Discounted Cash Flow (DCF) Analysis Unlevered
The Wendy's Company (WEN)
$20.79
-0.60 (-2.81%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 1,709 | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 419.14 | - | - | - | - | - | - | - | - | - |
| EBITDA (%) | ||||||||||
| EBIT | 287.45 | - | - | - | - | - | - | - | - | - |
| EBIT (%) | ||||||||||
| Depreciation | 131.69 | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Projected | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 300.20 | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 117.46 | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | 3.89 | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 22.70 | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -74.45 | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.79 |
|---|---|
| Beta | 0.897 |
| Diluted Shares Outstanding | 224.41 |
| Cost of Debt | |
| Tax Rate | 27.16 |
| After-tax Cost of Debt | 2.08% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.732 |
| Total Debt | 4,281.81 |
| Total Equity | 4,665.38 |
| Total Capital | 8,947.19 |
| Debt Weighting | 47.86 |
| Equity Weighting | 52.14 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 1,709 | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 419.14 | - | - | - | - | - | - | - | - | - |
| EBIT | 287.45 | - | - | - | - | - | - | - | - | - |
| Tax Rate | 20.14% | 21.72% | 22.88% | 16.70% | 27.16% | 21.72% | 21.72% | 21.72% | 21.72% | 21.72% |
| EBIAT | 229.55 | - | - | - | - | - | - | - | - | - |
| Depreciation | 131.69 | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -74.45 | - | -77.98 | -77.98 | -85.54 | - | - | - | - | - |
| UFCF | 286.79 | - | - | - | - | - | - | - | - | - |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | - | - | - | - | |
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.03 |
| Free cash flow (t + 1) | - |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 3,535.92 |
| Equity Value | - |
| Shares Outstanding | 224.41 |
| Equity Value Per Share | - |