Discounted Cash Flow (DCF) Analysis Levered

Noodles & Company (NDLS)

$4.73

+0.06 (+1.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.81 | 4.73 | overvalue

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 462.41393.66475.15489.01503.27517.95533.06548.61564.61581.08
Revenue (%)
Operating Cash Flow 30.069.1236.1726.7827.5628.3729.1930.0530.9231.82
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 11.27-2.6617.398.849.099.369.639.9110.2010.50

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 462.41393.66475.15489.01503.27517.95533.06548.61564.61581.08
Operating Cash Flow 30.069.1236.1726.7827.5628.3729.1930.0530.9231.82
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 11.27-2.6617.398.849.099.369.639.9110.2010.50
WACC
PV LFCF 9.689.098.548.037.547.086.66
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