Discounted Cash Flow (DCF) Analysis Unlevered
Raven Industries, Inc. (RAVN)
$58.08
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 277.39 | 377.32 | 406.67 | 382.53 | 348.36 | 373.56 | 400.58 | 429.55 | 460.62 | 493.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 43.29 | 73.79 | 76.61 | 56.86 | 36.69 | 59.32 | 63.61 | 68.21 | 73.14 | 78.44 |
| EBITDA (%) | ||||||||||
| EBIT | 27.85 | 58.99 | 61.49 | 40.62 | 19.27 | 42.54 | 45.62 | 48.92 | 52.46 | 56.25 |
| EBIT (%) | ||||||||||
| Depreciation | 15.44 | 14.80 | 15.12 | 16.24 | 17.42 | 16.77 | 17.99 | 19.29 | 20.68 | 22.18 |
| 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 | 50.65 | 40.53 | 65.79 | 20.71 | 32.94 | 44.86 | 48.11 | 51.59 | 55.32 | 59.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 43.75 | 59.93 | 56.57 | 63.92 | 50.11 | 57.27 | 61.42 | 65.86 | 70.62 | 75.73 |
| Account Receivables (%) | ||||||||||
| Inventories | 42.34 | 55.35 | 54.08 | 53.90 | 52.70 | 54.13 | 58.04 | 62.24 | 66.74 | 71.57 |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.47 | 13.11 | 8.27 | 14.89 | 18.64 | 13.30 | 14.26 | 15.30 | 16.40 | 17.59 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -4.80 | -12.01 | -14.13 | -8.56 | -16.15 | -11.40 | -12.22 | -13.11 | -14.06 | -15.07 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 58.08 |
|---|---|
| Beta | 1.426 |
| Diluted Shares Outstanding | 36.15 |
| Cost of Debt | |
| Tax Rate | 1.56 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.255 |
| Total Debt | 9.89 |
| Total Equity | 2,099.59 |
| Total Capital | 2,109.48 |
| Debt Weighting | 0.47 |
| Equity Weighting | 99.53 |
| 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 | 277.39 | 377.32 | 406.67 | 382.53 | 348.36 | 373.56 | 400.58 | 429.55 | 460.62 | 493.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 43.29 | 73.79 | 76.61 | 56.86 | 36.69 | 59.32 | 63.61 | 68.21 | 73.14 | 78.44 |
| EBIT | 27.85 | 58.99 | 61.49 | 40.62 | 19.27 | 42.54 | 45.62 | 48.92 | 52.46 | 56.25 |
| Tax Rate | 27.51% | 30.45% | 15.88% | 12.08% | 1.56% | 17.50% | 17.50% | 17.50% | 17.50% | 17.50% |
| EBIAT | 20.19 | 41.02 | 51.73 | 35.71 | 18.97 | 35.10 | 37.64 | 40.36 | 43.28 | 46.41 |
| Depreciation | 15.44 | 14.80 | 15.12 | 16.24 | 17.42 | 16.77 | 17.99 | 19.29 | 20.68 | 22.18 |
| Accounts Receivable | - | -16.18 | 3.36 | -7.35 | 13.81 | -7.16 | -4.14 | -4.44 | -4.76 | -5.11 |
| Inventories | - | -13.02 | 1.28 | 0.18 | 1.20 | -1.42 | -3.91 | -4.20 | -4.50 | -4.83 |
| Accounts Payable | - | 4.64 | -4.83 | 6.62 | 3.75 | -5.34 | 0.96 | 1.03 | 1.11 | 1.19 |
| Capital Expenditure | -4.80 | -12.01 | -14.13 | -8.56 | -16.15 | -11.40 | -12.22 | -13.11 | -14.06 | -15.07 |
| UFCF | 30.83 | 19.26 | 52.52 | 42.84 | 39 | 26.55 | 36.31 | 38.93 | 41.75 | 44.77 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 45.66 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -23.05 |
| Equity Value | - |
| Shares Outstanding | 36.15 |
| Equity Value Per Share | - |