What is TDG's Intrinsic value?

TransDigm Group Inc (TDG) Intrinsic Value Analysis

Executive Summary

As of December 15, 2025, TransDigm Group Inc's estimated intrinsic value ranges from $107.53 to $1267.81 per share, depending on the valuation methodology applied.

Valuation Method Fair Value (USD) Implied Upside/Downside
Discounted Cash Flow (10Y) $1267.81 -2.1%
Discounted Cash Flow (5Y) $1027.56 -20.6%
Dividend Discount Model (Multi-Stage) $1101.27 -14.9%
Dividend Discount Model (Stable) $499.58 -61.4%
Earnings Power Value $107.53 -91.7%

Is TransDigm Group Inc (TDG) undervalued or overvalued?

With the current market price at $1294.65, the stock appears to be significantly overvalued.

Understanding Intrinsic Value

Intrinsic value represents the "true" worth of a company based on its fundamentals rather than market sentiment. We've employed multiple methodologies to triangulate TransDigm Group Inc's intrinsic value, including:

  1. Discounted Cash Flow (DCF): Values the company based on projected future cash flows
  2. Dividend Discount Model (DDM): Values the company based on expected future dividend payments
  3. Earnings Power Value (EPV): Values the company based on its current earnings power, assuming no growth

Weighted Average Cost of Capital (WACC)

The cost of capital is a critical factor in valuation models, representing the required return for investors.

WACC Component Low High
Long-term bond rate 3.9% 4.4%
Equity market risk premium 4.6% 5.6%
Adjusted beta 1.22 1.46
Cost of equity 9.5% 13.0%
Cost of debt 5.7% 7.0%
Tax rate 22.0% 22.8%
Debt/Equity ratio 0.41 0.41
After-tax WACC 8.0% 10.8%

Valuation Methods

1. Discounted Cash Flow (DCF) Valuation

Our DCF model projects cash flows over 5-year and 10-year horizons, with the following key assumptions:

  • Forecast Period: 5-year DCF and 10-year DCF
  • Terminal Growth Rate: 0.0% (range: 3.0% - 5.0%)
  • Discount Rate: 9.4% (range: 0.0% - 9.3%)

Key Projections:

  • Revenue growth from $8,831 (FY09-2025) to $17,566 (FY09-2035)
  • Net profit margin expansion from 23% to 31%
  • Capital expenditures maintained at approximately 2% of revenue
DCF Model Fair Value Enterprise Value % from Terminal Value
5-Year Growth $1,028 $85,079M 77.4%
10-Year Growth $1,268 $98,610M 61.7%
5-Year EBITDA $1,364 $104,049M 81.5%
10-Year EBITDA $1,590 $116,730M 67.7%

2. Dividend Discount Model (DDM)

The DDM values a company based on its expected future dividend payments. We used two approaches:

Multi-Stage DDM:

  • Current payout ratio: 464.3%
  • Stable payout ratio: 90.0%
  • Growth transition: 5 years
  • Cost of equity: 11.2%
  • Long-term growth rate: 4.0%
  • Fair value: $1101.27 (-14.9% from current price)

Stable DDM:

  • Stable payout ratio: 70% (Low) to 90% (High)
  • Cost of equity: 13.0% (Low) to 9.5% (High)
  • Long-term growth rate: 3.0% (Low) to 5.0% (High)
  • Fair value range: $257 to $742
  • Selected fair value: $499.58 (-61.4% from current price)

3. Earnings Power Value (EPV)

EPV assesses a company's value based on its current normalized earnings power, assuming no growth.

EPV Component Value
Normalized Earnings $3,060M
Discount Rate (WACC) 10.8% - 8.0%
Enterprise Value $28,327M - $38,199M
Net Debt $27,207M
Equity Value $1,120M - $10,992M
Outstanding Shares 56M
Fair Value $20 - $195
Selected Fair Value $107.53

Key Financial Metrics

Metric Value
Market Capitalization $72915M
Enterprise Value $100122M
Trailing P/E 35.16
Forward P/E 30.02
Trailing EV/EBITDA 19.45
Current Dividend Yield 1320.58%
Dividend Growth Rate (5Y) 238.89%
Debt-to-Equity Ratio 0.41

Investment Decision Framework

To determine the most reliable intrinsic value estimate, we weigh each valuation method based on:

  1. Forecast Certainty: DCF methods rely on long-term projections, while earnings power value focuses on current normalized earnings
  2. Business Model Alignment: Dividend models are more appropriate for mature companies with established dividend policies
  3. Historical Accuracy: How well each method has predicted fair value historically

Valuation Weight Matrix

Valuation Method Weight Weighted Value
Discounted Cash Flow (10Y) 30% $380.34
Discounted Cash Flow (5Y) 25% $256.89
Dividend Discount Model (Multi-Stage) 20% $220.25
Dividend Discount Model (Stable) 15% $74.94
Earnings Power Value 10% $10.75
Weighted Average 100% $943.18

Investment Conclusion

Based on our comprehensive valuation analysis, TransDigm Group Inc's intrinsic value is $943.18, which is approximately 27.1% below the current market price of $1294.65.

Key investment considerations:

  • Strong projected earnings growth (23% to 31% margin)
  • Consistent cash flow generation
  • Historical dividend growth of 238.89%

Given these factors, we believe TransDigm Group Inc is currently significantly overvalued with the potential for long-term appreciation based on the company's growth trajectory and financial strength.