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	2,041.96	2,205.58	2,692.51	3,500.92	3,869.52	4,552.91	5,356.99	6,303.07	7,416.25	8,726.02
Revenue (%)
EBITDA	807.87	923.97	1,265.18	1,513.01	1,646.25	1,950.52	2,295	2,700.31	3,177.21	3,738.33
EBITDA (%)
EBIT	722.54	819.71	1,142.09	1,374.40	1,486.57	1,754.17	2,063.97	2,428.48	2,857.37	3,362.01
EBIT (%)
Depreciation	85.33	104.26	123.08	138.60	159.68	196.35	231.03	271.83	319.84	376.32
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	186.32	477.72	1,048.26	1,384.24	2,363.98	1,551.16	1,825.10	2,147.43	2,526.69	2,972.92
Total Cash (%)
Account Receivables	386.79	376.95	500.64	628.45	708.61	827.63	973.80	1,145.78	1,348.13	1,586.22
Account Receivables (%)
Inventories	20.94	20.08	44.97	58.79	39.97	57.53	67.70	79.65	93.72	110.27
Inventories (%)
Accounts Payable	270.92	318.53	369.83	399.03	440.81	584.91	688.21	809.75	952.76	1,121.03
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	2,041.96	2,205.58	2,692.51	3,500.92	3,869.52	4,552.91	5,356.99	6,303.07	7,416.25	8,726.02
EBITDA	807.87	923.97	1,265.18	1,513.01	1,646.25	1,950.52	2,295	2,700.31	3,177.21	3,738.33
EBIT	722.54	819.71	1,142.09	1,374.40	1,486.57	1,754.17	2,063.97	2,428.48	2,857.37	3,362.01
Tax Rate	16.07%	12.60%	16.52%	18.70%	20.37%	16.85%	16.85%	16.85%	16.85%	16.85%
EBIAT	606.45	716.40	953.40	1,117.32	1,183.78	1,458.54	1,716.13	2,019.21	2,375.82	2,795.41
Depreciation	85.33	104.26	123.08	138.60	159.68	196.35	231.03	271.83	319.84	376.32
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	-13.82	18.82	-17.56	-10.16	-11.96	-14.07	-16.55
Accounts Payable	-	47.61	51.30	29.21	41.78	144.10	103.30	121.54	143.01	168.27
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	317.16	275.30	516.20	806.05	807.27	880.20	973.77	1,145.75	1,348.10	1,586.18
WACC
PV UFCF						799.02	802.43	857.07	915.43	977.76
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