Complete BWMN Stock Valuation Analysis
Comprehensive intrinsic value analysis using 6 different methodologies
BWMN DCF Analysis
BWMN (Bowman Consulting Group Ltd.) discounted cash flow analysis with multiple scenarios, growth assumptions, and terminal value calculations
Financial Projections
| Metrics | 2022 (Historical) | 2023 (Historical) | 2024 (Historical) | 2025 (Projected) | 2026 (Projected) | 2027 (Projected) | 2028 (Projected) | 2029 (Projected) |
|---|---|---|---|---|---|---|---|---|
| Revenue | $261.7M | $346.3M | $426.6M | $533.2M | $666.5M | $833.1M | $1.0B | $1.3B |
| Revenue Growth % | - | 32.3% | 23.2% | 25.0% | 25.0% | 25.0% | 25.0% | 23.7% |
| EBIT | $5.1M | $-656.0K | $-2.0M | $26.7M | $33.3M | $41.7M | $52.1M | $64.4M |
| EBIT Margin % | 2.0% | -0.2% | -0.5% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 0.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| NOPAT | $5.1M | $-492.0K | $-1.5M | $20.0M | $25.0M | $31.2M | $39.1M | $48.3M |
| NOPAT Margin % | 2.0% | -0.1% | -0.4% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $902.0K | $2.1M | $626.0K | $5.3M | $6.7M | $8.3M | $10.4M | $12.9M |
| Capex / Revenue % | 0.3% | 0.6% | 0.1% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
| Depreciation | $12.3M | $18.7M | $28.4M | $29.8M | $37.2M | $46.5M | $58.2M | $72.0M |
| D&A / Revenue % | 4.7% | 5.4% | 6.7% | 5.6% | 5.6% | 5.6% | 5.6% | 5.6% |
| Change in NWC | $-8.5M | $-5.0M | $13.6M | $-2.0M | $-2.0M | $-2.0M | $-2.0M | $-2.0M |
| NWC Change / Revenue % | -3.2% | -1.5% | 3.2% | -0.4% | -0.3% | -0.2% | -0.2% | -0.2% |
| Unlevered FCF | $25.0M | $21.2M | $12.7M | $46.5M | $57.6M | $71.5M | $88.8M | $109.4M |
| UFCF % Chg. | - | -15.2% | -40.0% | 265.9% | 23.9% | 24.1% | 24.3% | 23.2% |
| FCF / Revenue % | 9.5% | 6.1% | 3.0% | 8.7% | 8.6% | 8.6% | 8.5% | 8.5% |
| Discount Factor | - | - | - | 0.919 | 0.844 | 0.775 | 0.712 | 0.654 |
| Present Value of FCF | - | - | - | $42.7M | $48.6M | $55.4M | $63.2M | $71.5M |
| Sum of PV of UFCF | - | - | - | $42.7M | $91.2M | $146.6M | $209.9M | $281.4M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 7.3% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 5.5% |
| Risk Free Rate | 4.35% |
| Market Risk Premium | 4.3% |
| Beta | 1.26 |
| Cost of Equity | 9.8% |
| Total Debt | $150.4M |
| Market Cap | $525.2M |
| Total Capital | $675.6M |
| Debt Weighting | 22.3% |
| Equity Weighting | 77.7% |
| WACC | 8.9% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $109.4M |
| Terminal Value | $1.8B |
| PV of Terminal Value | $1.2B |
| Cumulative PV of UFCF | $281.4M |
| Net Debt | $143.7M |
| Equity Value | $1.3B |
| Shares Outstanding | 16.1M |
| Implied Share Price | $80 |
| Current Share Price | $30 |
| Implied Upside/(Downside) | +162.3% |
Valuation Summary
$79.92
Implied Price
$30.48
Current Price
+162.3%
Upside/Downside
8.9%
WACC
BWMN Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Industrials
P/E Ratio
$3.69
-87.9%
Peer Median: 21.2x
EV/EBITDA
$21.33
-30.0%
Peer Median: 13.0x
P/S Ratio
$21.72
-28.7%
Peer Median: 0.8x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for BWMN's business model and current situation.
Multiple Comparison
| Multiple | BWMN Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | 175.0x | 21.2x | 30.1x | 727.0% | Overvalued |
| EV/EBITDA | 23.7x | 13.0x | 17.0x | 81.9% | Overvalued |
| P/S Ratio | 1.2x | 0.8x | 1.1x | 40.3% | Overvalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $2.58B | 116.8x | 24.7x | 0.6x | |
| $1.88B | 4731.4x | 13.0x | 0.7x | |
| $1.74B | 54.0x | 33.5x | 3.3x | |
| $0.76B | 10.9x | 9.1x | 0.9x | |
| $0.97B | 19.3x | 12.4x | 0.5x | |
| $0.53B | 175.0x | 23.7x | 1.2x | |
| $0.42B | 13.0x | 9.9x | 0.8x | |
| $0.36B | 21.2x | 6.7x | 0.9x | |
| $0.37B | 0.0x | 0.0x | 0.5x | |
| $0.34B | 112.4x | 10.1x | 0.4x | |
| $56.87B | 62.2x | 27.1x | 2.3x |
BWMN Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
Input Data
| EPS (TTM) | $0.17 | Latest 10-K |
| Book Value per Share | $15.26 | Latest 10-K Balance Sheet |
| Graham Constant | 22.5 | Benjamin Graham's formula |
Graham Number Result
$7.73
Intrinsic Value
$30.48
Current Price
-74.6%
Upside/Downside
Confidence: High
Conservative value investing approach
Calculation Breakdown
Formula:
√(22.5 × EPS × BVPS)
Step 1: Multiply constant by EPS
22.5 × 0.17 = 3.92
Step 2: Multiply by Book Value per Share
3.92 × 15.26 = 59.77
Step 3: Take square root
√59.77 = 7.73
Graham Number Result:
$7.73
BWMN Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
Formula Selection
V = EPS × (8.5 + 2g)
Graham's original P/E shortcut for growth, no interest-rate adjustment
V = [EPS × (8.5 + 2g) × 4.4] / Y
Graham's 1974 refinement: adds rate-environment sensitivity
Active Formula: Base-Growth
0.17 × (8.5 + 2 × 104.0%)
Input Data & Growth Assumptions
Current EPS (TTM)$0.17
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y104.0%
Financial statements
Historical 5Y3.7%
Financial statements
Custom
%
Enter a positive growth rate estimate (0-50%)
Graham Intrinsic Value Result
$37.70
Intrinsic Value
$30.48
Current Price
+23.7%
Upside/Downside
Base Formula
Growth: 104.0%
BWMN Peter Lynch Fair Value
Growth-based valuation using PEG ratio analysis for growth stocks
Fair Value Calculation
EPS (TTM)$0.17
Latest 10-K • 2024-12-31T00:00:00
Historical 3Y104.0%
3-year earnings growth
Historical 5Y3.7%
5-year earnings growth
104.0%
1%50%
Fair Value Formula: EPS × Growth Rate
$0.17 × 104.0% = $18.11
$18.11
Fair Value
$30.48
Current Price
-40.6%
Upside/Downside
PEG Analysis
175.0x
Current P/E
104.0%
Growth Rate
1.68
PEG Ratio (P/E ÷ Growth Rate)
Overvalued
PEG Ratio Interpretation:
• PEG < 1.0: Undervalued (growth exceeds P/E)
• PEG = 1.0: Fairly valued (ideal Lynch ratio)
• PEG > 1.5: Overvalued (paying premium for growth)
Peter Lynch's Rule:
"The P/E ratio of any company that's fairly priced will equal its growth rate." A stock with 15% growth should trade at a P/E of 15 (PEG = 1.0).
BWMN Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Normalization
| Earnings Component | Amount ($B) | Description |
|---|---|---|
| Reported Earnings | 0.0 | Base earnings from financial statements |
| Normalized Earnings | 0.0 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
EPV Result
$2.23
EPV per Share
$30.48
Current Price
-92.7%
Upside/Downside
7.8%
WACC: 7.8% (calculated from market data)
Confidence: High
Normalized earnings approach
EPV Calculation Breakdown
Enterprise Value Calculation
| Normalized Earnings | $0.0B |
| Cost of Capital | 7.8% |
| Enterprise Value | $0.0B |
Per Share Value
| Enterprise Value | $0.0B |
| Shares Outstanding | 0.0B |
| EPV per Share | $2.23 |
WACC Components
| Cost of Equity | 9.1% |
| After-Tax Cost of Debt | 3.5% |
| Equity Weight | 76.6% |
| Debt Weight | 23.4% |
| WACC | 7.8% |