Discounted Cash Flow (DCF) Analysis Levered

Fastenal Company (FAST)

$51.9

+1.46 (+2.89%)
All numbers are in Millions, Currency in USD
Stock DCF: 22.50 | 51.9 | 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 $ 51.9
Beta 1.274
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 9.141
Total Debt 636.80
Total Equity 29,961.87
Total Capital 30,598.67
Debt Weighting 2.08
Equity Weighting 97.92
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 698.90694.01689.15684.33679.54
SUM PV LFCF 3,445.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.97
Free cash flow (t + 1) 1,065
Terminal Value 15,279.72
Present Value of Terminal Value 9,944.44

Intrinsic Value

Enterprise Value 13,390.37
Net Debt 400.60
Equity Value 12,989.77
Shares Outstanding 577.30
Equity Value Per Share 22.50