Discounted Cash Flow (DCF) Analysis Unlevered

Sysco Corporation (SYY)

$84.48

+1.64 (+1.98%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.64 | 84.48 | 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 55,371.1458,727.3260,113.9252,893.3151,297.8450,450.7149,617.5748,798.1847,992.3347,199.78
Revenue (%)
EBITDA 2,971.103,117.213,112.681,615.752,316.692,363.372,324.342,285.962,248.212,211.08
EBITDA (%)
EBIT 2,069.112,351.712,348.74701.601,464.861,597.321,570.941,5451,519.481,494.39
EBIT (%)
Depreciation 901.99765.50763.93914.14851.82766.05753.40740.96728.73716.69
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 869.50552.33513.466,059.433,007.122,086.942,052.482,018.581,985.251,952.46
Total Cash (%)
Account Receivables 4,029.154,137.844,201.433,001.563,790.273,468.493,411.213,354.883,299.483,244.99
Account Receivables (%)
Inventories 2,995.603,125.413,216.033,095.083,695.222,939.952,891.402,843.652,796.692,750.51
Inventories (%)
Accounts Payable 3,971.114,136.484,314.623,447.064,884.783,776.963,714.593,653.243,592.913,533.58
Accounts Payable (%)
Capital Expenditure -686.38-687.82-692.39-720.42-470.68-589.48-579.75-570.17-560.76-551.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 84.48
Beta 1.133
Diluted Shares Outstanding 513.56
Cost of Debt
Tax Rate 10.35
After-tax Cost of Debt 6.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.093
Total Debt 11,820.25
Total Equity 43,385.13
Total Capital 55,205.38
Debt Weighting 21.41
Equity Weighting 78.59
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 55,371.1458,727.3260,113.9252,893.3151,297.8450,450.7149,617.5748,798.1847,992.3347,199.78
EBITDA 2,971.103,117.213,112.681,615.752,316.692,363.372,324.342,285.962,248.212,211.08
EBIT 2,069.112,351.712,348.74701.601,464.861,597.321,570.941,5451,519.481,494.39
Tax Rate 35.31%26.86%16.53%26.56%10.35%23.12%23.12%23.12%23.12%23.12%
EBIAT 1,338.421,720.021,960.50515.291,313.251,227.981,207.711,187.761,168.151,148.86
Depreciation 901.99765.50763.93914.14851.82766.05753.40740.96728.73716.69
Accounts Receivable --108.68-63.591,199.87-788.71321.7857.2856.3355.4054.49
Inventories --129.81-90.62120.95-600.13755.2748.5547.7546.9646.18
Accounts Payable -165.37178.14-867.561,437.72-1,107.82-62.37-61.34-60.33-59.33
Capital Expenditure -686.38-687.82-692.39-720.42-470.68-589.48-579.75-570.17-560.76-551.50
UFCF 1,554.041,724.582,055.961,162.281,743.271,373.781,424.821,401.291,378.151,355.39
WACC
PV UFCF 1,274.491,226.321,118.901,020.90931.48
SUM PV UFCF 5,572.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.79
Free cash flow (t + 1) 1,382.50
Terminal Value 23,877.30
Present Value of Terminal Value 16,409.41

Intrinsic Value

Enterprise Value 21,981.49
Net Debt 8,813.12
Equity Value 13,168.37
Shares Outstanding 513.56
Equity Value Per Share 25.64