Discounted Cash Flow (DCF) Analysis Levered

Sodexo S.A. (SW.PA)

80.28 €

+0.52 (+0.65%)
All numbers are in Millions, Currency in USD
Stock DCF: 75.27 | 80.28 | 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 20,69820,40721,95419,32217,42816,747.6016,093.7715,465.4614,861.6814,281.47
Revenue (%)
Operating Cash Flow 1,0621,1331,268632982849.58816.41784.54753.91724.47
Operating Cash Flow (%)
Capital Expenditure -309-329-400-398-296-290.92-279.56-268.65-258.16-248.08
Capital Expenditure (%)
Free Cash Flow 753804868234686558.66536.85515.89495.75476.40

Weighted Average Cost Of Capital

Share price $ 80.28
Beta 1.017
Diluted Shares Outstanding 145.78
Cost of Debt
Tax Rate 41.35
After-tax Cost of Debt 0.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.595
Total Debt 7,029
Total Equity 11,703.14
Total Capital 18,732.14
Debt Weighting 37.52
Equity Weighting 62.48
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 20,69820,40721,95419,32217,42816,747.6016,093.7715,465.4614,861.6814,281.47
Operating Cash Flow 1,0621,1331,268632982849.58816.41784.54753.91724.47
Capital Expenditure -309-329-400-398-296-290.92-279.56-268.65-258.16-248.08
Free Cash Flow 753804868234686558.66536.85515.89495.75476.40
WACC
PV LFCF 531.55486.01444.38406.31371.50
SUM PV LFCF 2,239.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.10
Free cash flow (t + 1) 485.92
Terminal Value 15,674.98
Present Value of Terminal Value 12,223.44

Intrinsic Value

Enterprise Value 14,463.18
Net Debt 3,490
Equity Value 10,973.18
Shares Outstanding 145.78
Equity Value Per Share 75.27