Discounted Cash Flow (DCF) Analysis Levered
Covetrus, Inc. (CVET)
$20.99
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 3,579.80 | 3,777.99 | 3,976 | 4,339 | 4,575 | 4,864.90 | 5,173.17 | 5,500.97 | 5,849.55 | 6,220.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 108.19 | 157.90 | 103 | 53 | 102 | 128.86 | 137.02 | 145.70 | 154.94 | 164.75 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -20.67 | -22.02 | -39 | -58 | -60 | -46.60 | -49.55 | -52.69 | -56.03 | -59.58 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 87.53 | 135.88 | 64 | -5 | 42 | 82.26 | 87.47 | 93.01 | 98.90 | 105.17 |
Weighted Average Cost Of Capital
| Share price | $ 20.99 |
|---|---|
| Beta | 1.506 |
| Diluted Shares Outstanding | 137 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.06% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.806 |
| Total Debt | 1,046 |
| Total Equity | 2,875.63 |
| Total Capital | 3,921.63 |
| Debt Weighting | 26.67 |
| Equity Weighting | 73.33 |
| 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 | 3,579.80 | 3,777.99 | 3,976 | 4,339 | 4,575 | 4,864.90 | 5,173.17 | 5,500.97 | 5,849.55 | 6,220.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 108.19 | 157.90 | 103 | 53 | 102 | 128.86 | 137.02 | 145.70 | 154.94 | 164.75 |
| Capital Expenditure | -20.67 | -22.02 | -39 | -58 | -60 | -46.60 | -49.55 | -52.69 | -56.03 | -59.58 |
| Free Cash Flow | 87.53 | 135.88 | 64 | -5 | 42 | 82.26 | 87.47 | 93.01 | 98.90 | 105.17 |
| WACC | ||||||||||
| PV LFCF | 75.64 | 73.97 | 72.34 | 70.74 | 69.18 | |||||
| SUM PV LFCF | 361.87 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.74 |
| Free cash flow (t + 1) | 107.28 |
| Terminal Value | 1,591.62 |
| Present Value of Terminal Value | 1,046.87 |
Intrinsic Value
| Enterprise Value | 1,408.74 |
|---|---|
| Net Debt | 863 |
| Equity Value | 545.74 |
| Shares Outstanding | 137 |
| Equity Value Per Share | 3.98 |