Discounted Cash Flow (DCF) Analysis Levered
Fastenal Company (FAST)
$54.12
+1.60 (+3.05%)
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 | 4,390.50 | 4,965.10 | 5,333.70 | 5,647.30 | 6,010.90 | 6,504.23 | 7,038.06 | 7,615.69 | 8,240.73 | 8,917.08 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 585.20 | 674.20 | 842.70 | 1,101.80 | 770.10 | 976.01 | 1,056.12 | 1,142.80 | 1,236.59 | 1,338.08 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -119.90 | -176.30 | -246.40 | -168.10 | -156.60 | -214.42 | -232.02 | -251.06 | -271.67 | -293.97 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 465.30 | 497.90 | 596.30 | 933.70 | 613.50 | 761.59 | 824.10 | 891.73 | 964.92 | 1,044.11 |
Weighted Average Cost Of Capital
Share price | $ 54.12 |
---|---|
Beta | 1.272 |
Diluted Shares Outstanding | 577.30 |
Cost of Debt | |
Tax Rate | 23.41 |
After-tax Cost of Debt | 1.16% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.746 |
Total Debt | 636.80 |
Total Equity | 31,243.48 |
Total Capital | 31,880.28 |
Debt Weighting | 2.00 |
Equity Weighting | 98.00 |
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 | 4,390.50 | 4,965.10 | 5,333.70 | 5,647.30 | 6,010.90 | 6,504.23 | 7,038.06 | 7,615.69 | 8,240.73 | 8,917.08 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 585.20 | 674.20 | 842.70 | 1,101.80 | 770.10 | 976.01 | 1,056.12 | 1,142.80 | 1,236.59 | 1,338.08 |
Capital Expenditure | -119.90 | -176.30 | -246.40 | -168.10 | -156.60 | -214.42 | -232.02 | -251.06 | -271.67 | -293.97 |
Free Cash Flow | 465.30 | 497.90 | 596.30 | 933.70 | 613.50 | 761.59 | 824.10 | 891.73 | 964.92 | 1,044.11 |
WACC | ||||||||||
PV LFCF | 701.34 | 698.87 | 696.41 | 693.96 | 691.51 | |||||
SUM PV LFCF | 3,482.10 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.59 |
Free cash flow (t + 1) | 1,065 |
Terminal Value | 16,160.79 |
Present Value of Terminal Value | 10,703.20 |
Intrinsic Value
Enterprise Value | 14,185.29 |
---|---|
Net Debt | 400.60 |
Equity Value | 13,784.69 |
Shares Outstanding | 577.30 |
Equity Value Per Share | 23.88 |