Discounted Cash Flow (DCF) Analysis Levered
Wingstop Inc. (WING)
$128.87
-1.47 (-1.13%)
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 | 133.32 | 153.18 | 199.68 | 248.81 | 282.50 | 341.40 | 412.59 | 498.61 | 602.57 | 728.20 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 27.43 | 38.77 | 38.58 | 54.08 | 61.41 | 74.21 | 89.68 | 108.38 | 130.98 | 158.29 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2.53 | -3.98 | -22.49 | -6.05 | -28.02 | -19.20 | -23.20 | -28.04 | -33.88 | -40.94 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 24.90 | 34.79 | 16.10 | 48.03 | 33.39 | 55.01 | 66.49 | 80.35 | 97.10 | 117.35 |
Weighted Average Cost Of Capital
Share price | $ 128.87 |
---|---|
Beta | 1.678 |
Diluted Shares Outstanding | 29.80 |
Cost of Debt | |
Tax Rate | 27.58 |
After-tax Cost of Debt | 2.30% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.887 |
Total Debt | 471.84 |
Total Equity | 3,840.84 |
Total Capital | 4,312.68 |
Debt Weighting | 10.94 |
Equity Weighting | 89.06 |
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 | 133.32 | 153.18 | 199.68 | 248.81 | 282.50 | 341.40 | 412.59 | 498.61 | 602.57 | 728.20 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 27.43 | 38.77 | 38.58 | 54.08 | 61.41 | 74.21 | 89.68 | 108.38 | 130.98 | 158.29 |
Capital Expenditure | -2.53 | -3.98 | -22.49 | -6.05 | -28.02 | -19.20 | -23.20 | -28.04 | -33.88 | -40.94 |
Free Cash Flow | 24.90 | 34.79 | 16.10 | 48.03 | 33.39 | 55.01 | 66.49 | 80.35 | 97.10 | 117.35 |
WACC | ||||||||||
PV LFCF | 31.14 | 34.23 | 37.62 | 41.35 | 45.45 | |||||
SUM PV LFCF | 304.95 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 9.95 |
Free cash flow (t + 1) | 119.69 |
Terminal Value | 1,505.56 |
Present Value of Terminal Value | 936.96 |
Intrinsic Value
Enterprise Value | 1,241.91 |
---|---|
Net Debt | 423.25 |
Equity Value | 818.66 |
Shares Outstanding | 29.80 |
Equity Value Per Share | 27.47 |