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Discounted Cash Flow (DCF) Analysis Levered


AutoZone Inc.

AutoZone Inc. (AZO)

Consumer Cyclical

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 9,147.539,475.0110,186.5810,634.7910,887.9011,219.9811,862.8912,389.6012,939.7013,514.2214,114.25
Revenue (%)
Operating Cash Flow 1,415.121,341.661,572.811,640.951,571.122,080.192,128.201,972.422,060.002,151.462,246.99
Operating Cash Flow (%)
Capital Expenditure -404.32-433.96-478.77-486.01-550.93-521.73-489.94-568.68-593.93-620.30-647.84
Capital Expenditure (%)
Free Cash Flow 1,010.80907.711,094.041,154.941,020.201,558.461,638.261,403.741,466.071,531.161,599.14

Weighted Average Cost Of Capital

Share price $ 1,154.58
Diluted Shares Outstanding 24.97
Cost of Debt
Tax Rate 20.39
After-tax Cost of Debt -0.97
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.43
Total Debt 5,206.34
Total Equity 28,825.24
Total Capital 34,031.59
Debt Weighting 15.30
Equity Weighting 84.70
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 9,147.539,475.0110,186.5810,634.7910,887.9011,219.9811,862.8912,389.6012,939.7013,514.2214,114.25
Operating Cash Flow 1,415.121,341.661,572.811,640.951,571.122,080.192,128.201,972.422,060.002,151.462,246.99
Capital Expenditure -404.32-433.96-478.77-486.01-550.93-521.73-489.94-568.68-593.93-620.30-647.84
Free Cash Flow 1,010.80907.711,094.041,154.941,020.201,558.461,638.261,403.741,466.071,531.161,599.14
WACC
PV LFCF 1,313.141,282.921,253.391,224.55
SUM PV LFCF 9,502.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.90
Free cash flow (t + 1) 2,362.26
Terminal Value 81,457.12
Present Value of Terminal Value 58,349.95

Intrinsic Value

Enterprise Value 71,729.83
Net Debt 5,029.59
Equity Value 66,700.24
Shares Outstanding 24.97
Equity Value Per Share 1,824.61