Discounted Cash Flow (DCF) Analysis Unlevered

Rogers Corporation (ROG)

$240.51

-4.12 (-1.68%)
All numbers are in Millions, Currency in USD
Stock DCF: 63.07 | 240.51 | overvalue

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 821.04879.09898.26802.58932.89967.481,003.361,040.581,079.171,119.19
Revenue (%)
EBITDA 177.02160.66112.21147.44170.86172.24178.63185.25192.12199.25
EBITDA (%)
EBIT 132.92110.5963.0576.01127.58114.04118.27122.65127.20131.92
EBIT (%)
Depreciation 44.1050.0749.1671.4243.2858.2060.3662.6064.9267.33
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 181.16167.74166.85207.03232.30213.65221.58229.79238.32247.15
Total Cash (%)
Account Receivables 146.24171.49149.03163.98202.88185.93192.83199.98207.39215.09
Account Receivables (%)
Inventories 112.56132.64132.86102.36133.38136.69141.75147.01152.46158.12
Inventories (%)
Accounts Payable 36.1240.3233.0235.9964.6646.5948.3150.1151.9653.89
Accounts Payable (%)
Capital Expenditure -27.21-47.11-51.60-40.38-71.13-52.39-54.33-56.35-58.44-60.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 240.51
Beta 1.346
Diluted Shares Outstanding 18.87
Cost of Debt
Tax Rate 14.37
After-tax Cost of Debt 0.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.110
Total Debt 190
Total Equity 4,539.39
Total Capital 4,729.39
Debt Weighting 4.02
Equity Weighting 95.98
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 821.04879.09898.26802.58932.89967.481,003.361,040.581,079.171,119.19
EBITDA 177.02160.66112.21147.44170.86172.24178.63185.25192.12199.25
EBIT 132.92110.5963.0576.01127.58114.04118.27122.65127.20131.92
Tax Rate 39.47%20.74%14.16%27.06%14.37%23.16%23.16%23.16%23.16%23.16%
EBIAT 80.4687.6554.1255.45109.2487.6390.8894.2597.74101.37
Depreciation 44.1050.0749.1671.4243.2858.2060.3662.6064.9267.33
Accounts Receivable --25.2522.46-14.95-38.9016.95-6.90-7.15-7.42-7.69
Inventories --20.08-0.2230.50-31.02-3.30-5.07-5.26-5.45-5.65
Accounts Payable -4.21-7.302.9728.67-18.071.731.791.861.93
Capital Expenditure -27.21-47.12-51.60-40.38-71.13-52.39-54.33-56.35-58.44-60.60
UFCF 97.3449.4966.6210540.1589.0186.6789.8893.2296.67
WACC
PV UFCF 81.1271.9868.0364.3060.77
SUM PV UFCF 346.20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.73
Free cash flow (t + 1) 98.61
Terminal Value 1,275.66
Present Value of Terminal Value 801.88

Intrinsic Value

Enterprise Value 1,148.08
Net Debt -42.30
Equity Value 1,190.37
Shares Outstanding 18.87
Equity Value Per Share 63.07