Discounted Cash Flow (DCF) Analysis Levered
Cintas Corporation (CTAS)
$442.42
-2.39 (-0.54%)
All numbers are in Millions, Currency in USD
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 | 6,476.63 | 6,892.30 | 7,085.12 | 7,116.34 | 7,854.46 | 8,247.74 | 8,660.71 | 9,094.36 | 9,549.73 | 10,027.89 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 964.16 | 1,067.86 | 1,291.48 | 1,360.74 | 1,537.63 | 1,440.16 | 1,512.27 | 1,587.99 | 1,667.50 | 1,750.99 |
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 | 692.46 | 791.14 | 1,061.19 | 1,217.27 | 1,296.95 | 1,167.31 | 1,225.76 | 1,287.14 | 1,351.59 | 1,419.26 |
Weighted Average Cost Of Capital
Share price | $ 442.42 |
---|---|
Beta | 1.353 |
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 | 9.920 |
Total Debt | 2,968.44 |
Total Equity | 46,685.49 |
Total Capital | 49,653.93 |
Debt Weighting | 5.98 |
Equity Weighting | 94.02 |
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 | 6,476.63 | 6,892.30 | 7,085.12 | 7,116.34 | 7,854.46 | 8,247.74 | 8,660.71 | 9,094.36 | 9,549.73 | 10,027.89 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 964.16 | 1,067.86 | 1,291.48 | 1,360.74 | 1,537.63 | 1,440.16 | 1,512.27 | 1,587.99 | 1,667.50 | 1,750.99 |
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 | 692.46 | 791.14 | 1,061.19 | 1,217.27 | 1,296.95 | 1,167.31 | 1,225.76 | 1,287.14 | 1,351.59 | 1,419.26 |
WACC | ||||||||||
PV LFCF | 889.82 | 853.54 | 818.75 | 785.37 | 753.35 | |||||
SUM PV LFCF | 4,914.30 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.47 |
Free cash flow (t + 1) | 1,447.65 |
Terminal Value | 19,379.48 |
Present Value of Terminal Value | 12,327.26 |
Intrinsic Value
Enterprise Value | 17,241.56 |
---|---|
Net Debt | 2,877.97 |
Equity Value | 14,363.59 |
Shares Outstanding | 105.52 |
Equity Value Per Share | 136.12 |