Discounted Cash Flow (DCF) Analysis Levered
US Foods Holding Corp. (USFD)
$33.21
+0.25 (+0.76%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 24,147 | 24,175 | 25,939 | 26,900.40 | 27,897.43 | 28,931.41 | 30,003.72 | 31,115.77 | 32,269.03 | 33,465.04 | 34,705.38 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 748.45 | 609 | 760 | 766.54 | 794.95 | 824.41 | 854.97 | 886.66 | 919.52 | 953.60 | 988.94 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | -221.28 | -235 | -258 | -258.52 | -268.10 | -278.04 | -288.35 | -299.03 | -310.12 | -321.61 | -333.53 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | 527.17 | 374 | 502 | 508.02 | 526.84 | 546.37 | 566.62 | 587.62 | 609.40 | 631.99 | 655.41 |
Weighted Average Cost Of Capital
| Share price | $ 33.21 |
|---|---|
| Beta | 1.480 |
| Diluted Shares Outstanding | 220 |
| Cost of Debt | |
| Tax Rate | 23.36 |
| After-tax Cost of Debt | 2.98% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.728 |
| Total Debt | 5,474 |
| Total Equity | 7,306.20 |
| Total Capital | 12,780.20 |
| Debt Weighting | 42.83 |
| Equity Weighting | 57.17 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 24,147 | 24,175 | 25,939 | 26,900.40 | 27,897.43 | 28,931.41 | 30,003.72 | 31,115.77 | 32,269.03 | 33,465.04 | 34,705.38 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 748.45 | 609 | 760 | 766.54 | 794.95 | 824.41 | 854.97 | 886.66 | 919.52 | 953.60 | 988.94 |
| Capital Expenditure | -221.28 | -235 | -258 | -258.52 | -268.10 | -278.04 | -288.35 | -299.03 | -310.12 | -321.61 | -333.53 |
| Free Cash Flow | 527.17 | 374 | 502 | 508.02 | 526.84 | 546.37 | 566.62 | 587.62 | 609.40 | 631.99 | 655.41 |
| WACC | |||||||||||
| PV LFCF | 542.76 | 526.84 | 511.39 | 496.39 | 481.83 | 467.70 | 453.98 | 440.67 | |||
| SUM PV LFCF | 2,500.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.84 |
| Free cash flow (t + 1) | 668.52 |
| Terminal Value | 13,812.42 |
| Present Value of Terminal Value | 9,922.03 |
Intrinsic Value
| Enterprise Value | 12,422.70 |
|---|---|
| Net Debt | 5,326 |
| Equity Value | 7,096.70 |
| Shares Outstanding | 220 |
| Equity Value Per Share | 32.26 |