Discounted Cash Flow (DCF) Analysis Levered
Alimentation Couche-Tard Inc. (ATD-B.TO)
$49.67
+0.78 (+1.60%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 37,904.50 | 51,394.40 | 59,117.60 | 54,132.40 | 45,760.10 | 48,816.59 | 52,077.23 | 55,555.66 | 59,266.42 | 63,225.05 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,925.50 | 2,163.10 | 3,083.60 | 3,720.70 | 4,086.60 | 2,959.12 | 3,156.77 | 3,367.62 | 3,592.56 | 3,832.52 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -994.10 | -1,169.30 | -1,145.10 | -1,408.20 | -1,222.20 | -1,182.05 | -1,261 | -1,345.23 | -1,435.08 | -1,530.94 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 931.40 | 993.80 | 1,938.50 | 2,312.50 | 2,864.40 | 1,777.07 | 1,895.77 | 2,022.39 | 2,157.48 | 2,301.58 |
Weighted Average Cost Of Capital
Share price | $ 49.67 |
---|---|
Beta | 0.889 |
Diluted Shares Outstanding | 1,123.30 |
Cost of Debt | |
Tax Rate | 19.46 |
After-tax Cost of Debt | 3.91% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.861 |
Total Debt | 6,809.30 |
Total Equity | 55,794.31 |
Total Capital | 62,603.61 |
Debt Weighting | 10.88 |
Equity Weighting | 89.12 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
Revenue | 37,904.50 | 51,394.40 | 59,117.60 | 54,132.40 | 45,760.10 | 48,816.59 | 52,077.23 | 55,555.66 | 59,266.42 | 63,225.05 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,925.50 | 2,163.10 | 3,083.60 | 3,720.70 | 4,086.60 | 2,959.12 | 3,156.77 | 3,367.62 | 3,592.56 | 3,832.52 |
Capital Expenditure | -994.10 | -1,169.30 | -1,145.10 | -1,408.20 | -1,222.20 | -1,182.05 | -1,261 | -1,345.23 | -1,435.08 | -1,530.94 |
Free Cash Flow | 931.40 | 993.80 | 1,938.50 | 2,312.50 | 2,864.40 | 1,777.07 | 1,895.77 | 2,022.39 | 2,157.48 | 2,301.58 |
WACC | ||||||||||
PV LFCF | 1,433.27 | 1,423.25 | 1,413.31 | 1,403.44 | 1,393.63 | |||||
SUM PV LFCF | 8,156.05 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.43 |
Free cash flow (t + 1) | 2,347.61 |
Terminal Value | 43,234.11 |
Present Value of Terminal Value | 30,213.34 |
Intrinsic Value
Enterprise Value | 38,369.39 |
---|---|
Net Debt | 3,793.50 |
Equity Value | 34,575.89 |
Shares Outstanding | 1,123.30 |
Equity Value Per Share | 30.78 |