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 |