Discounted Cash Flow (DCF) Analysis Levered
US Foods Holding Corp. (USFD)
$40.13
+0.44 (+1.11%)
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 | 24,175 | 25,939 | 22,885 | 29,487 | 34,057 | 37,451.63 | 41,184.62 | 45,289.69 | 49,803.93 | 54,768.14 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 609 | 760 | 413 | 419 | 765 | 818.02 | 899.55 | 989.21 | 1,087.81 | 1,196.24 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -235 | -258 | -189 | -274 | -265 | -337.06 | -370.65 | -407.60 | -448.23 | -492.90 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 374 | 502 | 224 | 145 | 500 | 480.96 | 528.90 | 581.61 | 639.59 | 703.34 |
Weighted Average Cost Of Capital
Share price | $ 40.13 |
---|---|
Beta | 1.506 |
Diluted Shares Outstanding | 226 |
Cost of Debt | |
Tax Rate | 26.59 |
After-tax Cost of Debt | 3.72% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.706 |
Total Debt | 5,029 |
Total Equity | 9,069.38 |
Total Capital | 14,098.38 |
Debt Weighting | 35.67 |
Equity Weighting | 64.33 |
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 | 24,175 | 25,939 | 22,885 | 29,487 | 34,057 | 37,451.63 | 41,184.62 | 45,289.69 | 49,803.93 | 54,768.14 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 609 | 760 | 413 | 419 | 765 | 818.02 | 899.55 | 989.21 | 1,087.81 | 1,196.24 |
Capital Expenditure | -235 | -258 | -189 | -274 | -265 | -337.06 | -370.65 | -407.60 | -448.23 | -492.90 |
Free Cash Flow | 374 | 502 | 224 | 145 | 500 | 480.96 | 528.90 | 581.61 | 639.59 | 703.34 |
WACC | ||||||||||
PV LFCF | 441.81 | 446.31 | 450.85 | 455.43 | 460.07 | |||||
SUM PV LFCF | 2,254.47 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 8.86 |
Free cash flow (t + 1) | 717.40 |
Terminal Value | 10,457.77 |
Present Value of Terminal Value | 6,840.65 |
Intrinsic Value
Enterprise Value | 9,095.12 |
---|---|
Net Debt | 4,818 |
Equity Value | 4,277.12 |
Shares Outstanding | 226 |
Equity Value Per Share | 18.93 |