Discounted Cash Flow (DCF) Analysis Levered
Toast, Inc. (TOST)
$17.75
+0.73 (+4.29%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 665.03 | 823.13 | 1,705 | 2,731 | 4,470.51 | 7,318.01 | 11,979.22 | 19,609.40 | 32,099.63 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | -126.48 | -124.63 | 2 | -156 | -444.32 | -727.32 | -1,190.60 | -1,948.95 | -3,190.33 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -14.73 | -36.07 | -19 | -33 | -99.70 | -163.20 | -267.14 | -437.30 | -715.84 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | -141.22 | -160.71 | -17 | -189 | -544.01 | -890.52 | -1,457.74 | -2,386.25 | -3,906.17 |
Weighted Average Cost Of Capital
| Share price | $ 17.75 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 512.24 |
| Cost of Debt | |
| Tax Rate | 0.72 |
| After-tax Cost of Debt | 11.62% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.494 |
| Total Debt | 94 |
| Total Equity | 9,092.32 |
| Total Capital | 9,186.32 |
| Debt Weighting | 1.02 |
| Equity Weighting | 98.98 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 665.03 | 823.13 | 1,705 | 2,731 | 4,470.51 | 7,318.01 | 11,979.22 | 19,609.40 | 32,099.63 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -126.48 | -124.63 | 2 | -156 | -444.32 | -727.32 | -1,190.60 | -1,948.95 | -3,190.33 |
| Capital Expenditure | -14.73 | -36.07 | -19 | -33 | -99.70 | -163.20 | -267.14 | -437.30 | -715.84 |
| Free Cash Flow | -141.22 | -160.71 | -17 | -189 | -544.01 | -890.52 | -1,457.74 | -2,386.25 | -3,906.17 |
| WACC | |||||||||
| PV LFCF | -456.28 | -721.09 | -1,139.59 | -1,800.98 | -2,846.22 | ||||
| SUM PV LFCF | -8,016.26 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.58 |
| Free cash flow (t + 1) | -3,984.29 |
| Terminal Value | -252,170.44 |
| Present Value of Terminal Value | -211,502.08 |
Intrinsic Value
| Enterprise Value | -219,518.34 |
|---|---|
| Net Debt | -453 |
| Equity Value | -219,065.34 |
| Shares Outstanding | 512.24 |
| Equity Value Per Share | -427.66 |