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 |