Discounted Cash Flow (DCF) Analysis Unlevered

Dine Brands Global, Inc. (DIN)

$62.86

+0.99 (+1.60%)
All numbers are in Millions, Currency in USD
Stock DCF: -76.73 | 62.86 | overvalue

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 604.82780.93910.18689.27896.171,011.361,141.351,288.061,453.621,640.47
Revenue (%)
EBITDA -332.75204.47241.361.16117.1422.1024.9428.1431.7635.84
EBITDA (%)
EBIT -363.39172.29198.87-41.6777.25-27.50-31.04-35.03-39.53-44.61
EBIT (%)
Depreciation 30.6532.1742.4942.8339.8849.6055.9763.1771.2980.45
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 117.01137.16116.04383.37361.41294.52332.38375.10423.32477.73
Total Cash (%)
Account Receivables 150.17137.50136.87121.90119.97179.10202.13228.11257.43290.52
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 55.0343.4740.9237.4255.9662.3770.3979.4389.64101.17
Accounts Payable (%)
Capital Expenditure -13.37-14.28-19.42-10.93-16.85-19.50-22-24.83-28.02-31.62
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 62.86
Beta 1.831
Diluted Shares Outstanding 16.23
Cost of Debt
Tax Rate 19.73
After-tax Cost of Debt 0.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.608
Total Debt 1,351.70
Total Equity 1,020.22
Total Capital 2,371.92
Debt Weighting 56.99
Equity Weighting 43.01
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 604.82780.93910.18689.27896.171,011.361,141.351,288.061,453.621,640.47
EBITDA -332.75204.47241.361.16117.1422.1024.9428.1431.7635.84
EBIT -363.39172.29198.87-41.6777.25-27.50-31.04-35.03-39.53-44.61
Tax Rate 22.29%27.35%24.65%4.21%19.73%19.65%19.65%19.65%19.65%19.65%
EBIAT -282.38125.17149.86-39.9162.01-22.10-24.94-28.14-31.76-35.84
Depreciation 30.6532.1742.4942.8339.8849.6055.9763.1771.2980.45
Accounts Receivable -12.670.6414.971.93-59.14-23.02-25.98-29.32-33.09
Inventories ----------
Accounts Payable --11.56-2.54-3.5018.536.418.029.0510.2111.52
Capital Expenditure -13.37-14.28-19.42-10.93-16.85-19.50-22-24.83-28.02-31.62
UFCF -265.10144.17171.023.46105.50-44.72-5.97-6.74-7.61-8.59
WACC
PV UFCF -42.37-5.36-5.73-6.13-6.56
SUM PV UFCF -66.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.54
Free cash flow (t + 1) -8.76
Terminal Value -247.37
Present Value of Terminal Value -188.91

Intrinsic Value

Enterprise Value -255.07
Net Debt 990.29
Equity Value -1,245.36
Shares Outstanding 16.23
Equity Value Per Share -76.73