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
Stock DCF: 32.26 | 33.21 | overvalue

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 24,14724,17525,93926,900.4027,897.4328,931.4130,003.7231,115.7732,269.0333,465.0434,705.38
Revenue (%)
Operating Cash Flow 748.45609760766.54794.95824.41854.97886.66919.52953.60988.94
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 527.17374502508.02526.84546.37566.62587.62609.40631.99655.41

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 24,14724,17525,93926,900.4027,897.4328,931.4130,003.7231,115.7732,269.0333,465.0434,705.38
Operating Cash Flow 748.45609760766.54794.95824.41854.97886.66919.52953.60988.94
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 527.17374502508.02526.84546.37566.62587.62609.40631.99655.41
WACC
PV LFCF 542.76526.84511.39496.39481.83467.70453.98440.67
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