Discounted Cash Flow (DCF) Analysis Levered
Flowers Foods, Inc. (FLO)
$26.69
-0.01 (-0.04%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,920.73 | 3,951.85 | 4,123.97 | 4,230.15 | 4,339.06 | 4,450.77 | 4,565.36 | 4,682.90 | 4,803.47 | 4,927.13 | 5,053.99 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 297.39 | 295.89 | 366.95 | 338 | 346.70 | 355.62 | 364.78 | 374.17 | 383.80 | 393.69 | 403.82 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | -75.23 | -99.42 | -103.68 | -97.98 | -100.51 | -103.09 | -105.75 | -108.47 | -111.26 | -114.13 | -117.06 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | 222.16 | 196.47 | 263.27 | 240.01 | 246.19 | 252.53 | 259.03 | 265.70 | 272.54 | 279.56 | 286.76 |
Weighted Average Cost Of Capital
| Share price | $ 26.69 |
|---|---|
| Beta | 0.395 |
| Diluted Shares Outstanding | 213.03 |
| Cost of Debt | |
| Tax Rate | 23.85 |
| After-tax Cost of Debt | 1.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.382 |
| Total Debt | 1,208.29 |
| Total Equity | 5,685.85 |
| Total Capital | 6,894.14 |
| Debt Weighting | 17.53 |
| Equity Weighting | 82.47 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 3,920.73 | 3,951.85 | 4,123.97 | 4,230.15 | 4,339.06 | 4,450.77 | 4,565.36 | 4,682.90 | 4,803.47 | 4,927.13 | 5,053.99 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 297.39 | 295.89 | 366.95 | 338 | 346.70 | 355.62 | 364.78 | 374.17 | 383.80 | 393.69 | 403.82 |
| Capital Expenditure | -75.23 | -99.42 | -103.68 | -97.98 | -100.51 | -103.09 | -105.75 | -108.47 | -111.26 | -114.13 | -117.06 |
| Free Cash Flow | 222.16 | 196.47 | 263.27 | 240.01 | 246.19 | 252.53 | 259.03 | 265.70 | 272.54 | 279.56 | 286.76 |
| WACC | |||||||||||
| PV LFCF | 251.51 | 246.19 | 240.99 | 235.89 | 230.91 | 226.02 | 221.25 | 216.57 | |||
| SUM PV LFCF | 1,184.80 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.79 |
| Free cash flow (t + 1) | 292.49 |
| Terminal Value | 10,483.60 |
| Present Value of Terminal Value | 8,296.81 |
Intrinsic Value
| Enterprise Value | 9,481.61 |
|---|---|
| Net Debt | 1,022.42 |
| Equity Value | 8,459.19 |
| Shares Outstanding | 213.03 |
| Equity Value Per Share | 39.71 |