Discounted Cash Flow (DCF) Analysis Levered

World Fuel Services Corporation (INT)

$24.26

+0.17 (+0.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 225.69 | 24.26 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 36,81920,358.3031,33759,043.1047,710.6057,066.6668,257.4481,642.7497,652.90116,802.65
Revenue (%)
Operating Cash Flow 228.80604.10173.20138.50271.30564.35675.02807.39965.721,155.10
Operating Cash Flow (%)
Capital Expenditure -80.90-51.30-39.20-78.60-87.60-104.26-124.71-149.17-178.42-213.41
Capital Expenditure (%)
Free Cash Flow 147.90552.8013459.90183.70460.09550.31658.23787.30941.70

Weighted Average Cost Of Capital

Share price $ 24.26
Beta 1.277
Diluted Shares Outstanding 61.70
Cost of Debt
Tax Rate 20.69
After-tax Cost of Debt 3.30%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.185
Total Debt 887.90
Total Equity 1,496.84
Total Capital 2,384.74
Debt Weighting 37.23
Equity Weighting 62.77
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 36,81920,358.3031,33759,043.1047,710.6057,066.6668,257.4481,642.7497,652.90116,802.65
Operating Cash Flow 228.80604.10173.20138.50271.30564.35675.02807.39965.721,155.10
Capital Expenditure -80.90-51.30-39.20-78.60-87.60-104.26-124.71-149.17-178.42-213.41
Free Cash Flow 147.90552.8013459.90183.70460.09550.31658.23787.30941.70
WACC
PV LFCF 427.51475.14528.08586.91652.30
SUM PV LFCF 2,669.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.62
Free cash flow (t + 1) 960.53
Terminal Value 17,091.27
Present Value of Terminal Value 11,838.85

Intrinsic Value

Enterprise Value 14,508.78
Net Debt 583.60
Equity Value 13,925.18
Shares Outstanding 61.70
Equity Value Per Share 225.69