Discounted Cash Flow

Piper Sandler Companies

PIPR · 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 $769.9m $-22.0m $48.8m -2.9% $-1.73
2017 $895.2m (16.3%) $-61.9m (-182.2%) $232.1m (375.8%) -6.9% (-142.7%) $-5.07 (-193.1%)
2018 $801.0m (-10.5%) $57.0m (192.1%) $509.9m (119.7%) 7.1% (202.9%) $3.78 (174.6%)
2019 $846.3m (5.7%) $111.7m (95.9%) $67.8m (-86.7%) 13.2% (85.4%) $7.90 (109.0%)
2020 $1.3b (48.0%) $40.5m (-63.7%) $40.5m (-40.3%) 3.2% (-75.5%) $2.94 (-62.8%)
2021 $2.0b (63.0%) $278.5m (587.6%) $707.1m (1645.7%) 13.6% (321.9%) $19.52 (563.9%)
2022 $1.4b (-29.7%) $110.7m (-60.3%) $-255.5m (-136.1%) 7.7% (-43.5%) $7.92 (-59.4%)
2023 $1.4b (-5.4%) $85.5m (-22.8%) $265.6m (203.9%) 6.3% (-18.4%) $5.72 (-27.8%)
2024 $1.5b (12.8%) $181.1m (111.9%) $297.8m (12.1%) 11.8% (87.9%) $11.44 (100.0%)
2025 $1.8b (19.7%) $281.3m (55.3%) $552.0m (85.4%) 15.3% (29.7%) $16.89 (47.6%)

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