Discounted Cash Flow (DCF) Analysis Levered
Toll Brothers, Inc. (TOL)
$74.29
+0.20 (+0.27%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 7,143.26 | 7,223.97 | 7,077.66 | 8,790.36 | 9,473.17 | 10,209.03 | 11,002.04 | 11,856.65 | 12,777.65 | 13,770.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 602.40 | 437.66 | 1,008.12 | 1,303.13 | 986.82 | 1,102.10 | 1,187.71 | 1,279.97 | 1,379.39 | 1,486.54 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -0.97 | 2.42 | 0.70 | -66.88 | -71.73 | -30.39 | -32.75 | -35.29 | -38.03 | -40.98 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 601.44 | 440.08 | 1,008.81 | 1,236.25 | 915.09 | 1,071.71 | 1,154.96 | 1,244.68 | 1,341.36 | 1,445.55 |
Weighted Average Cost Of Capital
| Share price | $ 74.29 |
|---|---|
| Beta | 1.378 |
| Diluted Shares Outstanding | 117.97 |
| Cost of Debt | |
| Tax Rate | 24.49 |
| After-tax Cost of Debt | 3.78% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.247 |
| Total Debt | - |
| Total Equity | 8,764.36 |
| Total Capital | 8,764.36 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 7,143.26 | 7,223.97 | 7,077.66 | 8,790.36 | 9,473.17 | 10,209.03 | 11,002.04 | 11,856.65 | 12,777.65 | 13,770.18 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 602.40 | 437.66 | 1,008.12 | 1,303.13 | 986.82 | 1,102.10 | 1,187.71 | 1,279.97 | 1,379.39 | 1,486.54 |
| Capital Expenditure | -0.97 | 2.42 | 0.70 | -66.88 | -71.73 | -30.39 | -32.75 | -35.29 | -38.03 | -40.98 |
| Free Cash Flow | 601.44 | 440.08 | 1,008.81 | 1,236.25 | 915.09 | 1,071.71 | 1,154.96 | 1,244.68 | 1,341.36 | 1,445.55 |
| WACC | ||||||||||
| PV LFCF | 915.09 | 972.08 | 950.19 | 928.80 | 907.88 | 887.44 | ||||
| SUM PV LFCF | 4,646.39 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.25 |
| Free cash flow (t + 1) | 1,474.46 |
| Terminal Value | 17,872.29 |
| Present Value of Terminal Value | 10,972.04 |
Intrinsic Value
| Enterprise Value | 15,618.43 |
|---|---|
| Net Debt | -132.34 |
| Equity Value | 15,750.77 |
| Shares Outstanding | 117.97 |
| Equity Value Per Share | 133.51 |