Discounted Cash Flow (DCF) Analysis Levered
Cracker Barrel Old Country Store, I... (CBRL)
$73.19
-0.77 (-1.04%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 3,071.95 | 2,522.79 | 2,821.44 | 3,267.79 | 3,442.81 | 3,573.09 | 3,708.31 | 3,848.64 | 3,994.29 | 4,145.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 362.80 | 161 | 301.90 | 205.25 | 250.46 | 303.34 | 314.82 | 326.73 | 339.10 | 351.93 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -137.54 | -296.01 | -70.13 | -97.10 | -125.39 | -180.87 | -187.71 | -194.82 | -202.19 | -209.84 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 225.26 | -135.01 | 231.77 | 108.15 | 125.07 | 122.47 | 127.11 | 131.92 | 136.91 | 142.09 |
Weighted Average Cost Of Capital
| Share price | $ 73.19 |
|---|---|
| Beta | 1.411 |
| Diluted Shares Outstanding | 22.27 |
| Cost of Debt | |
| Tax Rate | 4.40 |
| After-tax Cost of Debt | 4.07% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.915 |
| Total Debt | 1,117.32 |
| Total Equity | 1,629.60 |
| Total Capital | 2,746.92 |
| Debt Weighting | 40.68 |
| Equity Weighting | 59.32 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 3,071.95 | 2,522.79 | 2,821.44 | 3,267.79 | 3,442.81 | 3,573.09 | 3,708.31 | 3,848.64 | 3,994.29 | 4,145.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 362.80 | 161 | 301.90 | 205.25 | 250.46 | 303.34 | 314.82 | 326.73 | 339.10 | 351.93 |
| Capital Expenditure | -137.54 | -296.01 | -70.13 | -97.10 | -125.39 | -180.87 | -187.71 | -194.82 | -202.19 | -209.84 |
| Free Cash Flow | 225.26 | -135.01 | 231.77 | 108.15 | 125.07 | 122.47 | 127.11 | 131.92 | 136.91 | 142.09 |
| WACC | ||||||||||
| PV LFCF | 113.26 | 108.71 | 104.34 | 100.15 | 96.13 | |||||
| SUM PV LFCF | 522.60 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.13 |
| Free cash flow (t + 1) | 144.93 |
| Terminal Value | 2,364.33 |
| Present Value of Terminal Value | 1,599.47 |
Intrinsic Value
| Enterprise Value | 2,122.07 |
|---|---|
| Net Debt | 1,092.17 |
| Equity Value | 1,029.90 |
| Shares Outstanding | 22.27 |
| Equity Value Per Share | 46.26 |