Discounted Cash Flow (DCF) Analysis Unlevered

CHS Inc. (CHSCP)

$28.84

+0.07 (+0.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 596.10 | 28.84 | 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 31,934.7532,683.3531,900.4528,406.3738,448.0340,788.1543,270.6945,904.3348,698.2651,662.25
Revenue (%)
EBITDA 597.241,299.081,526856.881,155.381,358.261,440.931,528.631,621.671,720.37
EBITDA (%)
EBIT 117.02821.03984.49306.63619.88706.15749.13794.73843.10894.41
EBIT (%)
Depreciation 480.22478.05541.51550.25535.50652.10691.79733.90778.57825.95
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 181.38450.623,895.183,770.914,082.273,103.953,292.873,493.283,705.903,931.46
Total Cash (%)
Account Receivables 1,869.632,460.402,731.212,077.852,812.372,983.543,165.133,357.783,562.153,778.95
Account Receivables (%)
Inventories 2,576.592,768.652,854.292,742.143,334.683,574.133,791.674,022.444,267.274,526.99
Inventories (%)
Accounts Payable 1,951.291,844.491,931.421,724.522,616.052,503.032,655.372,816.992,988.443,170.33
Accounts Payable (%)
Capital Expenditure -444.40-355.41-443.22-418.3628.01-429.77-455.93-483.68-513.11-544.34
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.84
Beta 0.000
Diluted Shares Outstanding 12.29
Cost of Debt
Tax Rate -7.42
After-tax Cost of Debt 5.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.759
Total Debt 1,779.31
Total Equity 354.44
Total Capital 2,133.75
Debt Weighting 83.39
Equity Weighting 16.61
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 31,934.7532,683.3531,900.4528,406.3738,448.0340,788.1543,270.6945,904.3348,698.2651,662.25
EBITDA 597.241,299.081,526856.881,155.381,358.261,440.931,528.631,621.671,720.37
EBIT 117.02821.03984.49306.63619.88706.15749.13794.73843.10894.41
Tax Rate 333.09%-15.59%-1.75%-9.49%-7.42%59.77%59.77%59.77%59.77%59.77%
EBIAT -272.77949.071,001.72335.74665.90284.11301.40319.75339.21359.85
Depreciation 480.22478.05541.51550.25535.50652.10691.79733.90778.57825.95
Accounts Receivable --590.77-270.81653.36-734.52-171.17-181.59-192.64-204.37-216.81
Inventories --192.06-85.64112.15-592.54-239.45-217.54-230.78-244.82-259.72
Accounts Payable --106.8086.93-206.90891.54-113.02152.34161.62171.45181.89
Capital Expenditure -444.40-355.41-443.22-418.3628.01-429.77-455.93-483.68-513.11-544.34
UFCF -236.94182.07830.501,026.25793.88-17.21290.49308.17326.92346.82
WACC
PV UFCF -16.31260.84262.21263.60264.99
SUM PV UFCF 1,035.33

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.53
Free cash flow (t + 1) 353.76
Terminal Value 10,021.44
Present Value of Terminal Value 7,656.86

Intrinsic Value

Enterprise Value 8,692.19
Net Debt 1,366.15
Equity Value 7,326.04
Shares Outstanding 12.29
Equity Value Per Share 596.10