Discounted Cash Flow (DCF) Analysis Unlevered

Dine Brands Global, Inc. (DIN)

$61.07

-2.42 (-3.81%)
All numbers are in Millions, Currency in USD
Stock DCF: 151.26 | 61.07 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 780.93910.18689.27896.17909.40963.451,020.711,081.381,145.651,213.74
Revenue (%)
EBITDA 204.47241.361.16225.14213.48195.52207.14219.45232.49246.31
EBITDA (%)
EBIT 172.29198.87-41.67185.25175.53149.99158.90168.35178.35188.95
EBIT (%)
Depreciation 32.1742.4942.8339.8837.9545.5348.2351.1054.1357.35
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 137.16116.04383.37361.41269.65300.43318.29337.20357.24378.48
Total Cash (%)
Account Receivables 137.50136.87121.90119.97119.98148.20157.01166.34176.22186.70
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 43.4740.9237.4255.9652.0752.9256.0659.3962.9266.66
Accounts Payable (%)
Capital Expenditure -14.28-19.42-10.93-16.85-35.32-21.80-23.09-24.46-25.92-27.46
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 61.07
Beta 1.852
Diluted Shares Outstanding 15.90
Cost of Debt
Tax Rate 29.34
After-tax Cost of Debt 2.47%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.432
Total Debt 1,742.38
Total Equity 971.07
Total Capital 2,713.46
Debt Weighting 64.21
Equity Weighting 35.79
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 780.93910.18689.27896.17909.40963.451,020.711,081.381,145.651,213.74
EBITDA 204.47241.361.16225.14213.48195.52207.14219.45232.49246.31
EBIT 172.29198.87-41.67185.25175.53149.99158.90168.35178.35188.95
Tax Rate 27.35%24.65%4.21%19.73%29.34%21.05%21.05%21.05%21.05%21.05%
EBIAT 125.17149.86-39.91148.70124.03118.41125.45132.90140.80149.17
Depreciation 32.1742.4942.8339.8837.9545.5348.2351.1054.1357.35
Accounts Receivable -0.6414.971.93-0.01-28.22-8.81-9.33-9.89-10.47
Inventories ----------
Accounts Payable --2.54-3.5018.53-3.890.853.143.333.533.74
Capital Expenditure -14.28-19.42-10.93-16.85-35.32-21.80-23.09-24.46-25.92-27.46
UFCF 143.06171.023.46192.19122.77114.77144.92153.54162.66172.33
WACC
PV UFCF 108.24128.91128.80128.70128.59
SUM PV UFCF 623.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.03
Free cash flow (t + 1) 175.78
Terminal Value 4,361.69
Present Value of Terminal Value 3,254.70

Intrinsic Value

Enterprise Value 3,877.94
Net Debt 1,472.73
Equity Value 2,405.22
Shares Outstanding 15.90
Equity Value Per Share 151.26