Discounted Cash Flow (DCF) Analysis Unlevered
Restaurant Brands International Lim... (QSP-UN.TO)
$96.66
-0.67 (0.00%)
All numbers are in Millions, Currency in USD
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 | 5,357 | 5,603 | 4,968 | 5,739 | 6,505 | 6,864.82 | 7,244.53 | 7,645.26 | 8,068.15 | 8,514.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2,149 | 2,214 | 1,740 | 2,121 | 2,169 | 2,539.37 | 2,679.84 | 2,828.07 | 2,984.50 | 3,149.58 |
| EBITDA (%) | ||||||||||
| EBIT | 1,969 | 2,029 | 1,551 | 1,920 | 1,979 | 2,307.49 | 2,435.12 | 2,569.82 | 2,711.97 | 2,861.97 |
| EBIT (%) | ||||||||||
| Depreciation | 180 | 185 | 189 | 201 | 190 | 231.89 | 244.71 | 258.25 | 272.53 | 287.61 |
| 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 | 913 | 1,533 | 1,560 | 1,087 | 1,178 | 1,549.45 | 1,635.15 | 1,725.60 | 1,821.05 | 1,921.78 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 452 | 527 | 536 | 547 | 614 | 653.56 | 689.72 | 727.87 | 768.13 | 810.62 |
| Account Receivables (%) | ||||||||||
| Inventories | 75 | 84 | 96 | 96 | 133 | 117.37 | 123.87 | 130.72 | 137.95 | 145.58 |
| Inventories (%) | ||||||||||
| Accounts Payable | 513 | 644 | 464 | 614 | 758 | 724.39 | 764.46 | 806.75 | 851.37 | 898.46 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -86 | -62 | -117 | -106 | -100 | -116.03 | -122.45 | -129.22 | -136.37 | -143.92 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 96.66 |
|---|---|
| Beta | 0.914 |
| Diluted Shares Outstanding | 455 |
| Cost of Debt | |
| Tax Rate | -8.57 |
| After-tax Cost of Debt | 4.25% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.569 |
| Total Debt | 14,304 |
| Total Equity | 43,980.30 |
| Total Capital | 58,284.30 |
| Debt Weighting | 24.54 |
| Equity Weighting | 75.46 |
| 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 | 5,357 | 5,603 | 4,968 | 5,739 | 6,505 | 6,864.82 | 7,244.53 | 7,645.26 | 8,068.15 | 8,514.42 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2,149 | 2,214 | 1,740 | 2,121 | 2,169 | 2,539.37 | 2,679.84 | 2,828.07 | 2,984.50 | 3,149.58 |
| EBIT | 1,969 | 2,029 | 1,551 | 1,920 | 1,979 | 2,307.49 | 2,435.12 | 2,569.82 | 2,711.97 | 2,861.97 |
| Tax Rate | 55.72% | 23.62% | 8.09% | 8.07% | -8.57% | 17.39% | 17.39% | 17.39% | 17.39% | 17.39% |
| EBIAT | 871.94 | 1,549.70 | 1,425.55 | 1,765.05 | 2,148.63 | 1,906.33 | 2,011.77 | 2,123.05 | 2,240.48 | 2,364.41 |
| Depreciation | 180 | 185 | 189 | 201 | 190 | 231.89 | 244.71 | 258.25 | 272.53 | 287.61 |
| Accounts Receivable | - | -75 | -9 | -11 | -67 | -39.56 | -36.15 | -38.15 | -40.26 | -42.49 |
| Inventories | - | -9 | -12 | 0 | -37 | 15.63 | -6.49 | -6.85 | -7.23 | -7.63 |
| Accounts Payable | - | 131 | -180 | 150 | 144 | -33.61 | 40.07 | 42.29 | 44.62 | 47.09 |
| Capital Expenditure | -86 | -62 | -117 | -106 | -100 | -116.03 | -122.45 | -129.22 | -136.37 | -143.92 |
| UFCF | 965.95 | 1,719.70 | 1,296.55 | 1,999.05 | 2,278.63 | 1,964.63 | 2,131.46 | 2,249.36 | 2,373.78 | 2,505.08 |
| WACC | ||||||||||
| PV UFCF | 1,827.39 | 1,844.08 | 1,810.14 | 1,776.82 | 1,744.12 | |||||
| SUM PV UFCF | 9,002.56 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.51 |
| Free cash flow (t + 1) | 2,555.18 |
| Terminal Value | 46,373.52 |
| Present Value of Terminal Value | 32,286.86 |
Intrinsic Value
| Enterprise Value | 41,289.41 |
|---|---|
| Net Debt | 13,126 |
| Equity Value | 28,163.41 |
| Shares Outstanding | 455 |
| Equity Value Per Share | 61.90 |