Discounted Cash Flow (DCF) Analysis Unlevered

CrossAmerica Partners LP (CAPL)

$21.7

+0.33 (+1.54%)
All numbers are in Millions, Currency in USD
Stock DCF: 202.10 | 21.7 | 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 108.23100.53103.91112.49175.99263.78330.91415.12520.76653.28
EBITDA (%)
EBIT 41.6845.4935.1734.6495.37106.29133.34167.27209.84263.24
EBIT (%)
Depreciation 66.5555.0368.7477.8580.63157.49197.57247.85310.92390.05
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 3.191.780.517.6516.059.6812.1415.2319.1123.97
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 57.6857.3963.9867.1784.85148.61186.43233.87293.38368.04
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 2,445.922,149.431,932.323,579.264,967.426,231.547,817.349,806.7012,302.3015,433
EBITDA 108.23100.53103.91112.49175.99263.78330.91415.12520.76653.28
EBIT 41.6845.4935.1734.6495.37106.29133.34167.27209.84263.24
Tax Rate -108.95%-7.30%-7.99%-17.50%1.11%-28.13%-28.13%-28.13%-28.13%-28.13%
EBIAT 87.1048.8237.9840.7094.31136.19170.84214.32268.86337.28
Depreciation 66.5555.0368.7477.8580.63157.49197.57247.85310.92390.05
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 --0.296.593.1917.6763.7637.8247.4459.5174.66
Capital Expenditure -13.72-24.61-37.06-41.86-30.35-67.35-84.49-105.99-132.96-166.80
UFCF 139.9376.2066.2452.01163.96242.02289.44363.09455.49571.41
WACC
PV UFCF 224.80249.72290.97339.05395.07
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