Discounted Cash Flow

Deluxe Corp.

DLX · 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 $1.8b $229.4m $319.3m 12.4% $4.68
2017 $2.0b (6.3%) $230.2m (0.3%) $338.4m (6.0%) 11.7% (-5.6%) $4.75 (1.5%)
2018 $2.0b (1.7%) $149.6m (-35.0%) $339.3m (0.3%) 7.5% (-36.0%) $3.18 (-33.1%)
2019 $2.0b (0.5%) $-199.9m (-233.6%) $286.7m (-15.5%) -10.0% (-232.9%) $-4.65 (-246.2%)
2020 $1.8b (-10.8%) $8.8m (104.4%) $217.6m (-24.1%) 0.5% (104.9%) $0.21 (104.5%)
2021 $2.0b (12.9%) $62.6m (611.1%) $210.8m (-3.1%) 3.1% (529.7%) $1.48 (604.8%)
2022 $2.2b (10.7%) $65.4m (4.4%) $86.9m (-58.8%) 2.9% (-5.7%) $1.52 (2.7%)
2023 $2.2b (-2.0%) $26.1m (-60.1%) $97.7m (12.4%) 1.2% (-59.2%) $0.60 (-60.5%)
2024 $2.1b (-3.2%) $52.8m (102.2%) $100.0m (2.4%) 2.5% (108.9%) $1.20 (100.0%)
2025 $2.1b (0.5%) $82.1m (55.5%) $175.3m (75.3%) 3.8% (54.7%) $1.83 (52.5%)

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