Discounted Cash Flow (DCF) Analysis Unlevered

Restaurant Brands International Lim... (QSP-UN.TO)

$88.71

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 72.29 | 88.71 | 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 4,576.105,3575,6034,9685,7396,109.786,504.526,924.767,372.157,848.45
Revenue (%)
EBITDA 1,787.302,0822,1581,5112,0412,229.042,373.052,526.372,689.592,863.36
EBITDA (%)
EBIT 1,606.201,9021,9731,3221,8402,009.992,139.852,278.102,425.282,581.98
EBIT (%)
Depreciation 181.10180185189201219.05233.20248.27264.31281.38
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 1,073.409131,5331,5601,0871,444.371,537.691,637.041,742.801,855.40
Total Cash (%)
Account Receivables 455.90452527536547588.08626.08666.52709.59755.43
Account Receivables (%)
Inventories 7875849696100.31106.79113.69121.03128.85
Inventories (%)
Accounts Payable 412.90513644464614612.59652.16694.30739.16786.91
Accounts Payable (%)
Capital Expenditure -36.70-86-62-117-106-94.29-100.38-106.86-113.77-121.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 88.71
Beta 0.978
Diluted Shares Outstanding 468
Cost of Debt
Tax Rate 8.36
After-tax Cost of Debt 3.01%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.120
Total Debt 14,620
Total Equity 41,516.28
Total Capital 56,136.28
Debt Weighting 26.04
Equity Weighting 73.96
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 4,576.105,3575,6034,9685,7396,109.786,504.526,924.767,372.157,848.45
EBITDA 1,787.302,0822,1581,5112,0412,229.042,373.052,526.372,689.592,863.36
EBIT 1,606.201,9021,9731,3221,8402,009.992,139.852,278.102,425.282,581.98
Tax Rate -12.00%17.29%23.62%8.33%8.36%9.12%9.12%9.12%9.12%9.12%
EBIAT 1,798.941,573.071,506.931,211.831,686.101,826.621,944.642,070.282,204.032,346.43
Depreciation 181.10180185189201219.05233.20248.27264.31281.38
Accounts Receivable -3.90-75-9-11-41.08-37.99-40.45-43.06-45.84
Inventories -3-9-120-4.31-6.48-6.90-7.35-7.82
Accounts Payable -100.10131-180150-1.4139.5842.1344.8647.75
Capital Expenditure -36.70-86-62-117-106-94.29-100.38-106.86-113.77-121.12
UFCF 1,943.341,774.071,676.931,082.831,920.101,904.582,072.562,206.472,349.022,500.79
WACC
PV UFCF 1,783.481,817.381,811.781,806.191,800.63
SUM PV UFCF 9,019.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.79
Free cash flow (t + 1) 2,550.80
Terminal Value 53,252.63
Present Value of Terminal Value 38,343.18

Intrinsic Value

Enterprise Value 47,362.65
Net Debt 13,533
Equity Value 33,829.65
Shares Outstanding 468
Equity Value Per Share 72.29