Discounted Cash Flow (DCF) Analysis Levered
Tractor Supply Company (TSCO)
$217.0485
+0.19 (+0.09%)
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 | 7,911.05 | 8,351.93 | 10,620.35 | 12,731.11 | 14,204.72 | 16,483.97 | 19,128.94 | 22,198.33 | 25,760.21 | 29,893.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 694.39 | 811.72 | 1,394.51 | 1,138.72 | 1,356.98 | 1,652.50 | 1,917.65 | 2,225.36 | 2,582.43 | 2,996.80 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -278.53 | -217.45 | -294 | -628.43 | -773.37 | -635.40 | -737.36 | -855.67 | -992.97 | -1,152.30 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 415.86 | 594.27 | 1,100.51 | 510.29 | 583.61 | 1,017.10 | 1,180.30 | 1,369.69 | 1,589.46 | 1,844.50 |
Weighted Average Cost Of Capital
| Share price | $ 217.0,485 |
|---|---|
| Beta | 0.817 |
| Diluted Shares Outstanding | 112.15 |
| Cost of Debt | |
| Tax Rate | 22.47 |
| After-tax Cost of Debt | 0.56% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.650 |
| Total Debt | 4,270.16 |
| Total Equity | 24,341.77 |
| Total Capital | 28,611.93 |
| Debt Weighting | 14.92 |
| Equity Weighting | 85.08 |
| 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 | 7,911.05 | 8,351.93 | 10,620.35 | 12,731.11 | 14,204.72 | 16,483.97 | 19,128.94 | 22,198.33 | 25,760.21 | 29,893.63 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 694.39 | 811.72 | 1,394.51 | 1,138.72 | 1,356.98 | 1,652.50 | 1,917.65 | 2,225.36 | 2,582.43 | 2,996.80 |
| Capital Expenditure | -278.53 | -217.45 | -294 | -628.43 | -773.37 | -635.40 | -737.36 | -855.67 | -992.97 | -1,152.30 |
| Free Cash Flow | 415.86 | 594.27 | 1,100.51 | 510.29 | 583.61 | 1,017.10 | 1,180.30 | 1,369.69 | 1,589.46 | 1,844.50 |
| WACC | ||||||||||
| PV LFCF | 895.22 | 974.64 | 1,061.10 | 1,155.23 | 1,257.71 | |||||
| SUM PV LFCF | 5,696.06 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.59 |
| Free cash flow (t + 1) | 1,881.39 |
| Terminal Value | 40,988.99 |
| Present Value of Terminal Value | 29,790.99 |
Intrinsic Value
| Enterprise Value | 35,487.05 |
|---|---|
| Net Debt | 4,270.16 |
| Equity Value | 31,216.89 |
| Shares Outstanding | 112.15 |
| Equity Value Per Share | 278.35 |