Discounted Cash Flow (DCF) Analysis Unlevered

NV5 Global, Inc. (NVEE)

$146.16

+1.19 (+0.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 100.38 | 146.16 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 333.03418.08508.94629.22777.94961.801,189.111,470.151,817.622,247.202,778.32
Revenue (%)
EBITDA 39.7053.0757.0275.1292.88114.83141.97175.52217.01268.30331.71
EBITDA (%)
EBIT 26.5735.6831.2147.5058.7272.6089.76110.97137.20169.62209.71
EBIT (%)
Depreciation 13.1317.3825.8227.6334.1642.2352.2164.5579.8198.67121.99
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 18.7540.7431.8345.3656.0869.3485.73105.99131.04162.01200.30
Total Cash (%)
Account Receivables 110.09141.73210.47227.17280.86347.25429.32530.78656.23811.331,003.08
Account Receivables (%)
Inventories -----------
Inventories (%)
Accounts Payable 18.3722.5936.1237.7946.7257.7671.4188.29109.15134.95166.85
Accounts Payable (%)
Capital Expenditure -2.24-2.20-2.63-3.60-4.45-5.50-6.80-8.40-10.39-12.85-15.88
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 146.16
Beta 1.099
Diluted Shares Outstanding 14.66
Cost of Debt
Tax Rate 24.09
After-tax Cost of Debt 3.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.692
Total Debt 144.69
Total Equity 2,142.18
Total Capital 2,286.87
Debt Weighting 6.33
Equity Weighting 93.67
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 333.03418.08508.94629.22777.94961.801,189.111,470.151,817.622,247.202,778.32
EBITDA 39.7053.0757.0275.1292.88114.83141.97175.52217.01268.30331.71
EBIT 26.5735.6831.2147.5058.7272.6089.76110.97137.20169.62209.71
Tax Rate 2.55%20.35%17.89%18.46%27.44%24.09%18.46%18.46%18.46%18.46%18.46%
EBIAT 25.8928.4225.6238.7342.6155.1173.1890.48111.87138.31170.99
Depreciation 13.1317.3825.8227.6334.1642.2352.2164.5579.8198.67121.99
Accounts Receivable --31.65-68.73-16.71-53.69-66.38-82.07-101.47-125.45-155.10-191.75
Inventories -----------
Accounts Payable -4.2213.531.678.9311.0413.6516.8820.8725.8031.90
Capital Expenditure -2.24-2.20-2.63-3.60-9.86-13.90-6.80-8.40-10.39-12.85-15.88
UFCF 36.7816.17-6.3947.7227.5636.5150.1862.0476.7094.83117.24
WACC
PV UFCF 51.7127.5633.6942.7448.7755.6563.5172.46
SUM PV UFCF 306.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.35
Free cash flow (t + 1) 119.59
Terminal Value 1,883.30
Present Value of Terminal Value 1,261.17

Intrinsic Value

Enterprise Value 1,567.96
Net Debt 96.71
Equity Value 1,471.24
Shares Outstanding 14.66
Equity Value Per Share 100.38