Complete IESC Stock Valuation Analysis
Comprehensive intrinsic value analysis using 6 different methodologies
IESC DCF Analysis
IESC (IES Holdings, Inc.) 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 | $2.2B | $2.4B | $2.9B | $3.5B | $4.3B | $5.0B | $5.9B | $6.7B |
Revenue Growth % | - | 9.7% | 21.3% | 22.6% | 20.3% | 18.3% | 16.4% | 14.8% |
EBIT | $56.0M | $159.8M | $300.9M | $232.6M | $284.0M | $340.9M | $402.8M | $469.2M |
EBIT Margin % | 2.6% | 6.7% | 10.4% | 6.6% | 6.7% | 6.8% | 6.9% | 7.0% |
Tax Rate % | 24.2% | 24.4% | 23.7% | 21.8% | 22.1% | 22.4% | 22.8% | 23.1% |
NOPAT | $42.5M | $120.7M | $229.6M | $181.9M | $221.2M | $264.4M | $311.1M | $360.9M |
NOPAT Margin % | 2.0% | 5.1% | 8.0% | 5.1% | 5.2% | 5.3% | 5.3% | 5.4% |
Capex | $29.3M | $17.7M | $45.2M | $35.3M | $42.5M | $50.3M | $58.6M | $67.2M |
Capex / Revenue % | 1.4% | 0.7% | 1.6% | 1.0% | 1.0% | 1.0% | 1.0% | 1.0% |
Depreciation | $25.5M | $29.4M | $287.0K | $28.6M | $34.4M | $40.6M | $47.3M | $54.3M |
D&A / Revenue % | 1.2% | 1.2% | 0.0% | 0.8% | 0.8% | 0.8% | 0.8% | 0.8% |
Change in NWC | $49.9M | $48.2M | $78.4M | $69.9M | $67.2M | $63.6M | $59.3M | $54.4M |
NWC Change / Revenue % | 2.3% | 2.0% | 2.7% | 2.0% | 1.6% | 1.3% | 1.0% | 0.8% |
Unlevered FCF | $-11.2M | $84.2M | $106.3M | $105.2M | $145.8M | $191.1M | $240.6M | $293.5M |
UFCF % Chg. | - | 850.4% | 26.2% | -1.1% | 38.6% | 31.1% | 25.9% | 22.0% |
FCF / Revenue % | -0.5% | 3.5% | 3.7% | 3.0% | 3.4% | 3.8% | 4.1% | 4.4% |
Discount Factor | - | - | - | 0.898 | 0.807 | 0.725 | 0.651 | 0.585 |
Present Value of FCF | - | - | - | $94.5M | $117.6M | $138.6M | $156.7M | $171.7M |
Sum of PV of UFCF | - | - | - | $94.5M | $212.1M | $350.7M | $507.4M | $679.1M |
Weighted Average Cost of Capital used for discounting cash flows.
WACC Calculation | Value |
---|---|
Cost of Debt | 6.3% |
Tax Rate | 21.8% |
After Tax Cost of Debt | 5.0% |
Risk Free Rate | 4.35% |
Market Risk Premium | 4.3% |
Beta | 1.63 |
Cost of Equity | 11.4% |
Total Debt | $62.4M |
Market Cap | $6.2B |
Total Capital | $6.2B |
Debt Weighting | 1.0% |
Equity Weighting | 99.0% |
WACC | 11.3% |
Choose between perpetuity growth or exit multiple methods.
Terminal Value Calculation | Value |
---|---|
Terminal Growth Rate | 2.5% |
Final Year FCF | $293.5M |
Terminal Value | $3.4B |
PV of Terminal Value | $2.0B |
Cumulative PV of UFCF | $679.1M |
Net Debt | $-38.4M |
Equity Value | $2.7B |
Shares Outstanding | 20.4M |
Implied Share Price | $133 |
Current Share Price | $311 |
Implied Upside/(Downside) | -57.2% |
IESC Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Fair Value Range Analysis
Based on median multiples from 11 peer companies in Industrials
Multiple | IESC Current | Peer Median | Peer Average | Premium/Discount | Assessment |
---|---|---|---|---|---|
P/E Ratio | 24.9x | 31.9x | 38.1x | -22.0% | Undervalued |
EV/EBITDA | 16.6x | 15.0x | 17.1x | 11.0% | Fair Value |
P/S Ratio | 2.0x | 1.7x | 1.8x | 16.8% | Fair Value |
Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
---|---|---|---|---|
$8.60B | 5.0x | 11.3x | 0.5x | |
$7.31B | 31.9x | 15.0x | 1.6x | |
$6.76B | 19.6x | 12.1x | 1.7x | |
$5.93B | 96.0x | 33.7x | 2.7x | |
$7.35B | 28.1x | 15.9x | 3.5x | |
$6.17B | 24.9x | 16.6x | 2.0x | |
$5.54B | 376.8x | 16.5x | 2.3x | |
$4.40B | 56.7x | 14.4x | 1.7x | |
$4.12B | 33.1x | 11.8x | 1.0x | |
$4.69B | 23.0x | 13.2x | 0.7x | |
$56.87B | 62.2x | 27.1x | 2.3x |
IESC Graham Number
Benjamin Graham's conservative valuation formula for defensive investors
EPS (TTM) | $12.48 | Latest 10-K |
Book Value per Share | $29.93 | Latest 10-K Balance Sheet |
Graham Constant | 22.5 | Benjamin Graham's formula |
IESC Graham Intrinsic Value
Growth-adjusted intrinsic value with two formula variants
IESC Peter Lynch Fair Value
Growth-based valuation using PEG ratio analysis for growth stocks
IESC Earnings Power Value (EPV)
Normalized earnings-based valuation for sustainable earning power assessment
Earnings Component | Amount ($B) | Description |
---|---|---|
Reported Earnings | 0.2 | Base earnings from financial statements |
Normalized Earnings | 0.2 | Final normalized earning power |
One-time Items: Remove non-recurring gains/losses
Cyclical Adjustment: Normalize for economic cycle position
Enterprise Value Calculation
Normalized Earnings | $0.2B |
Cost of Capital | 9.1% |
Enterprise Value | $2.4B |
Per Share Value
Enterprise Value | $2.4B |
Shares Outstanding | 0.0B |
EPV per Share | $118.49 |
WACC Components
Cost of Equity | 9.1% |
After-Tax Cost of Debt | 3.5% |
Equity Weight | 99.0% |
Debt Weight | 1.0% |
WACC | 9.1% |