Discounted Cash Flow (DCF) Analysis Levered

Henry Schein, Inc. (HSIC)

$77.08

+1.99 (+2.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 65.97 | 77.08 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13,2029,985.8010,119.1412,401.0212,64712,694.6612,742.5112,790.5312,838.7412,887.13
Revenue (%)
Operating Cash Flow 684.71654.09598.91709.58602714.38717.07719.78722.49725.21
Operating Cash Flow (%)
Capital Expenditure -90.64-76.22-48.83-79.01-96-84.51-84.83-85.15-85.47-85.79
Capital Expenditure (%)
Free Cash Flow 594.07577.87550.08630.57506629.87632.25634.63637.02639.42

Weighted Average Cost Of Capital

Share price $ 77.08
Beta 0.846
Diluted Shares Outstanding 137.76
Cost of Debt
Tax Rate 25.38
After-tax Cost of Debt 3.23%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.324
Total Debt 1,497
Total Equity 10,618.21
Total Capital 12,115.21
Debt Weighting 12.36
Equity Weighting 87.64
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13,2029,985.8010,119.1412,401.0212,64712,694.6612,742.5112,790.5312,838.7412,887.13
Operating Cash Flow 684.71654.09598.91709.58602714.38717.07719.78722.49725.21
Capital Expenditure -90.64-76.22-48.83-79.01-96-84.51-84.83-85.15-85.47-85.79
Free Cash Flow 594.07577.87550.08630.57506629.87632.25634.63637.02639.42
WACC
PV LFCF 584.89545.17508.15473.64441.48
SUM PV LFCF 2,553.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.69
Free cash flow (t + 1) 652.21
Terminal Value 11,462.38
Present Value of Terminal Value 7,914.03

Intrinsic Value

Enterprise Value 10,467.37
Net Debt 1,380
Equity Value 9,087.37
Shares Outstanding 137.76
Equity Value Per Share 65.97