Discounted Cash Flow (DCF) Analysis Levered

United Natural Foods, Inc. (UNFI)

$38.05

-0.39 (-1.01%)
All numbers are in Millions, Currency in USD
Stock DCF: 485.08 | 38.05 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9,274.4710,226.6821,387.0726,514.2726,95036,720.3150,032.6968,171.2792,885.71126,559.99
Revenue (%)
Operating Cash Flow 280.78109.47284.53456.54614692.43943.461,285.491,751.532,386.51
Operating Cash Flow (%)
Capital Expenditure -56.11-44.61-207.82-172.57-310-280.10-381.65-520.01-708.54-965.41
Capital Expenditure (%)
Free Cash Flow 224.6664.8676.71283.97304412.32561.80765.481,042.991,421.11

Weighted Average Cost Of Capital

Share price $ 38.05
Beta 0.892
Diluted Shares Outstanding 60
Cost of Debt
Tax Rate 18.58
After-tax Cost of Debt 4.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.185
Total Debt 3,427
Total Equity 2,283
Total Capital 5,710
Debt Weighting 60.02
Equity Weighting 39.98
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 9,274.4710,226.6821,387.0726,514.2726,95036,720.3150,032.6968,171.2792,885.71126,559.99
Operating Cash Flow 280.78109.47284.53456.54614692.43943.461,285.491,751.532,386.51
Capital Expenditure -56.11-44.61-207.82-172.57-310-280.10-381.65-520.01-708.54-965.41
Free Cash Flow 224.6664.8676.71283.97304412.32561.80765.481,042.991,421.11
WACC
PV LFCF 348.46448.88578.25744.91959.60
SUM PV LFCF 3,445.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.77
Free cash flow (t + 1) 1,449.53
Terminal Value 38,449.04
Present Value of Terminal Value 29,045.11

Intrinsic Value

Enterprise Value 32,490.91
Net Debt 3,386
Equity Value 29,104.91
Shares Outstanding 60
Equity Value Per Share 485.08