Discounted Cash Flow

Sherwin Williams Co.

SHW · 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
Dividends

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 $11.9b $1.1b $1.1b 9.6% $4.11
2017 $15.0b (26.4%) $1.8b (56.5%) $1.7b (55.3%) 11.8% (23.8%) $6.36 (54.7%)
2018 $17.5b (17.0%) $1.1b (-37.4%) $1.7b (1.9%) 6.3% (-46.5%) $3.97 (-37.5%)
2019 $17.9b (2.1%) $1.5b (39.0%) $2.0b (17.7%) 8.6% (36.2%) $5.60 (40.9%)
2020 $18.4b (2.6%) $2.0b (31.7%) $3.1b (55.8%) 11.1% (28.4%) $7.48 (33.7%)
2021 $19.9b (8.6%) $1.9b (-8.2%) $1.9b (-39.7%) 9.3% (-15.5%) $7.10 (-5.1%)
2022 $22.1b (11.1%) $2.0b (8.4%) $1.3b (-31.9%) 9.1% (-2.4%) $7.83 (10.3%)
2023 $23.1b (4.1%) $2.4b (18.3%) $2.6b (106.5%) 10.4% (13.6%) $9.35 (19.4%)
2024 $23.1b (0.2%) $2.7b (12.2%) $2.1b (-20.9%) 11.6% (12.0%) $10.68 (14.2%)
2025 $23.6b (2.1%) $2.6b (-4.2%) $2.7b (27.4%) 10.9% (-6.1%) $10.37 (-2.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

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