Discounted Cash Flow (DCF) Analysis Unlevered

CrossAmerica Partners LP (CAPL)

$19.019

+0.38 (+2.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 310.38 | 19.019 | undervalue

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 2,445.922,149.431,932.323,579.264,967.426,231.547,817.349,806.7012,302.3015,433
Revenue (%)
EBITDA 101.9298.88184.84114.53177.14312.80392.40492.26617.53774.68
EBITDA (%)
EBIT 35.3943.85116.0936.6796.51155.32194.84244.43306.63384.66
EBIT (%)
Depreciation 66.5355.0368.7477.8580.63157.48197.56247.83310.90390.02
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 3.191.780.517.6516.059.6812.1415.2319.1123.97
Total Cash (%)
Account Receivables 25.8636.4629.4534.4831.5773.2491.87115.25144.58181.38
Account Receivables (%)
Inventories 14.086.2323.2546.1047.3153.7167.3784.52106.03133.01
Inventories (%)
Accounts Payable 57.6857.8269.3674.8584.85155194.45243.93306383.88
Accounts Payable (%)
Capital Expenditure -13.72-24.61-37.06-41.86-30.35-67.35-84.49-105.99-132.96-166.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 19.019
Beta 1.668
Diluted Shares Outstanding 38.06
Cost of Debt
Tax Rate 1.11
After-tax Cost of Debt 3.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.607
Total Debt 943.35
Total Equity 723.86
Total Capital 1,667.21
Debt Weighting 56.58
Equity Weighting 43.42
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 2,445.922,149.431,932.323,579.264,967.426,231.547,817.349,806.7012,302.3015,433
EBITDA 101.9298.88184.84114.53177.14312.80392.40492.26617.53774.68
EBIT 35.3943.85116.0936.6796.51155.32194.84244.43306.63384.66
Tax Rate -108.95%-7.30%-7.99%-17.50%1.11%-28.13%-28.13%-28.13%-28.13%-28.13%
EBIAT 73.9547.05125.3743.0995.44199249.65313.18392.87492.85
Depreciation 66.5355.0368.7477.8580.63157.48197.56247.83310.90390.02
Accounts Receivable --10.607.01-5.032.91-41.67-18.64-23.38-29.33-36.79
Inventories -7.85-17.02-22.85-1.21-6.40-13.67-17.15-21.51-26.98
Accounts Payable -0.1511.535.509.9970.1639.4449.4862.0877.87
Capital Expenditure -13.72-24.61-37.06-41.86-30.35-67.35-84.49-105.99-132.96-166.80
UFCF 126.7674.87158.5756.70157.41311.22369.86463.98582.05730.17
WACC
PV UFCF 291.03323.41379.38445.04522.06
SUM PV UFCF 1,960.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.94
Free cash flow (t + 1) 744.77
Terminal Value 15,076.36
Present Value of Terminal Value 10,779.42

Intrinsic Value

Enterprise Value 12,740.34
Net Debt 927.30
Equity Value 11,813.04
Shares Outstanding 38.06
Equity Value Per Share 310.38