Discounted Cash Flow (DCF) Analysis Levered
Restaurant Brands International Lim... (QSP-UN.TO)
$97.33
+4.52 (+4.87%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5,357 | 5,603 | 4,968 | 5,739 | 6,505 | 6,864.82 | 7,244.53 | 7,645.26 | 8,068.15 | 8,514.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,165 | 1,476 | 921 | 1,726 | 1,490 | 1,642.19 | 1,733.03 | 1,828.89 | 1,930.05 | 2,036.81 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -86 | -62 | -117 | -106 | -100 | -116.03 | -122.45 | -129.22 | -136.37 | -143.92 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,079 | 1,414 | 804 | 1,620 | 1,390 | 1,526.16 | 1,610.58 | 1,699.66 | 1,793.68 | 1,892.89 |
Weighted Average Cost Of Capital
| Share price | $ 97.33 |
|---|---|
| Beta | 0.930 |
| Diluted Shares Outstanding | 455 |
| Cost of Debt | |
| Tax Rate | -8.57 |
| After-tax Cost of Debt | 4.37% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.758 |
| Total Debt | 14,304 |
| Total Equity | 44,285.15 |
| Total Capital | 58,589.15 |
| Debt Weighting | 24.41 |
| Equity Weighting | 75.59 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 5,357 | 5,603 | 4,968 | 5,739 | 6,505 | 6,864.82 | 7,244.53 | 7,645.26 | 8,068.15 | 8,514.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,165 | 1,476 | 921 | 1,726 | 1,490 | 1,642.19 | 1,733.03 | 1,828.89 | 1,930.05 | 2,036.81 |
| Capital Expenditure | -86 | -62 | -117 | -106 | -100 | -116.03 | -122.45 | -129.22 | -136.37 | -143.92 |
| Free Cash Flow | 1,079 | 1,414 | 804 | 1,620 | 1,390 | 1,526.16 | 1,610.58 | 1,699.66 | 1,793.68 | 1,892.89 |
| WACC | ||||||||||
| PV LFCF | 1,417.18 | 1,388.77 | 1,360.93 | 1,333.65 | 1,306.92 | |||||
| SUM PV LFCF | 6,807.46 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.69 |
| Free cash flow (t + 1) | 1,930.75 |
| Terminal Value | 33,932.36 |
| Present Value of Terminal Value | 23,428.10 |
Intrinsic Value
| Enterprise Value | 30,235.56 |
|---|---|
| Net Debt | 13,126 |
| Equity Value | 17,109.56 |
| Shares Outstanding | 455 |
| Equity Value Per Share | 37.60 |