Discounted Cash Flow (DCF) Analysis Unlevered

Village Super Market, Inc. (VLGEA)

$26.69

+0.67 (+2.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 62.07 | 26.69 | 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 1,643.501,804.592,030.332,061.082,166.652,323.452,491.602,671.912,865.273,072.63
Revenue (%)
EBITDA 67.2566.0571.4076.09112.6693.68100.46107.73115.53123.89
EBITDA (%)
EBIT 39.9634.3435.7041.3976.9454.1558.0662.2766.7771.60
EBIT (%)
Depreciation 27.2931.7035.7034.7135.7139.5342.3945.4648.7552.28
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 101.12111.68116.31134.83140.91144.59155.06166.28178.31191.21
Total Cash (%)
Account Receivables 11.952416.9741.5043.9532.2334.5637.0639.7442.62
Account Receivables (%)
Inventories 38.5042.1342.6344.1944.515154.7058.6562.9067.45
Inventories (%)
Accounts Payable 90.08112.8495.89101.30108.47122.58131.45140.96151.16162.10
Accounts Payable (%)
Capital Expenditure -27.99-54.50-25.23-43.27-46.40-47.43-50.86-54.54-58.49-62.72
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 26.69
Beta 0.285
Diluted Shares Outstanding 14.23
Cost of Debt
Tax Rate 31.64
After-tax Cost of Debt 2.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.667
Total Debt 392.58
Total Equity 379.80
Total Capital 772.38
Debt Weighting 50.83
Equity Weighting 49.17
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 1,643.501,804.592,030.332,061.082,166.652,323.452,491.602,671.912,865.273,072.63
EBITDA 67.2566.0571.4076.09112.6693.68100.46107.73115.53123.89
EBIT 39.9634.3435.7041.3976.9454.1558.0662.2766.7771.60
Tax Rate 28.11%21.41%30.70%31.32%31.64%28.64%28.64%28.64%28.64%28.64%
EBIAT 28.7326.9924.7428.4352.6038.6441.4444.4447.6551.10
Depreciation 27.2931.7035.7034.7135.7139.5342.3945.4648.7552.28
Accounts Receivable --12.057.03-24.53-2.4511.72-2.33-2.50-2.68-2.88
Inventories --3.63-0.50-1.56-0.32-6.49-3.69-3.96-4.24-4.55
Accounts Payable -22.76-16.955.417.1714.108.879.5110.2010.94
Capital Expenditure -27.99-54.49-25.23-43.27-46.40-47.43-50.86-54.54-58.49-62.72
UFCF 28.0311.2724.79-0.8146.3150.0835.8238.4141.1944.17
WACC
PV UFCF 48.0232.9333.8634.8235.80
SUM PV UFCF 185.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.29
Free cash flow (t + 1) 44.39
Terminal Value 1,171.31
Present Value of Terminal Value 949.42

Intrinsic Value

Enterprise Value 1,134.86
Net Debt 251.67
Equity Value 883.19
Shares Outstanding 14.23
Equity Value Per Share 62.07