Discounted Cash Flow (DCF) Analysis Unlevered
CrossAmerica Partners LP (CAPL)
$21.7
+0.33 (+1.54%)
All numbers are in Millions, Currency in USD
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 | 2,445.92 | 2,149.43 | 1,932.32 | 3,579.26 | 4,967.42 | 6,231.54 | 7,817.34 | 9,806.70 | 12,302.30 | 15,433 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 108.23 | 100.53 | 103.91 | 112.49 | 175.99 | 263.78 | 330.91 | 415.12 | 520.76 | 653.28 |
| EBITDA (%) | ||||||||||
| EBIT | 41.68 | 45.49 | 35.17 | 34.64 | 95.37 | 106.29 | 133.34 | 167.27 | 209.84 | 263.24 |
| EBIT (%) | ||||||||||
| Depreciation | 66.55 | 55.03 | 68.74 | 77.85 | 80.63 | 157.49 | 197.57 | 247.85 | 310.92 | 390.05 |
| 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 | 3.19 | 1.78 | 0.51 | 7.65 | 16.05 | 9.68 | 12.14 | 15.23 | 19.11 | 23.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 25.86 | 36.46 | 29.45 | 34.48 | 31.57 | 73.24 | 91.87 | 115.25 | 144.58 | 181.38 |
| Account Receivables (%) | ||||||||||
| Inventories | 14.08 | 6.23 | 23.25 | 46.10 | 47.31 | 53.71 | 67.37 | 84.52 | 106.03 | 133.01 |
| Inventories (%) | ||||||||||
| Accounts Payable | 57.68 | 57.39 | 63.98 | 67.17 | 84.85 | 148.61 | 186.43 | 233.87 | 293.38 | 368.04 |
| 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 | $ 21.7 |
|---|---|
| Beta | 1.688 |
| 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 | 12.565 |
| Total Debt | 943.35 |
| Total Equity | 825.90 |
| Total Capital | 1,769.25 |
| Debt Weighting | 53.32 |
| Equity Weighting | 46.68 |
| 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 | 2,445.92 | 2,149.43 | 1,932.32 | 3,579.26 | 4,967.42 | 6,231.54 | 7,817.34 | 9,806.70 | 12,302.30 | 15,433 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 108.23 | 100.53 | 103.91 | 112.49 | 175.99 | 263.78 | 330.91 | 415.12 | 520.76 | 653.28 |
| EBIT | 41.68 | 45.49 | 35.17 | 34.64 | 95.37 | 106.29 | 133.34 | 167.27 | 209.84 | 263.24 |
| Tax Rate | -108.95% | -7.30% | -7.99% | -17.50% | 1.11% | -28.13% | -28.13% | -28.13% | -28.13% | -28.13% |
| EBIAT | 87.10 | 48.82 | 37.98 | 40.70 | 94.31 | 136.19 | 170.84 | 214.32 | 268.86 | 337.28 |
| Depreciation | 66.55 | 55.03 | 68.74 | 77.85 | 80.63 | 157.49 | 197.57 | 247.85 | 310.92 | 390.05 |
| Accounts Receivable | - | -10.60 | 7.01 | -5.03 | 2.91 | -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 | - | -0.29 | 6.59 | 3.19 | 17.67 | 63.76 | 37.82 | 47.44 | 59.51 | 74.66 |
| Capital Expenditure | -13.72 | -24.61 | -37.06 | -41.86 | -30.35 | -67.35 | -84.49 | -105.99 | -132.96 | -166.80 |
| UFCF | 139.93 | 76.20 | 66.24 | 52.01 | 163.96 | 242.02 | 289.44 | 363.09 | 455.49 | 571.41 |
| WACC | ||||||||||
| PV UFCF | 224.80 | 249.72 | 290.97 | 339.05 | 395.07 | |||||
| SUM PV UFCF | 1,499.61 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.66 |
| Free cash flow (t + 1) | 582.83 |
| Terminal Value | 10,297.43 |
| Present Value of Terminal Value | 7,119.62 |
Intrinsic Value
| Enterprise Value | 8,619.23 |
|---|---|
| Net Debt | 927.30 |
| Equity Value | 7,691.93 |
| Shares Outstanding | 38.06 |
| Equity Value Per Share | 202.10 |