Discounted Cash Flow (DCF) Analysis Levered

Denny's Corporation (DENN)

$9.285

+0.10 (+1.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.03 | 9.285 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 541.39288.61398.17456.43463.92472.67481.59490.67499.93509.36
Revenue (%)
Operating Cash Flow 43.33-3.1476.1739.4572.1047.4948.3849.2950.2251.17
Operating Cash Flow (%)
Capital Expenditure -13.97-6.96-7.35-11.84-9.98-10.95-11.16-11.37-11.58-11.80
Capital Expenditure (%)
Free Cash Flow 29.35-10.1068.8227.6162.1236.5337.2237.9238.6439.37

Weighted Average Cost Of Capital

Share price $ 9.285
Beta 1.941
Diluted Shares Outstanding 56.20
Cost of Debt
Tax Rate 25.96
After-tax Cost of Debt 3.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.377
Total Debt 395.26
Total Equity 521.78
Total Capital 917.04
Debt Weighting 43.10
Equity Weighting 56.90
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 541.39288.61398.17456.43463.92472.67481.59490.67499.93509.36
Operating Cash Flow 43.33-3.1476.1739.4572.1047.4948.3849.2950.2251.17
Capital Expenditure -13.97-6.96-7.35-11.84-9.98-10.95-11.16-11.37-11.58-11.80
Free Cash Flow 29.35-10.1068.8227.6162.1236.5337.2237.9238.6439.37
WACC
PV LFCF 33.5131.3129.2627.3425.55
SUM PV LFCF 146.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.03
Free cash flow (t + 1) 39.57
Terminal Value 463.84
Present Value of Terminal Value 301.05

Intrinsic Value

Enterprise Value 448.02
Net Debt 390.37
Equity Value 57.65
Shares Outstanding 56.20
Equity Value Per Share 1.03