Discounted Cash Flow (DCF) Analysis Levered
Henry Schein, Inc. (HSIC)
$77.29
+1.53 (+2.02%)
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 | 12,461.54 | 13,202 | 9,985.80 | 10,119.14 | 12,401.02 | 12,570.48 | 12,742.25 | 12,916.37 | 13,092.87 | 13,271.78 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 545.52 | 684.71 | 654.09 | 598.91 | 709.58 | 697.78 | 707.31 | 716.98 | 726.78 | 736.71 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -81.50 | -90.64 | -76.22 | -48.83 | -79.01 | -81.04 | -82.15 | -83.27 | -84.41 | -85.56 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 464.01 | 594.07 | 577.87 | 550.08 | 630.57 | 616.74 | 625.16 | 633.71 | 642.37 | 651.14 |
Weighted Average Cost Of Capital
Share price | $ 77.29 |
---|---|
Beta | 0.713 |
Diluted Shares Outstanding | 143.40 |
Cost of Debt | |
Tax Rate | 24.00 |
After-tax Cost of Debt | 1.73% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.492 |
Total Debt | 1,216.68 |
Total Equity | 11,083.70 |
Total Capital | 12,300.38 |
Debt Weighting | 9.89 |
Equity Weighting | 90.11 |
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 | 12,461.54 | 13,202 | 9,985.80 | 10,119.14 | 12,401.02 | 12,570.48 | 12,742.25 | 12,916.37 | 13,092.87 | 13,271.78 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 545.52 | 684.71 | 654.09 | 598.91 | 709.58 | 697.78 | 707.31 | 716.98 | 726.78 | 736.71 |
Capital Expenditure | -81.50 | -90.64 | -76.22 | -48.83 | -79.01 | -81.04 | -82.15 | -83.27 | -84.41 | -85.56 |
Free Cash Flow | 464.01 | 594.07 | 577.87 | 550.08 | 630.57 | 616.74 | 625.16 | 633.71 | 642.37 | 651.14 |
WACC | ||||||||||
PV LFCF | 581.72 | 556.18 | 531.77 | 508.43 | 486.11 | |||||
SUM PV LFCF | 2,664.22 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.02 |
Free cash flow (t + 1) | 664.17 |
Terminal Value | 16,521.56 |
Present Value of Terminal Value | 12,334.23 |
Intrinsic Value
Enterprise Value | 14,998.44 |
---|---|
Net Debt | 1,098.72 |
Equity Value | 13,899.73 |
Shares Outstanding | 143.40 |
Equity Value Per Share | 96.93 |