Discounted Cash Flow (DCF) Analysis Levered

Fastenal Company (FAST)

$54.12

+1.60 (+3.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 23.88 | 54.12 | overvalue

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 4,390.504,965.105,333.705,647.306,010.906,504.237,038.067,615.698,240.738,917.08
Revenue (%)
Operating Cash Flow 585.20674.20842.701,101.80770.10976.011,056.121,142.801,236.591,338.08
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 465.30497.90596.30933.70613.50761.59824.10891.73964.921,044.11

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 4,390.504,965.105,333.705,647.306,010.906,504.237,038.067,615.698,240.738,917.08
Operating Cash Flow 585.20674.20842.701,101.80770.10976.011,056.121,142.801,236.591,338.08
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 465.30497.90596.30933.70613.50761.59824.10891.73964.921,044.11
WACC
PV LFCF 701.34698.87696.41693.96691.51
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