Discounted Cash Flow (DCF) Analysis Unlevered

The Chefs' Warehouse, Inc. (CHEF)

$33.81

-0.24 (-0.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -18.53 | 33.81 | overvalue

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 1,301.521,444.611,591.831,111.631,745.761,955.522,190.502,453.702,748.543,078.80
Revenue (%)
EBITDA 61.6770.8076.66-69.3845.7842.3847.4753.1759.5666.72
EBITDA (%)
EBIT 41.1248.5950.67-102.6610.814.264.775.355.996.71
EBIT (%)
Depreciation 20.5522.2125.9933.2834.9638.1142.6947.8253.5760.01
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 41.5042.41140.23193.28115.16152.21170.50190.98213.93239.64
Total Cash (%)
Account Receivables 142.17161.76175.0496.38172.54202.09226.37253.57284.04318.17
Account Receivables (%)
Inventories 102.08112.61124.0682.52144.49153.05171.44192.04215.11240.96
Inventories (%)
Accounts Payable 70.0287.8094.1057.51118.28114.66128.44143.88161.16180.53
Accounts Payable (%)
Capital Expenditure -12.31-19.82-16.08-7.04-38.80-24.18-27.09-30.34-33.99-38.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 33.81
Beta 1.710
Diluted Shares Outstanding 33.72
Cost of Debt
Tax Rate 27.35
After-tax Cost of Debt 2.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.625
Total Debt 542.48
Total Equity 1,139.94
Total Capital 1,682.42
Debt Weighting 32.24
Equity Weighting 67.76
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 1,301.521,444.611,591.831,111.631,745.761,955.522,190.502,453.702,748.543,078.80
EBITDA 61.6770.8076.66-69.3845.7842.3847.4753.1759.5666.72
EBIT 41.1248.5950.67-102.6610.814.264.775.355.996.71
Tax Rate 21.96%26.73%25.34%32.93%27.35%26.86%26.86%26.86%26.86%26.86%
EBIAT 32.0935.6037.83-68.857.853.123.493.914.384.91
Depreciation 20.5522.2125.9933.2834.9638.1142.6947.8253.5760.01
Accounts Receivable --19.59-13.2978.66-76.16-29.55-24.28-27.20-30.47-34.13
Inventories --10.53-11.4441.54-61.97-8.56-18.39-20.60-23.07-25.85
Accounts Payable -17.786.30-36.5860.77-3.6213.7815.4317.2919.37
Capital Expenditure -12.31-19.82-16.08-7.04-38.80-24.18-27.09-30.34-33.99-38.07
UFCF 40.3325.6529.3141-73.34-24.67-9.80-10.98-12.29-13.77
WACC
PV UFCF -22.71-8.30-8.56-8.83-9.10
SUM PV UFCF -57.50

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.64
Free cash flow (t + 1) -14.05
Terminal Value -211.55
Present Value of Terminal Value -139.78

Intrinsic Value

Enterprise Value -197.28
Net Debt 427.32
Equity Value -624.61
Shares Outstanding 33.72
Equity Value Per Share -18.53