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

Stock DCF: 30.78 | 49.67 | overvalue

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