Discounted Cash Flow (DCF) Analysis Levered

World Fuel Services Corporation (INT)

$26.15

+0.15 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 57.06 | 26.15 | undervalue

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 33,695.5039,750.3036,81920,358.3031,33732,889.3734,518.6436,228.6338,023.3239,906.92
Revenue (%)
Operating Cash Flow 205.20-182.50228.80604.10173.20282.28296.26310.94326.34342.51
Operating Cash Flow (%)
Capital Expenditure -54-72.30-80.90-51.30-39.20-61.76-64.82-68.03-71.40-74.94
Capital Expenditure (%)
Free Cash Flow 151.20-254.80147.90552.80134220.52231.44242.90254.94267.57

Weighted Average Cost Of Capital

Share price $ 26.15
Beta 1.307
Diluted Shares Outstanding 63.30
Cost of Debt
Tax Rate 26.30
After-tax Cost of Debt 5.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.993
Total Debt 508.70
Total Equity 1,655.30
Total Capital 2,163.99
Debt Weighting 23.51
Equity Weighting 76.49
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 33,695.5039,750.3036,81920,358.3031,33732,889.3734,518.6436,228.6338,023.3239,906.92
Operating Cash Flow 205.20-182.50228.80604.10173.20282.28296.26310.94326.34342.51
Capital Expenditure -54-72.30-80.90-51.30-39.20-61.76-64.82-68.03-71.40-74.94
Free Cash Flow 151.20-254.80147.90552.80134220.52231.44242.90254.94267.57
WACC
PV LFCF 202.29194.76187.52180.54173.82
SUM PV LFCF 938.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.01
Free cash flow (t + 1) 272.92
Terminal Value 3,893.26
Present Value of Terminal Value 2,529.19

Intrinsic Value

Enterprise Value 3,468.12
Net Debt -143.50
Equity Value 3,611.62
Shares Outstanding 63.30
Equity Value Per Share 57.06