Discounted Cash Flow (DCF) Analysis Levered

Patrick Industries, Inc. (PATK)

$116.36

+1.26 (+1.09%)
All numbers are in Millions, Currency in USD
Stock DCF: 154.20 | 116.36 | 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 2,337.082,486.604,078.094,881.873,468.053,998.224,609.445,314.106,126.487,063.06
Revenue (%)
Operating Cash Flow 192.41160.15252.13411.74408.67328.45378.66436.54503.28580.22
Operating Cash Flow (%)
Capital Expenditure -27.66-32.10-64.80-79.88-58.99-59.18-68.23-78.66-90.68-104.54
Capital Expenditure (%)
Free Cash Flow 164.75128.05187.33331.86349.68269.27310.43357.89412.60475.67

Weighted Average Cost Of Capital

Share price $ 116.36
Beta 1.703
Diluted Shares Outstanding 22.02
Cost of Debt
Tax Rate 25.29
After-tax Cost of Debt 4.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.360
Total Debt 1,207.06
Total Equity 2,562.83
Total Capital 3,769.89
Debt Weighting 32.02
Equity Weighting 67.98
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 2,337.082,486.604,078.094,881.873,468.053,998.224,609.445,314.106,126.487,063.06
Operating Cash Flow 192.41160.15252.13411.74408.67328.45378.66436.54503.28580.22
Capital Expenditure -27.66-32.10-64.80-79.88-58.99-59.18-68.23-78.66-90.68-104.54
Free Cash Flow 164.75128.05187.33331.86349.68269.27310.43357.89412.60475.67
WACC
PV LFCF 245.30257.63270.58284.18298.46
SUM PV LFCF 1,356.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.77
Free cash flow (t + 1) 478.05
Terminal Value 5,156.98
Present Value of Terminal Value 3,235.76

Intrinsic Value

Enterprise Value 4,591.92
Net Debt 1,195.65
Equity Value 3,396.26
Shares Outstanding 22.02
Equity Value Per Share 154.20