Discounted Cash Flow

Construction Partners, Inc.

ROAD · 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)
2018 $680.1m $50.8m $23.3m 7.5% $1.11
2019 $783.2m (15.2%) $43.1m (-15.1%) $12.8m (-45.1%) 5.5% (-26.3%) $0.84 (-24.7%)
2020 $785.7m (0.3%) $40.3m (-6.5%) $52.6m (311.1%) 5.1% (-6.8%) $0.78 (-6.7%)
2021 $910.7m (15.9%) $20.2m (-49.9%) $-7.8m (-114.9%) 2.2% (-56.8%) $0.39 (-50.1%)
2022 $1.3b (42.9%) $21.4m (5.9%) $-52.4m (-568.4%) 1.6% (-25.9%) $0.41 (5.7%)
2023 $1.6b (20.1%) $49.0m (129.2%) $59.3m (213.4%) 3.1% (90.8%) $0.95 (129.0%)
2024 $1.8b (16.7%) $68.9m (40.7%) $121.1m (104.1%) 3.8% (20.6%) $1.33 (40.5%)
2025 $2.8b (54.2%) $101.8m (47.6%) $153.4m (26.6%) 3.6% (-4.2%) $1.85 (39.4%)

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