Complete NNBR Stock Valuation Analysis
Comprehensive intrinsic value analysis using 2 different methodologies
NNBR DCF Analysis
NNBR (NN, 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 | $498.7M | $489.3M | $464.3M | $461.7M | $459.4M | $457.3M | $455.5M | $453.8M |
| Revenue Growth % | - | -1.9% | -5.1% | -0.6% | -0.5% | -0.4% | -0.4% | -0.4% |
| EBIT | $-16.0M | $-21.8M | $-27.5M | $23.1M | $23.0M | $22.9M | $22.8M | $22.7M |
| EBIT Margin % | -3.2% | -4.5% | -5.9% | 5.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Tax Rate % | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% | 25.0% |
| NOPAT | $-12.0M | $-16.4M | $-20.7M | $17.3M | $17.2M | $17.2M | $17.1M | $17.0M |
| NOPAT Margin % | -2.4% | -3.3% | -4.5% | 3.8% | 3.8% | 3.8% | 3.8% | 3.8% |
| Capex | $18.0M | $20.5M | $18.3M | $19.5M | $18.4M | $17.4M | $16.5M | $15.6M |
| Capex / Revenue % | 3.6% | 4.2% | 3.9% | 4.2% | 4.0% | 3.8% | 3.6% | 3.4% |
| Depreciation | $47.2M | $46.1M | $45.3M | $44.1M | $43.9M | $43.7M | $43.5M | $43.3M |
| D&A / Revenue % | 9.5% | 9.4% | 9.8% | 9.6% | 9.6% | 9.6% | 9.6% | 9.6% |
| Change in NWC | $-9.4M | $-12.0M | $-17.3M | $-5.4M | $-4.3M | $-3.5M | $-2.7M | $-2.2M |
| NWC Change / Revenue % | -1.9% | -2.4% | -3.7% | -1.2% | -0.9% | -0.8% | -0.6% | -0.5% |
| Unlevered FCF | $26.6M | $21.2M | $23.6M | $47.4M | $47.0M | $46.9M | $46.8M | $47.0M |
| UFCF % Chg. | - | -20.3% | 11.2% | 100.6% | -0.7% | -0.3% | -0.0% | 0.2% |
| FCF / Revenue % | 5.3% | 4.3% | 5.1% | 10.3% | 10.2% | 10.2% | 10.3% | 10.3% |
| Discount Factor | - | - | - | 0.924 | 0.854 | 0.789 | 0.729 | 0.673 |
| Present Value of FCF | - | - | - | $43.8M | $40.1M | $37.0M | $34.1M | $31.6M |
| Sum of PV of UFCF | - | - | - | $43.8M | $83.9M | $120.9M | $155.0M | $186.6M |
WACC Calculation
Weighted Average Cost of Capital used for discounting cash flows.
| WACC Calculation | Value |
|---|---|
| Cost of Debt | 7.2% |
| Tax Rate | 25.0% |
| After Tax Cost of Debt | 5.4% |
| Risk Free Rate | 4.24% |
| Market Risk Premium | 4.3% |
| Beta | 2.06 |
| Cost of Equity | 13.2% |
| Total Debt | $197.0M |
| Market Cap | $111.2M |
| Total Capital | $308.2M |
| Debt Weighting | 63.9% |
| Equity Weighting | 36.1% |
| WACC | 8.2% |
Terminal Value
Choose between perpetuity growth or exit multiple methods.
| Terminal Value Calculation | Value |
|---|---|
| Terminal Growth Rate | 2.5% |
| Final Year FCF | $47.0M |
| Terminal Value | $840.2M |
| PV of Terminal Value | $565.8M |
| Cumulative PV of UFCF | $186.6M |
| Net Debt | $178.8M |
| Equity Value | $573.6M |
| Shares Outstanding | 48.7M |
| Implied Share Price | $12 |
| Current Share Price | $2 |
| Implied Upside/(Downside) | +434.7% |
Valuation Summary
$11.79
Implied Price
$2.21
Current Price
+434.7%
Upside/Downside
8.2%
WACC
NNBR Peer Valuation Analysis
Relative valuation based on comparable company trading multiples
Peer Valuation Analysis
Fair Value Range Analysis
Based on median multiples from 6 peer companies in Industrials
P/E Ratio
$-10.86
-592.7%
Peer Median: 16.5x
EV/EBITDA
$5.75
+160.8%
Peer Median: 13.7x
P/S Ratio
$10.14
+360.1%
Peer Median: 1.1x
Interpretation: Each multiple provides a different perspective on fair value. Consider which multiple is most relevant for NNBR's business model and current situation.
Multiple Comparison
| Multiple | NNBR Current | Peer Median | Peer Average | Premium/Discount | Assessment |
|---|---|---|---|---|---|
| P/E Ratio | -3.4x | 16.5x | 14.1x | -120.3% | Undervalued |
| EV/EBITDA | 13.7x | 13.7x | 10.9x | 0.0% | Fair Value |
| P/S Ratio | 0.2x | 1.1x | 1.7x | -78.3% | Undervalued |
Peer Companies
Click any company to view their valuation
| Company | Market Cap | P/E Ratio | EV/EBITDA | P/S Ratio |
|---|---|---|---|---|
| $0.24B | 6.6x | 11.2x | 0.5x | |
| $0.15B | 0.0x | 0.0x | 0.0x | |
| $0.14B | 16.5x | 13.8x | 3.6x | |
| $0.11B | 0.0x | 13.7x | 0.2x | |
| $0.18B | 20.2x | 8.1x | 1.1x | |
| $90.18B | 27.2x | 18.8x | 4.6x |