Discounted Cash Flow (DCF) Analysis Levered
US Foods Holding Corp. (USFD)
$41.36
+0.77 (+1.90%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 24,175 | 25,939 | 27,831.72 | 29,862.54 | 32,041.55 | 34,379.55 | 36,888.16 | 39,579.81 | 42,467.87 | 45,566.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 609 | 760 | 758.29 | 813.62 | 872.99 | 936.68 | 1,005.03 | 1,078.37 | 1,157.05 | 1,241.48 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -235 | -258 | -273.69 | -293.66 | -315.08 | -338.07 | -362.74 | -389.21 | -417.61 | -448.08 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 374 | 502 | 484.60 | 519.96 | 557.90 | 598.61 | 642.29 | 689.16 | 739.44 | 793.40 |
Weighted Average Cost Of Capital
| Share price | $ 41.36 |
|---|---|
| Beta | 1.474 |
| Diluted Shares Outstanding | 226 |
| Cost of Debt | |
| Tax Rate | 36.84 |
| After-tax Cost of Debt | 3.32% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.650 |
| Total Debt | 4,854 |
| Total Equity | 9,347.36 |
| Total Capital | 14,201.36 |
| Debt Weighting | 34.18 |
| Equity Weighting | 65.82 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 24,175 | 25,939 | 27,831.72 | 29,862.54 | 32,041.55 | 34,379.55 | 36,888.16 | 39,579.81 | 42,467.87 | 45,566.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 609 | 760 | 758.29 | 813.62 | 872.99 | 936.68 | 1,005.03 | 1,078.37 | 1,157.05 | 1,241.48 |
| Capital Expenditure | -235 | -258 | -273.69 | -293.66 | -315.08 | -338.07 | -362.74 | -389.21 | -417.61 | -448.08 |
| Free Cash Flow | 374 | 502 | 484.60 | 519.96 | 557.90 | 598.61 | 642.29 | 689.16 | 739.44 | 793.40 |
| WACC | ||||||||||
| PV LFCF | 566.70 | 562.29 | 557.90 | 553.55 | 549.23 | 544.95 | 540.70 | 536.49 | ||
| SUM PV LFCF | 2,724.93 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.14 |
| Free cash flow (t + 1) | 809.27 |
| Terminal Value | 13,180.23 |
| Present Value of Terminal Value | 8,912.33 |
Intrinsic Value
| Enterprise Value | 11,637.26 |
|---|---|
| Net Debt | 4,643 |
| Equity Value | 6,994.26 |
| Shares Outstanding | 226 |
| Equity Value Per Share | 30.95 |