Discounted Cash Flow

Cbiz, Inc.

CBZ · 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 $799.8m $40.1m $66.9m 5.0% $0.77
2017 $855.3m (6.9%) $50.4m (25.7%) $60.0m (-10.3%) 5.9% (17.6%) $0.94 (22.1%)
2018 $922.0m (7.8%) $61.6m (22.2%) $90.6m (50.9%) 6.7% (13.4%) $1.13 (20.2%)
2019 $948.4m (2.9%) $70.7m (14.9%) $84.3m (-7.0%) 7.5% (11.7%) $1.30 (15.0%)
2020 $963.9m (1.6%) $78.3m (10.7%) $135.3m (60.4%) 8.1% (8.9%) $1.44 (10.8%)
2021 $1.1b (14.6%) $70.9m (-9.5%) $122.2m (-9.7%) 6.4% (-21.0%) $1.35 (-6.2%)
2022 $1.4b (27.8%) $105.4m (48.6%) $117.5m (-3.8%) 7.5% (16.3%) $2.05 (51.9%)
2023 $1.6b (12.7%) $121.0m (14.8%) $130.5m (11.0%) 7.6% (1.9%) $2.42 (18.0%)
2024 $1.8b (14.0%) $41.0m (-66.1%) $110.8m (-15.1%) 2.3% (-70.2%) $0.78 (-67.8%)
2025 $2.8b (52.1%) $115.4m (181.3%) $175.5m (58.4%) 4.2% (85.0%) $1.84 (135.9%)

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