Discounted Cash Flow (DCF) Analysis Unlevered

Avnet, Inc. (AVT)

$45.93

-0.04 (-0.09%)
All numbers are in Millions, Currency in USD
Stock DCF: -34.20 | 45.93 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 19,036.8919,518.5917,634.3319,534.6824,310.7126,018.6627,846.6129,802.9731,896.7934,137.70
Revenue (%)
EBITDA 468.94554.21235.98451.101,088.92698.82747.92800.47856.70916.89
EBITDA (%)
EBIT 234.07373.37-6.91262.40933.71431.24461.54493.97528.67565.81
EBIT (%)
Depreciation 234.87180.84242.89188.70155.21267.58286.38306.50328.03351.08
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 621.13546.11477.04199.69153.69542.24580.34621.11664.74711.44
Total Cash (%)
Account Receivables 3,641.143,168.372,928.393,576.134,3014,577.404,898.995,243.175,611.536,005.77
Account Receivables (%)
Inventories 3,141.823,008.422,731.993,236.844,244.154,237.774,535.494,854.135,195.165,560.15
Inventories (%)
Accounts Payable 2,269.481,864.341,754.082,401.363,431.683,009.253,220.673,446.943,689.103,948.28
Accounts Payable (%)
Capital Expenditure -155.87-122.69-73.52-50.36-48.90-120.89-129.39-138.48-148.21-158.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 45.93
Beta 1.352
Diluted Shares Outstanding 99.82
Cost of Debt
Tax Rate 16.91
After-tax Cost of Debt 4.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.899
Total Debt 1,865.77
Total Equity 4,584.69
Total Capital 6,450.46
Debt Weighting 28.92
Equity Weighting 71.08
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 19,036.8919,518.5917,634.3319,534.6824,310.7126,018.6627,846.6129,802.9731,896.7934,137.70
EBITDA 468.94554.21235.98451.101,088.92698.82747.92800.47856.70916.89
EBIT 234.07373.37-6.91262.40933.71431.24461.54493.97528.67565.81
Tax Rate 207.82%27.21%75.74%-11.67%16.91%63.20%63.20%63.20%63.20%63.20%
EBIAT -252.37271.76-1.68293.03775.78158.68169.83181.76194.53208.20
Depreciation 234.87180.84242.89188.70155.21267.58286.38306.50328.03351.08
Accounts Receivable -472.77239.98-647.74-724.87-276.40-321.59-344.18-368.36-394.24
Inventories -133.40276.44-504.85-1,007.316.38-297.72-318.64-341.03-364.99
Accounts Payable --405.14-110.26647.281,030.33-422.43211.42226.27242.17259.18
Capital Expenditure -155.87-122.69-73.52-50.36-48.90-120.89-129.39-138.48-148.21-158.62
UFCF -173.38530.94573.86-73.95180.23-387.08-81.07-86.77-92.86-99.39
WACC
PV UFCF -357.31-69.08-68.25-67.43-66.62
SUM PV UFCF -628.69

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.33
Free cash flow (t + 1) -101.37
Terminal Value -1,601.50
Present Value of Terminal Value -1,073.45

Intrinsic Value

Enterprise Value -1,702.15
Net Debt 1,712.08
Equity Value -3,414.22
Shares Outstanding 99.82
Equity Value Per Share -34.20