash Flow (DCF) Analysis Unlevered

Curtiss-Wright Corporation (CW)

$239.15

+4.36 (+1.86%)
All numbers are in Millions, Currency in USD
Stock DCF: 90.21 | 239.15 | 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 2,411.842,487.962,391.342,505.932,557.032,596.042,635.662,675.872,716.712,758.16
Revenue (%)
EBITDA 390.22427.81363.33413.84440.83427.43433.95440.57447.29454.12
EBITDA (%)
EBIT 287.27325.40247.43299.45328.80312.28317.04321.88326.79331.78
EBIT (%)
Depreciation 102.95102.41115.90114.38112.03115.15116.90118.69120.50122.34
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 276.07391.03198.25171256.97271.69275.83280.04284.32288.65
Total Cash (%)
Account Receivables 593.75632.19588.72647.15724.60668.79679689.36699.88710.56
Account Receivables (%)
Inventories 423.43424.83428.88411.57483.11456.30463.26470.33477.51484.80
Inventories (%)
Accounts Payable 232.98222201.24211.64266.53238.15241.78245.47249.21253.02
Accounts Payable (%)
Capital Expenditure -54.96-69.75-47.50-41.11-38.22-52.98-53.79-54.61-55.44-56.29
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 239.15
Beta 1.180
Diluted Shares Outstanding 38.65
Cost of Debt
Tax Rate 24.37
After-tax Cost of Debt 3.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.873
Total Debt 1,386.67
Total Equity 9,242.91
Total Capital 10,629.58
Debt Weighting 13.05
Equity Weighting 86.95
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 2,411.842,487.962,391.342,505.932,557.032,596.042,635.662,675.872,716.712,758.16
EBITDA 390.22427.81363.33413.84440.83427.43433.95440.57447.29454.12
EBIT 287.27325.40247.43299.45328.80312.28317.04321.88326.79331.78
Tax Rate 22.59%22.42%23.44%24.64%24.37%23.49%23.49%23.49%23.49%23.49%
EBIAT 222.37252.45189.43225.67248.67238.92242.56246.26250.02253.84
Depreciation 102.95102.41115.90114.38112.03115.15116.90118.69120.50122.34
Accounts Receivable --38.4443.48-58.43-77.4555.81-10.21-10.36-10.52-10.68
Inventories --1.41-4.0417.31-71.5526.81-6.96-7.07-7.18-7.29
Accounts Payable --10.98-20.7610.4054.89-28.383.633.693.753.80
Capital Expenditure -54.96-69.75-47.50-41.11-38.22-52.98-53.79-54.61-55.44-56.29
UFCF 270.35234.28276.51268.23228.36355.33292.14296.60301.13305.72
WACC
PV UFCF 325.96245.85228.97213.25198.61
SUM PV UFCF 1,212.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.01
Free cash flow (t + 1) 314.90
Terminal Value 5,239.52
Present Value of Terminal Value 3,403.77

Intrinsic Value

Enterprise Value 4,616.40
Net Debt 1,129.70
Equity Value 3,486.70
Shares Outstanding 38.65
Equity Value Per Share 90.21