Discounted Cash Flow (DCF) Analysis Levered

Restaurant Brands International Lim... (QSP-UN.TO)

$88.71

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 47.41 | 88.71 | overvalue

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 4,576.105,3575,6034,9685,7396,109.786,504.526,924.767,372.157,848.45
Revenue (%)
Operating Cash Flow 1,4221,1651,4769211,7261,561.401,662.271,769.671,8842,005.72
Operating Cash Flow (%)
Capital Expenditure -36.70-86-62-117-106-94.29-100.38-106.86-113.77-121.12
Capital Expenditure (%)
Free Cash Flow 1,385.301,0791,4148041,6201,467.111,561.901,662.811,770.241,884.61

Weighted Average Cost Of Capital

Share price $ 88.71
Beta 0.978
Diluted Shares Outstanding 468
Cost of Debt
Tax Rate 8.36
After-tax Cost of Debt 3.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.120
Total Debt 14,620
Total Equity 41,516.28
Total Capital 56,136.28
Debt Weighting 26.04
Equity Weighting 73.96
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 4,576.105,3575,6034,9685,7396,109.786,504.526,924.767,372.157,848.45
Operating Cash Flow 1,4221,1651,4769211,7261,561.401,662.271,769.671,8842,005.72
Capital Expenditure -36.70-86-62-117-106-94.29-100.38-106.86-113.77-121.12
Free Cash Flow 1,385.301,0791,4148041,6201,467.111,561.901,662.811,770.241,884.61
WACC
PV LFCF 989.19986.14983.10980.07977.05
SUM PV LFCF 6,826.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.79
Free cash flow (t + 1) 1,922.30
Terminal Value 40,131.48
Present Value of Terminal Value 28,895.64

Intrinsic Value

Enterprise Value 35,722.54
Net Debt 13,533
Equity Value 22,189.54
Shares Outstanding 468
Equity Value Per Share 47.41