Discounted Cash Flow (DCF) Analysis Unlevered

Sysco Corporation (SYY)

$72.435

-1.19 (-1.61%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.65 | 72.435 | overvalue

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 58,727.3260,113.9252,893.3151,297.8418,957.2615,369.0512,460.0110,101.598,189.576,639.46
Revenue (%)
EBITDA 3,117.213,112.681,615.752,316.691,651.32822.78667.05540.79438.43355.44
EBITDA (%)
EBIT 2,351.712,348.74701.601,464.86770.39496.65402.65326.43264.65214.55
EBIT (%)
Depreciation 765.50763.93914.14851.82880.93326.13264.40214.36173.78140.89
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 552.33513.466,059.433,007.12867.09728.08590.27478.54387.97314.53
Total Cash (%)
Account Receivables 4,137.844,201.433,001.563,790.274,868.781,622.401,315.311,066.35864.51700.88
Account Receivables (%)
Inventories 3,125.413,216.033,095.083,695.224,448.151,450.561,176953.41772.95626.64
Inventories (%)
Accounts Payable 4,136.484,314.623,447.064,884.785,793.481,869.521,515.661,228.78996.20807.64
Accounts Payable (%)
Capital Expenditure -687.82-692.39-720.42-470.68-218.13-176.84-143.37-116.23-94.23-76.40
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 72.435
Beta 1.007
Diluted Shares Outstanding 513.56
Cost of Debt
Tax Rate 20.55
After-tax Cost of Debt 0.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.701
Total Debt 11,389.65
Total Equity 37,199.36
Total Capital 48,589.01
Debt Weighting 23.44
Equity Weighting 76.56
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 58,727.3260,113.9252,893.3151,297.8418,957.2615,369.0512,460.0110,101.598,189.576,639.46
EBITDA 3,117.213,112.681,615.752,316.691,651.32822.78667.05540.79438.43355.44
EBIT 2,351.712,348.74701.601,464.86770.39496.65402.65326.43264.65214.55
Tax Rate 26.86%16.53%26.56%10.35%20.55%20.17%20.17%20.17%20.17%20.17%
EBIAT 1,720.021,960.50515.291,313.25612.10396.48321.44260.60211.27171.28
Depreciation 765.50763.93914.14851.82880.93326.13264.40214.36173.78140.89
Accounts Receivable --63.591,199.87-788.71-1,078.513,246.38307.09248.96201.84163.63
Inventories --90.62120.95-600.13-752.932,997.59274.56222.59180.46146.30
Accounts Payable -178.14-867.561,437.72908.70-3,923.96-353.86-286.88-232.58-188.56
Capital Expenditure -687.82-692.39-720.42-470.68-218.13-176.84-143.37-116.23-94.23-76.40
UFCF 1,797.702,055.961,162.281,743.27352.152,865.79670.25543.39440.54357.15
WACC
PV UFCF 2,681.57586.85445.19337.72256.20
SUM PV UFCF 4,307.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.87
Free cash flow (t + 1) 364.30
Terminal Value 7,480.40
Present Value of Terminal Value 5,365.94

Intrinsic Value

Enterprise Value 9,673.47
Net Debt 10,522.56
Equity Value -849.09
Shares Outstanding 513.56
Equity Value Per Share -1.65