Discounted Cash Flow (DCF) Analysis Levered

Cintas Corporation (CTAS)

$456.27

+0.87 (+0.19%)
All numbers are in Millions, Currency in USD
Stock DCF: 130.74 | 456.27 | overvalue

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 6,476.636,892.307,085.127,116.347,854.468,247.748,660.719,094.369,549.7310,027.89
Revenue (%)
Operating Cash Flow 964.161,067.861,291.481,360.741,537.631,440.161,512.271,587.991,667.501,750.99
Operating Cash Flow (%)
Capital Expenditure -271.70-276.72-230.29-143.47-240.67-272.84-286.50-300.85-315.91-331.73
Capital Expenditure (%)
Free Cash Flow 692.46791.141,061.191,217.271,296.951,167.311,225.761,287.141,351.591,419.26

Weighted Average Cost Of Capital

Share price $ 456.27
Beta 1.371
Diluted Shares Outstanding 105.52
Cost of Debt
Tax Rate 17.55
After-tax Cost of Debt 2.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.164
Total Debt 2,968.44
Total Equity 48,146.98
Total Capital 51,115.42
Debt Weighting 5.81
Equity Weighting 94.19
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 6,476.636,892.307,085.127,116.347,854.468,247.748,660.719,094.369,549.7310,027.89
Operating Cash Flow 964.161,067.861,291.481,360.741,537.631,440.161,512.271,587.991,667.501,750.99
Capital Expenditure -271.70-276.72-230.29-143.47-240.67-272.84-286.50-300.85-315.91-331.73
Free Cash Flow 692.46791.141,061.191,217.271,296.951,167.311,225.761,287.141,351.591,419.26
WACC
PV LFCF 1,063.901,018.20974.47932.61892.55
SUM PV LFCF 4,881.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.72
Free cash flow (t + 1) 1,447.65
Terminal Value 18,751.90
Present Value of Terminal Value 11,792.78

Intrinsic Value

Enterprise Value 16,674.52
Net Debt 2,877.97
Equity Value 13,796.55
Shares Outstanding 105.52
Equity Value Per Share 130.74