Discounted Cash Flow (DCF) Analysis Unlevered

Oil-Dri Corporation of America (ODC)

$27.57

+0.39 (+1.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 94.55 | 27.57 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 266277.03283.23304.98319.28334.25349.92366.32383.49401.47
Revenue (%)
EBITDA 28.3228.4737.6228.4034.7336.3638.0739.8541.7243.68
EBITDA (%)
EBIT 15.5615.1423.7014.2219.4320.3421.3022.3023.3424.43
EBIT (%)
Depreciation 12.7613.3313.9214.1815.3016.0216.7717.5618.3819.24
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 19.8821.8640.8924.5922.8230.0931.5032.9834.5336.14
Total Cash (%)
Account Receivables 33.6035.4634.9140.9243.2943.2745.3047.4349.6551.98
Account Receivables (%)
Inventories 22.5224.1623.8923.6034.9529.6231.0132.4633.9835.58
Inventories (%)
Accounts Payable 6.548.0912.539.2110.1010.6911.1911.7112.2612.84
Accounts Payable (%)
Capital Expenditure -15.07-15.03-14.74-18.84-17.94-18.78-19.66-20.58-21.55-22.56
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27.57
Beta 0.309
Diluted Shares Outstanding 5.25
Cost of Debt
Tax Rate 16.87
After-tax Cost of Debt 4.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.247
Total Debt 33.79
Total Equity 144.83
Total Capital 178.61
Debt Weighting 18.92
Equity Weighting 81.08
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 266277.03283.23304.98319.28334.25349.92366.32383.49401.47
EBITDA 28.3228.4737.6228.4034.7336.3638.0739.8541.7243.68
EBIT 15.5615.1423.7014.2219.4320.3421.3022.3023.3424.43
Tax Rate 44.57%13.31%17.90%16.87%23.16%23.16%23.16%23.16%23.16%23.16%
EBIAT 8.6213.1219.4611.8214.9315.6316.3617.1317.9318.77
Depreciation 12.7613.3313.9214.1815.3016.0216.7717.5618.3819.24
Accounts Receivable --1.860.55-6.01-2.360.01-2.03-2.12-2.22-2.33
Inventories --1.640.270.30-11.355.33-1.39-1.45-1.52-1.59
Accounts Payable -1.554.44-3.320.890.590.500.520.550.57
Capital Expenditure -15.07-15.03-14.74-18.84-17.94-18.78-19.66-20.58-21.55-22.56
UFCF 6.319.4723.89-1.88-0.5318.8010.5611.0511.5712.11
WACC
PV UFCF -0.5318.049.729.769.809.85
SUM PV UFCF 57.17

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.23
Free cash flow (t + 1) 12.36
Terminal Value 554.12
Present Value of Terminal Value 450.45

Intrinsic Value

Enterprise Value 507.62
Net Debt 10.96
Equity Value 496.66
Shares Outstanding 5.25
Equity Value Per Share 94.55