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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


AutoZone Inc.

AutoZone Inc. (AZO)

$1143.56
13.08 (+1.16%)

Operating Data

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 (%)
EBITDA 2,008.802,088.292,228.822,366.242,411.672,164.332,594.412,679.872,798.862,923.133,052.91
EBITDA (%)
EBIT 1,773.711,830.571,952.772,061.022,080.681,810.912,215.992,321.812,424.902,532.572,645.01
EBIT (%)
Depreciation 235.09257.72276.06305.22330.99353.43378.43358.06373.96390.56407.90
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 158.25134.55184.38196.74311.39277.13244.38251.51262.68274.34286.52
Total Cash (%)
Account Receivables 171.97200.87247.53288.20280.91258.06308.44293.63306.67320.29334.51
Account Receivables (%)
Inventories 2,861.353,140.023,421.673,631.783,882.633,943.824,319.284,237.244,425.384,621.864,827.07
Inventories (%)
Accounts Payable 3,307.753,609.033,863.774,095.464,168.984,409.454,864.974,766.284,977.905,198.925,429.75
Accounts Payable (%)
Capital Expenditure 414.38449.12490.99498.77554.19521.73495.87578.59604.28631.11659.14
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,143.56
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 28,550.12
Total Capital 33,756.46
Debt Weighting 15.42
Equity Weighting 84.58
Wacc

Build Up Free Cash

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
EBITDA 2,008.802,088.292,228.822,366.242,411.672,164.332,594.412,679.872,798.862,923.133,052.91
EBIT 1,773.711,830.571,952.772,061.022,080.681,810.912,215.992,321.812,424.902,532.572,645.01
Tax Rate 35.98%35.66%35.64%35.12%33.48%18.26%20.39%30.65%30.65%30.65%30.65%
EBIAT 1,135.581,177.741,256.891,337.231,384.101,480.231,764.231,610.281,681.781,756.451,834.44
Depreciation 235.09257.72276.06305.22330.99353.43378.43358.06373.96390.56407.90
Accounts Receivable --28.90-46.66-40.677.3022.85-50.3814.80-13.04-13.62-14.22
Inventories --278.67-281.66-210.11-250.84-61.20-375.4582.03-188.13-196.49-205.21
Accounts Payable -301.29254.74231.6973.52240.48455.52-98.69211.62221.02230.83
Capital Expenditure --34.73-41.88-7.78-55.4232.4725.86-82.73-25.69-26.83-28.02
UFCF 1,370.671,394.441,417.491,615.581,489.642,068.262,198.211,883.762,040.502,131.102,225.72
WACC
PV UFCF 1,762.171,785.591,744.501,704.35
SUM PV UFCF 13,116.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.90
Free cash flow (t + 1) 2,314.75
Terminal Value 79,818.83
Present Value of Terminal Value 57,176.41

Intrinsic Value

Enterprise Value 70,292.98
Net Debt 4,961.97
Equity Value 65,331.02
Shares Outstanding 24.97
Equity Value Per Share 2,616.80