Discounted Cash Flow (DCF) Analysis Levered

Dine Brands Global, Inc. (DIN)

$61.78

+0.71 (+1.16%)
All numbers are in Millions, Currency in USD
Stock DCF: 145.23 | 61.78 | undervalue

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 780.93910.18689.27896.17909.40963.451,020.711,081.381,145.651,213.74
Revenue (%)
Operating Cash Flow 140.35155.1896.50195.8489.34155.50164.74174.53184.90195.89
Operating Cash Flow (%)
Capital Expenditure -14.28-19.42-10.93-16.85-35.32-21.80-23.09-24.46-25.92-27.46
Capital Expenditure (%)
Free Cash Flow 126.07135.7685.58178.9954.02133.70141.65150.07158.98168.43

Weighted Average Cost Of Capital

Share price $ 61.78
Beta 1.852
Diluted Shares Outstanding 15.90
Cost of Debt
Tax Rate 29.34
After-tax Cost of Debt 2.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.438
Total Debt 1,742.38
Total Equity 982.36
Total Capital 2,724.75
Debt Weighting 63.95
Equity Weighting 36.05
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 780.93910.18689.27896.17909.40963.451,020.711,081.381,145.651,213.74
Operating Cash Flow 140.35155.1896.50195.8489.34155.50164.74174.53184.90195.89
Capital Expenditure -14.28-19.42-10.93-16.85-35.32-21.80-23.09-24.46-25.92-27.46
Free Cash Flow 126.07135.7685.58178.9954.02133.70141.65150.07158.98168.43
WACC
PV LFCF 126.06125.92125.78125.65125.51
SUM PV LFCF 628.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.06
Free cash flow (t + 1) 171.80
Terminal Value 4,231.58
Present Value of Terminal Value 3,153.15

Intrinsic Value

Enterprise Value 3,782.07
Net Debt 1,472.73
Equity Value 2,309.34
Shares Outstanding 15.90
Equity Value Per Share 145.23