Discounted Cash Flow (DCF) Analysis Unlevered

Chipotle Mexican Grill Inc (C9F.DE)

1576.8 €

+28.20 (+1.82%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 1576.8 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4,476.414,864.995,586.375,984.637,547.068,617.719,840.2411,236.2012,830.2014,650.33
Revenue (%)
EBITDA 439.09470.42835.02716.851,067.421,043.561,191.601,360.651,553.671,774.08
EBITDA (%)
EBIT 275.74268.44458.29293.78812.76612.88699.83799.11912.471,041.91
EBIT (%)
Depreciation 163.35201.98376.73423.07254.66430.68491.78561.54641.20732.17
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 508.95676.80880.78951.601,076.321,227.341,401.451,600.261,827.282,086.50
Total Cash (%)
Account Receivables 49.8162.31108.25387.28193.66230.41263.10300.42343.04391.71
Account Receivables (%)
Inventories 19.8621.5526.1026.4532.8338.4543.9050.1357.2465.36
Inventories (%)
Accounts Payable 82.03113.07115.82121.99163.16179.77205.27234.39267.64305.61
Accounts Payable (%)
Capital Expenditure -216.78-287.39-333.91-373.35-442.47-496.87-567.36-647.85-739.75-844.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,576.8
Beta 1.431
Diluted Shares Outstanding 27.92
Cost of Debt
Tax Rate 19.66
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.285
Total Debt 3,520.31
Total Equity 44,019.53
Total Capital 47,539.84
Debt Weighting 7.40
Equity Weighting 92.60
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4,476.414,864.995,586.375,984.637,547.068,617.719,840.2411,236.2012,830.2014,650.33
EBITDA 439.09470.42835.02716.851,067.421,043.561,191.601,360.651,553.671,774.08
EBIT 275.74268.44458.29293.78812.76612.88699.83799.11912.471,041.91
Tax Rate 36.08%34.23%23.59%-21.10%19.66%18.49%18.49%18.49%18.49%18.49%
EBIAT 176.25176.55350.16355.77652.98499.54570.41651.33743.73849.24
Depreciation 163.35201.98376.73423.07254.66430.68491.78561.54641.20732.17
Accounts Receivable --12.51-45.94-279.03193.62-36.75-32.69-37.32-42.62-48.66
Inventories --1.69-4.54-0.35-6.38-5.62-5.45-6.23-7.11-8.12
Accounts Payable -31.042.746.1741.1716.6125.5029.1233.2537.97
Capital Expenditure -216.78-287.39-333.91-373.35-442.48-496.87-567.36-647.85-739.75-844.70
UFCF 122.82107.98345.24132.28693.58407.59482.19550.59628.70717.89
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 732.25
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 2,704.94
Equity Value -
Shares Outstanding 27.92
Equity Value Per Share -