Discounted Cash Flow (DCF) Analysis Levered
The Cheesecake Factory Incorporated (CAKE)
$35.05
-0.15 (-0.43%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 2,482.69 | 1,983.22 | 2,927.54 | 3,330.04 | 3,787.87 | 4,308.65 | 4,901.02 | 5,574.84 | 6,341.31 | 7,213.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 218.76 | 2.91 | 213.01 | 180.20 | 204.97 | 233.16 | 265.21 | 301.67 | 343.15 | 390.33 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -75.87 | -50.91 | -67.55 | -88.03 | -100.13 | -113.90 | -129.56 | -147.37 | -167.63 | -190.68 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 142.90 | -48.01 | 145.46 | 92.17 | 104.84 | 119.26 | 135.65 | 154.31 | 175.52 | 199.65 |
Weighted Average Cost Of Capital
| Share price | $ 35.05 |
|---|---|
| Beta | 1.444 |
| Diluted Shares Outstanding | 50.41 |
| Cost of Debt | |
| Tax Rate | -31.10 |
| After-tax Cost of Debt | 0.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.308 |
| Total Debt | 1,840.63 |
| Total Equity | 1,767.01 |
| Total Capital | 3,607.64 |
| Debt Weighting | 51.02 |
| Equity Weighting | 48.98 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 2,482.69 | 1,983.22 | 2,927.54 | 3,330.04 | 3,787.87 | 4,308.65 | 4,901.02 | 5,574.84 | 6,341.31 | 7,213.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 218.76 | 2.91 | 213.01 | 180.20 | 204.97 | 233.16 | 265.21 | 301.67 | 343.15 | 390.33 |
| Capital Expenditure | -75.87 | -50.91 | -67.55 | -88.03 | -100.13 | -113.90 | -129.56 | -147.37 | -167.63 | -190.68 |
| Free Cash Flow | 142.90 | -48.01 | 145.46 | 92.17 | 104.84 | 119.26 | 135.65 | 154.31 | 175.52 | 199.65 |
| WACC | ||||||||||
| PV LFCF | 96.98 | 104.84 | 113.34 | 122.53 | 132.46 | 143.20 | 154.80 | |||
| SUM PV LFCF | 666.33 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.22 |
| Free cash flow (t + 1) | 203.64 |
| Terminal Value | 6,324.37 |
| Present Value of Terminal Value | 4,903.72 |
Intrinsic Value
| Enterprise Value | 5,570.05 |
|---|---|
| Net Debt | 1,725.85 |
| Equity Value | 3,844.20 |
| Shares Outstanding | 50.41 |
| Equity Value Per Share | 76.25 |