Discounted Cash Flow (DCF) Analysis Unlevered

Copart, Inc. (CPRT)

$43.16

+0.02 (+0.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 18.01 | 43.16 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,041.962,205.582,692.513,500.923,869.524,552.915,356.996,303.077,416.258,726.02
Revenue (%)
EBITDA 807.87923.971,265.181,513.011,646.251,950.522,2952,700.313,177.213,738.33
EBITDA (%)
EBIT 722.54819.711,142.091,374.401,486.571,754.172,063.972,428.482,857.373,362.01
EBIT (%)
Depreciation 85.33104.26123.08138.60159.68196.35231.03271.83319.84376.32
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 186.32477.721,048.261,384.242,363.981,551.161,825.102,147.432,526.692,972.92
Total Cash (%)
Account Receivables 386.79376.95500.64628.45708.61827.63973.801,145.781,348.131,586.22
Account Receivables (%)
Inventories 20.9420.0844.9758.7939.9757.5367.7079.6593.72110.27
Inventories (%)
Accounts Payable 270.92318.53369.83399.03440.81584.91688.21809.75952.761,121.03
Accounts Payable (%)
Capital Expenditure -374.63-603.67-463-337.45-516.64-782.21-920.36-1,082.90-1,274.15-1,499.18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 43.16
Beta 1.192
Diluted Shares Outstanding 966.65
Cost of Debt
Tax Rate 20.37
After-tax Cost of Debt 43.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.065
Total Debt 120.45
Total Equity 41,720.48
Total Capital 41,840.94
Debt Weighting 0.29
Equity Weighting 99.71
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 2,041.962,205.582,692.513,500.923,869.524,552.915,356.996,303.077,416.258,726.02
EBITDA 807.87923.971,265.181,513.011,646.251,950.522,2952,700.313,177.213,738.33
EBIT 722.54819.711,142.091,374.401,486.571,754.172,063.972,428.482,857.373,362.01
Tax Rate 16.07%12.60%16.52%18.70%20.37%16.85%16.85%16.85%16.85%16.85%
EBIAT 606.45716.40953.401,117.321,183.781,458.541,716.132,019.212,375.822,795.41
Depreciation 85.33104.26123.08138.60159.68196.35231.03271.83319.84376.32
Accounts Receivable -9.84-123.69-127.81-80.16-119.02-146.17-171.98-202.35-238.09
Inventories -0.86-24.89-13.8218.82-17.56-10.16-11.96-14.07-16.55
Accounts Payable -47.6151.3029.2141.78144.10103.30121.54143.01168.27
Capital Expenditure -374.63-603.67-463-337.45-516.64-782.21-920.36-1,082.90-1,274.15-1,499.18
UFCF 317.16275.30516.20806.05807.27880.20973.771,145.751,348.101,586.18
WACC
PV UFCF 799.02802.43857.07915.43977.76
SUM PV UFCF 4,351.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.16
Free cash flow (t + 1) 1,617.90
Terminal Value 19,827.25
Present Value of Terminal Value 12,222.02

Intrinsic Value

Enterprise Value 16,573.73
Net Debt -836.94
Equity Value 17,410.67
Shares Outstanding 966.65
Equity Value Per Share 18.01