Discounted Cash Flow (DCF) Analysis Levered

The Chefs' Warehouse, Inc. (CHEF)

$38.75

-0.39 (-1.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.25 | 38.75 | 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 1,301.521,444.611,591.831,111.631,745.761,955.522,190.502,453.702,748.543,078.80
Revenue (%)
Operating Cash Flow 31.5045.0845.0142.88-19.9043.3648.5754.4060.9468.26
Operating Cash Flow (%)
Capital Expenditure -12.31-19.82-16.08-7.04-38.80-24.18-27.09-30.34-33.99-38.07
Capital Expenditure (%)
Free Cash Flow 19.1925.2628.9335.84-58.7019.1721.4824.0626.9530.19

Weighted Average Cost Of Capital

Share price $ 38.75
Beta 1.716
Diluted Shares Outstanding 33.72
Cost of Debt
Tax Rate 27.35
After-tax Cost of Debt 2.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.605
Total Debt 542.48
Total Equity 1,306.50
Total Capital 1,848.98
Debt Weighting 29.34
Equity Weighting 70.66
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 1,301.521,444.611,591.831,111.631,745.761,955.522,190.502,453.702,748.543,078.80
Operating Cash Flow 31.5045.0845.0142.88-19.9043.3648.5754.4060.9468.26
Capital Expenditure -12.31-19.82-16.08-7.04-38.80-24.18-27.09-30.34-33.99-38.07
Free Cash Flow 19.1925.2628.9335.84-58.7019.1721.4824.0626.9530.19
WACC
PV LFCF 11.5011.8312.1712.5212.88
SUM PV LFCF 93.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.89
Free cash flow (t + 1) 30.79
Terminal Value 446.90
Present Value of Terminal Value 291.93

Intrinsic Value

Enterprise Value 385.17
Net Debt 427.32
Equity Value -42.15
Shares Outstanding 33.72
Equity Value Per Share -1.25