Discounted Cash Flow (DCF) Analysis Levered
Vulcan Materials Company (VMC)
$160.65
-0.59 (-0.37%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,890.30 | 4,382.87 | 4,929.10 | 4,856.83 | 5,552.20 | 6,079.32 | 6,656.49 | 7,288.45 | 7,980.41 | 8,738.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 644.68 | 832.78 | 984.12 | 1,070.36 | 1,011.90 | 1,164.81 | 1,275.40 | 1,396.48 | 1,529.06 | 1,674.23 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -459.57 | -469.09 | -384.09 | -362.19 | -451.30 | -558.01 | -610.99 | -668.99 | -732.51 | -802.05 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 185.11 | 363.69 | 600.03 | 708.17 | 560.60 | 606.80 | 664.41 | 727.49 | 796.56 | 872.18 |
Weighted Average Cost Of Capital
| Share price | $ 160.65 |
|---|---|
| Beta | 0.698 |
| Diluted Shares Outstanding | 133.25 |
| Cost of Debt | |
| Tax Rate | 23.23 |
| After-tax Cost of Debt | 2.51% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.042 |
| Total Debt | 4,522.50 |
| Total Equity | 21,405.81 |
| Total Capital | 25,928.31 |
| Debt Weighting | 17.44 |
| Equity Weighting | 82.56 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 3,890.30 | 4,382.87 | 4,929.10 | 4,856.83 | 5,552.20 | 6,079.32 | 6,656.49 | 7,288.45 | 7,980.41 | 8,738.06 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 644.68 | 832.78 | 984.12 | 1,070.36 | 1,011.90 | 1,164.81 | 1,275.40 | 1,396.48 | 1,529.06 | 1,674.23 |
| Capital Expenditure | -459.57 | -469.09 | -384.09 | -362.19 | -451.30 | -558.01 | -610.99 | -668.99 | -732.51 | -802.05 |
| Free Cash Flow | 185.11 | 363.69 | 600.03 | 708.17 | 560.60 | 606.80 | 664.41 | 727.49 | 796.56 | 872.18 |
| WACC | ||||||||||
| PV LFCF | 575.55 | 597.74 | 620.78 | 644.70 | 669.56 | |||||
| SUM PV LFCF | 3,108.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.43 |
| Free cash flow (t + 1) | 889.63 |
| Terminal Value | 25,936.64 |
| Present Value of Terminal Value | 19,910.99 |
Intrinsic Value
| Enterprise Value | 23,019.31 |
|---|---|
| Net Debt | 4,287.50 |
| Equity Value | 18,731.81 |
| Shares Outstanding | 133.25 |
| Equity Value Per Share | 140.58 |