Discounted Cash Flow (DCF) Analysis Levered

CrossAmerica Partners LP (CAPL)

$19.32

+0.07 (+0.36%)

All numbers are in Millions, Currency in USD

Stock DCF: 156.35 | 19.32 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	2,445.92	2,149.43	1,932.32	3,579.26	4,967.42	6,231.54	7,817.34	9,806.70	12,302.30	15,433
Revenue (%)
Operating Cash Flow	89.75	72.33	104.48	95.47	161.32	228.78	287	360.03	451.65	566.59
Operating Cash Flow (%)
Capital Expenditure	-13.72	-24.61	-37.06	-41.86	-30.35	-67.35	-84.49	-105.99	-132.96	-166.80
Capital Expenditure (%)
Free Cash Flow	76.03	47.72	67.43	53.61	130.97	161.43	202.50	254.04	318.69	399.79

Weighted Average Cost Of Capital

Share price	$ 19.32
Beta	1.668
Diluted Shares Outstanding	38.06
Cost of Debt
Tax Rate	1.11
After-tax Cost of Debt	3.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.658
Total Debt	943.35
Total Equity	735.31
Total Capital	1,678.67
Debt Weighting	56.20
Equity Weighting	43.80
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	2,445.92	2,149.43	1,932.32	3,579.26	4,967.42	6,231.54	7,817.34	9,806.70	12,302.30	15,433
Operating Cash Flow	89.75	72.33	104.48	95.47	161.32	228.78	287	360.03	451.65	566.59
Capital Expenditure	-13.72	-24.61	-37.06	-41.86	-30.35	-67.35	-84.49	-105.99	-132.96	-166.80
Free Cash Flow	76.03	47.72	67.43	53.61	130.97	161.43	202.50	254.04	318.69	399.79
WACC
PV LFCF						150.86	176.88	207.37	243.12	285.04
SUM PV LFCF										1,063.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.00
Free cash flow (t + 1)	407.78
Terminal Value	8,155.61
Present Value of Terminal Value	5,814.84

Intrinsic Value

Enterprise Value	6,878.12
Net Debt	927.30
Equity Value	5,950.82
Shares Outstanding	38.06
Equity Value Per Share	156.35