Discounted Cash Flow (DCF) Analysis Levered
Cintas Corporation (CTAS)
$456.27
+0.87 (+0.19%)
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 | $ 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 | 6,476.63 | 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 | 1,063.90 | 1,018.20 | 974.47 | 932.61 | 892.55 | |||||
| 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 |