Discounted Cash Flow (DCF) Analysis Levered
Tractor Supply Company (TSCO)
$255.72
-1.43 (-0.56%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 8,351.93 | 10,620.35 | 12,731.11 | 14,204.72 | 14,555.74 | 16,778.44 | 19,340.56 | 22,293.92 | 25,698.26 | 29,622.45 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 811.72 | 1,394.51 | 1,138.72 | 1,356.98 | 1,334.03 | 1,695.02 | 1,953.86 | 2,252.22 | 2,596.14 | 2,992.57 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -217.45 | -294 | -628.43 | -773.37 | -753.88 | -702.41 | -809.67 | -933.30 | -1,075.82 | -1,240.10 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 594.27 | 1,100.51 | 510.29 | 583.61 | 580.15 | 992.62 | 1,144.19 | 1,318.91 | 1,520.31 | 1,752.47 |
Weighted Average Cost Of Capital
Share price | $ 255.72 |
---|---|
Beta | 0.842 |
Diluted Shares Outstanding | 109.75 |
Cost of Debt | |
Tax Rate | 22.70 |
After-tax Cost of Debt | 3.37% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 8.330 |
Total Debt | 5,035.98 |
Total Equity | 28,064.25 |
Total Capital | 33,100.23 |
Debt Weighting | 15.21 |
Equity Weighting | 84.79 |
Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
Revenue | 8,351.93 | 10,620.35 | 12,731.11 | 14,204.72 | 14,555.74 | 16,778.44 | 19,340.56 | 22,293.92 | 25,698.26 | 29,622.45 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 811.72 | 1,394.51 | 1,138.72 | 1,356.98 | 1,334.03 | 1,695.02 | 1,953.86 | 2,252.22 | 2,596.14 | 2,992.57 |
Capital Expenditure | -217.45 | -294 | -628.43 | -773.37 | -753.88 | -702.41 | -809.67 | -933.30 | -1,075.82 | -1,240.10 |
Free Cash Flow | 594.27 | 1,100.51 | 510.29 | 583.61 | 580.15 | 992.62 | 1,144.19 | 1,318.91 | 1,520.31 | 1,752.47 |
WACC | ||||||||||
PV LFCF | 922.68 | 988.63 | 1,059.31 | 1,135.03 | 1,216.17 | |||||
SUM PV LFCF | 5,321.81 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.58 |
Free cash flow (t + 1) | 1,787.52 |
Terminal Value | 32,034.40 |
Present Value of Terminal Value | 22,231 |
Intrinsic Value
Enterprise Value | 27,552.81 |
---|---|
Net Debt | 4,638.91 |
Equity Value | 22,913.90 |
Shares Outstanding | 109.75 |
Equity Value Per Share | 208.79 |