Discounted Cash Flow (DCF) Analysis Unlevered
Copart, Inc. (CPRT)
$43.16
+0.02 (+0.05%)
All numbers are in Millions, Currency in USD
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 |