Discounted Cash Flow

Avery Dennison Corp.

AVY · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $6.1b $274.3m $296.8m 4.5% $3.60
2017 $6.6b (8.7%) $281.8m (2.7%) $459.6m (54.9%) 4.3% (-5.5%) $3.19 (-11.4%)
2018 $7.2b (8.2%) $467.4m (65.9%) $231.2m (-49.7%) 6.5% (53.2%) $5.35 (67.7%)
2019 $7.1b (-1.2%) $303.6m (-35.0%) $527.1m (128.0%) 4.3% (-34.2%) $3.61 (-32.5%)
2020 $7.0b (-1.4%) $555.9m (83.1%) $549.9m (4.3%) 8.0% (85.7%) $6.67 (84.8%)
2021 $7.0b (0.0%) $555.9m (0.0%) $549.9m (0.0%) 8.0% (0.0%) $6.61 (-0.9%)
2022 $9.0b (29.7%) $757.1m (36.2%) $768.7m (39.8%) 8.4% (5.0%) $9.28 (40.4%)
2023 $8.4b (-7.5%) $503.0m (-33.6%) $560.7m (-27.1%) 6.0% (-28.2%) $6.23 (-32.9%)
2024 $8.8b (4.7%) $704.9m (40.1%) $730.0m (30.2%) 8.1% (33.9%) $8.77 (40.8%)
2025 $8.9b (1.1%) $688.0m (-2.4%) $712.4m (-2.4%) 7.8% (-3.5%) $8.81 (0.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model