Discounted Cash Flow (DCF) Analysis Levered

SpartanNash Company (SPTN)

$24.6

+0.33 (+1.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 182.12 | 24.6 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 8,064.558,536.069,035.159,563.4110,122.5510,714.3911,340.8412,003.9012,705.7413,448.61
Revenue (%)
Operating Cash Flow 171.37179.98191.25202.43214.27226.80240.06254.09268.95284.67
Operating Cash Flow (%)
Capital Expenditure -71.49-74.82-79.64-84.30-89.23-94.45-99.97-105.81-112-118.55
Capital Expenditure (%)
Free Cash Flow 99.88105.16111.61118.13125.04132.35140.09148.28156.95166.12

Weighted Average Cost Of Capital

Share price $ 24.6
Beta 0.733
Diluted Shares Outstanding 36.15
Cost of Debt
Tax Rate 32.48
After-tax Cost of Debt 0.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.943
Total Debt 720.27
Total Equity 889.17
Total Capital 1,609.44
Debt Weighting 44.75
Equity Weighting 55.25
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 8,064.558,536.069,035.159,563.4110,122.5510,714.3911,340.8412,003.9012,705.7413,448.61
Operating Cash Flow 171.37179.98191.25202.43214.27226.80240.06254.09268.95284.67
Capital Expenditure -71.49-74.82-79.64-84.30-89.23-94.45-99.97-105.81-112-118.55
Free Cash Flow 99.88105.16111.61118.13125.04132.35140.09148.28156.95166.12
WACC
PV LFCF 111.61113.49115.40117.35119.33121.35123.39125.48
SUM PV LFCF 657.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.09
Free cash flow (t + 1) 169.44
Terminal Value 8,107.41
Present Value of Terminal Value 6,634.94

Intrinsic Value

Enterprise Value 7,292.51
Net Debt 709.60
Equity Value 6,582.90
Shares Outstanding 36.15
Equity Value Per Share 182.12