Discounted Cash Flow (DCF) Analysis Levered
Vulcan Materials Company (VMC)
$206.64
+0.46 (+0.22%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 4,929.10 | 4,856.83 | 5,552.20 | 7,315.20 | 8,402.83 | 9,652.17 | 11,087.27 | 12,735.73 | 14,629.30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||
| Operating Cash Flow | 984.12 | 1,070.36 | 1,011.90 | 1,148.20 | 1,594.96 | 1,832.10 | 2,104.50 | 2,417.40 | 2,776.83 |
| Operating Cash Flow (%) | |||||||||
| Capital Expenditure | -384.09 | -362.19 | -451.30 | -612.60 | -667.03 | -766.20 | -880.12 | -1,010.98 | -1,161.29 |
| Capital Expenditure (%) | |||||||||
| Free Cash Flow | 600.03 | 708.17 | 560.60 | 535.60 | 927.94 | 1,065.90 | 1,224.38 | 1,406.43 | 1,615.54 |
Weighted Average Cost Of Capital
| Share price | $ 206.64 |
|---|---|
| Beta | 0.743 |
| Diluted Shares Outstanding | 133.60 |
| Cost of Debt | |
| Tax Rate | 26.96 |
| After-tax Cost of Debt | 2.72% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.253 |
| Total Debt | 4,524.10 |
| Total Equity | 27,607.10 |
| Total Capital | 32,131.20 |
| Debt Weighting | 14.08 |
| Equity Weighting | 85.92 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 4,929.10 | 4,856.83 | 5,552.20 | 7,315.20 | 8,402.83 | 9,652.17 | 11,087.27 | 12,735.73 | 14,629.30 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 984.12 | 1,070.36 | 1,011.90 | 1,148.20 | 1,594.96 | 1,832.10 | 2,104.50 | 2,417.40 | 2,776.83 |
| Capital Expenditure | -384.09 | -362.19 | -451.30 | -612.60 | -667.03 | -766.20 | -880.12 | -1,010.98 | -1,161.29 |
| Free Cash Flow | 600.03 | 708.17 | 560.60 | 535.60 | 927.94 | 1,065.90 | 1,224.38 | 1,406.43 | 1,615.54 |
| WACC | |||||||||
| PV LFCF | 927.94 | 999.82 | 1,077.26 | 1,160.71 | 1,250.62 | ||||
| SUM PV LFCF | 5,080.52 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.61 |
| Free cash flow (t + 1) | 1,647.85 |
| Terminal Value | 35,745.05 |
| Present Value of Terminal Value | 25,955.31 |
Intrinsic Value
| Enterprise Value | 31,035.83 |
|---|---|
| Net Debt | 4,362.70 |
| Equity Value | 26,673.13 |
| Shares Outstanding | 133.60 |
| Equity Value Per Share | 199.65 |