Discounted Cash Flow (DCF) Analysis Levered
TravelCenters of America LLC 8% SR ... (TANNZ)
$25.26
0.00 (0.00%)
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 | 6,231.44 | 4,247.07 | 4,846.04 | 7,336.84 | 10,844.99 | 13,053.92 | 15,712.78 | 18,913.19 | 22,765.47 | 27,402.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 81.61 | 82.47 | 244.41 | 154.46 | 183.66 | 315.74 | 380.05 | 457.46 | 550.63 | 662.79 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -144.78 | -83.95 | -54.39 | -104.85 | -186.49 | -223.77 | -269.35 | -324.22 | -390.25 | -469.74 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -63.17 | -1.49 | 190.02 | 49.61 | -2.82 | 91.96 | 110.70 | 133.24 | 160.38 | 193.05 |
Weighted Average Cost Of Capital
| Share price | $ 25.26 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 39.56 |
| Cost of Debt | |
| Tax Rate | 23.93 |
| After-tax Cost of Debt | 1,451.79% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.137 |
| Total Debt | 2.19 |
| Total Equity | 999.18 |
| Total Capital | 1,001.37 |
| Debt Weighting | 0.22 |
| Equity Weighting | 99.78 |
| 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 | 6,231.44 | 4,247.07 | 4,846.04 | 7,336.84 | 10,844.99 | 13,053.92 | 15,712.78 | 18,913.19 | 22,765.47 | 27,402.40 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 81.61 | 82.47 | 244.41 | 154.46 | 183.66 | 315.74 | 380.05 | 457.46 | 550.63 | 662.79 |
| Capital Expenditure | -144.78 | -83.95 | -54.39 | -104.85 | -186.49 | -223.77 | -269.35 | -324.22 | -390.25 | -469.74 |
| Free Cash Flow | -63.17 | -1.49 | 190.02 | 49.61 | -2.82 | 91.96 | 110.70 | 133.24 | 160.38 | 193.05 |
| WACC | ||||||||||
| PV LFCF | 85.71 | 96.15 | 107.86 | 120.99 | 135.73 | |||||
| SUM PV LFCF | 546.43 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.30 |
| Free cash flow (t + 1) | 196.91 |
| Terminal Value | 3,715.25 |
| Present Value of Terminal Value | 2,612.10 |
Intrinsic Value
| Enterprise Value | 3,158.53 |
|---|---|
| Net Debt | 1.77 |
| Equity Value | 3,156.75 |
| Shares Outstanding | 39.56 |
| Equity Value Per Share | 79.80 |