Discounted Cash Flow (DCF) Analysis Levered
The Andersons, Inc. (ANDE)
$41.15
+1.80 (+4.57%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 8,170.19 | 8,208.44 | 12,612.05 | 17,325.38 | 22,608.89 | 29,503.63 | 38,500.98 | 50,242.14 | 65,563.84 | 85,558.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 348.56 | -74.43 | -51.05 | 287.12 | 260.68 | 340.17 | 443.91 | 579.28 | 755.94 | 986.47 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -270.48 | -104.89 | -81.81 | -139.74 | -341.59 | -445.76 | -581.70 | -759.10 | -990.59 | -1,292.68 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 78.08 | -179.32 | -132.86 | 147.37 | -80.92 | -105.59 | -137.79 | -179.82 | -234.65 | -306.21 |
Weighted Average Cost Of Capital
| Share price | $ 41.15 |
|---|---|
| Beta | 0.740 |
| Diluted Shares Outstanding | 34.42 |
| Cost of Debt | |
| Tax Rate | 32.64 |
| After-tax Cost of Debt | 3.37% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.181 |
| Total Debt | 1,246.40 |
| Total Equity | 1,416.47 |
| Total Capital | 2,662.86 |
| Debt Weighting | 46.81 |
| Equity Weighting | 53.19 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 8,170.19 | 8,208.44 | 12,612.05 | 17,325.38 | 22,608.89 | 29,503.63 | 38,500.98 | 50,242.14 | 65,563.84 | 85,558.02 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 348.56 | -74.43 | -51.05 | 287.12 | 260.68 | 340.17 | 443.91 | 579.28 | 755.94 | 986.47 |
| Capital Expenditure | -270.48 | -104.89 | -81.81 | -139.74 | -341.59 | -445.76 | -581.70 | -759.10 | -990.59 | -1,292.68 |
| Free Cash Flow | 78.08 | -179.32 | -132.86 | 147.37 | -80.92 | -105.59 | -137.79 | -179.82 | -234.65 | -306.21 |
| WACC | ||||||||||
| PV LFCF | -80.92 | -100.18 | -124.04 | -153.57 | -190.13 | -235.41 | ||||
| SUM PV LFCF | -803.33 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.40 |
| Free cash flow (t + 1) | -312.33 |
| Terminal Value | -9,186.31 |
| Present Value of Terminal Value | -7,062.17 |
Intrinsic Value
| Enterprise Value | -7,865.50 |
|---|---|
| Net Debt | 1,175.54 |
| Equity Value | -9,041.04 |
| Shares Outstanding | 34.42 |
| Equity Value Per Share | -262.65 |