Discounted Cash Flow (DCF) Analysis Unlevered

Dine Brands Global, Inc. (DIN)

$48.51

+2.01 (+4.32%)
All numbers are in Millions, Currency in USD
Stock DCF: 107.89 | 48.51 | undervalue

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 910.18689.27896.17909.40831.07828.18825.30822.43819.57816.72
Revenue (%)
EBITDA 250.79135.85232.59214198.63199.84199.15198.45197.76197.08
EBITDA (%)
EBIT 208.3093.02192.71176.05163160.43159.87159.32158.76158.21
EBIT (%)
Depreciation 42.4942.8339.8837.9535.6339.4139.2739.143938.87
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 116.04383.37361.41269.65146.03258.26257.36256.47255.58254.69
Total Cash (%)
Account Receivables 136.87121.90119.97119.98161.26130.37129.91129.46129.01128.56
Account Receivables (%)
Inventories 90.1075.1486.2472.2379.7179.4479.1678.8878.6178.34
Inventories (%)
Accounts Payable 40.9237.4255.9652.0736.1943.4843.3343.1843.0342.88
Accounts Payable (%)
Capital Expenditure -19.42-10.93-16.85-35.32-37.17-23.12-23.04-22.96-22.88-22.80
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 48.51
Beta 1.729
Diluted Shares Outstanding 15.24
Cost of Debt
Tax Rate 13.01
After-tax Cost of Debt 3.71%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.423
Total Debt 1,558.73
Total Equity 739.39
Total Capital 2,298.12
Debt Weighting 67.83
Equity Weighting 32.17
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 910.18689.27896.17909.40831.07828.18825.30822.43819.57816.72
EBITDA 250.79135.85232.59214198.63199.84199.15198.45197.76197.08
EBIT 208.3093.02192.71176.05163160.43159.87159.32158.76158.21
Tax Rate 24.65%4.21%19.73%29.34%13.01%18.19%18.19%18.19%18.19%18.19%
EBIAT 156.9689.11154.68124.41141.80131.25130.80130.34129.89129.44
Depreciation 42.4942.8339.8837.9535.6339.4139.2739.143938.87
Accounts Receivable -14.971.93-0.01-41.2830.900.450.450.450.45
Inventories -14.96-11.1014.02-7.490.280.280.280.270.27
Accounts Payable --3.5018.53-3.89-15.877.29-0.15-0.15-0.15-0.15
Capital Expenditure -19.42-10.93-16.85-35.32-37.17-23.12-23.04-22.96-22.88-22.80
UFCF 180.03147.44187.08137.1675.61186.01147.61147.10146.59146.08
WACC
PV UFCF 174.64130.12121.74113.90106.57
SUM PV UFCF 646.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.51
Free cash flow (t + 1) 149
Terminal Value 3,303.80
Present Value of Terminal Value 2,410.25

Intrinsic Value

Enterprise Value 3,057.23
Net Debt 1,412.69
Equity Value 1,644.53
Shares Outstanding 15.24
Equity Value Per Share 107.89