Discounted Cash Flow (DCF) Analysis Levered
Noodles & Company (NDLS)
$4.73
+0.06 (+1.28%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 462.41 | 393.66 | 475.15 | 489.01 | 503.27 | 517.95 | 533.06 | 548.61 | 564.61 | 581.08 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 30.06 | 9.12 | 36.17 | 26.78 | 27.56 | 28.37 | 29.19 | 30.05 | 30.92 | 31.82 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -18.79 | -11.78 | -18.78 | -17.94 | -18.47 | -19.01 | -19.56 | -20.13 | -20.72 | -21.32 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 11.27 | -2.66 | 17.39 | 8.84 | 9.09 | 9.36 | 9.63 | 9.91 | 10.20 | 10.50 |
Weighted Average Cost Of Capital
Share price | $ 4.73 |
---|---|
Beta | 1.466 |
Diluted Shares Outstanding | 45.91 |
Cost of Debt | |
Tax Rate | -1.13 |
After-tax Cost of Debt | 5.31% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.448 |
Total Debt | 46.05 |
Total Equity | 217.17 |
Total Capital | 263.22 |
Debt Weighting | 17.50 |
Equity Weighting | 82.50 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 462.41 | 393.66 | 475.15 | 489.01 | 503.27 | 517.95 | 533.06 | 548.61 | 564.61 | 581.08 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 30.06 | 9.12 | 36.17 | 26.78 | 27.56 | 28.37 | 29.19 | 30.05 | 30.92 | 31.82 |
Capital Expenditure | -18.79 | -11.78 | -18.78 | -17.94 | -18.47 | -19.01 | -19.56 | -20.13 | -20.72 | -21.32 |
Free Cash Flow | 11.27 | -2.66 | 17.39 | 8.84 | 9.09 | 9.36 | 9.63 | 9.91 | 10.20 | 10.50 |
WACC | ||||||||||
PV LFCF | 9.68 | 9.09 | 8.54 | 8.03 | 7.54 | 7.08 | 6.66 | |||
SUM PV LFCF | 37.85 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.55 |
Free cash flow (t + 1) | 10.71 |
Terminal Value | 141.87 |
Present Value of Terminal Value | 89.91 |
Intrinsic Value
Enterprise Value | 127.77 |
---|---|
Net Debt | 44.53 |
Equity Value | 83.24 |
Shares Outstanding | 45.91 |
Equity Value Per Share | 1.81 |