Discounted Cash Flow (DCF) Analysis Levered
SpartanNash Company (SPTN)
$24.6
+0.33 (+1.36%)
All numbers are in Millions, Currency in USD
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 | 8,064.55 | 8,536.06 | 9,035.15 | 9,563.41 | 10,122.55 | 10,714.39 | 11,340.84 | 12,003.90 | 12,705.74 | 13,448.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 171.37 | 179.98 | 191.25 | 202.43 | 214.27 | 226.80 | 240.06 | 254.09 | 268.95 | 284.67 |
| 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 | 99.88 | 105.16 | 111.61 | 118.13 | 125.04 | 132.35 | 140.09 | 148.28 | 156.95 | 166.12 |
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 | 8,064.55 | 8,536.06 | 9,035.15 | 9,563.41 | 10,122.55 | 10,714.39 | 11,340.84 | 12,003.90 | 12,705.74 | 13,448.61 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 171.37 | 179.98 | 191.25 | 202.43 | 214.27 | 226.80 | 240.06 | 254.09 | 268.95 | 284.67 |
| Capital Expenditure | -71.49 | -74.82 | -79.64 | -84.30 | -89.23 | -94.45 | -99.97 | -105.81 | -112 | -118.55 |
| Free Cash Flow | 99.88 | 105.16 | 111.61 | 118.13 | 125.04 | 132.35 | 140.09 | 148.28 | 156.95 | 166.12 |
| WACC | ||||||||||
| PV LFCF | 111.61 | 113.49 | 115.40 | 117.35 | 119.33 | 121.35 | 123.39 | 125.48 | ||
| 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 |