Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered

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	9,147.53	9,475.01	10,186.58	10,634.79	10,887.90	11,219.98	11,862.89	12,389.60	12,939.70	13,514.22	14,114.25
Revenue (%)
EBITDA	2,008.80	2,088.29	2,228.82	2,366.24	2,411.67	2,164.33	2,594.41	2,679.87	2,798.86	2,923.13	3,052.91
EBITDA (%)
EBIT	1,773.71	1,830.57	1,952.77	2,061.02	2,080.68	1,810.91	2,215.99	2,321.81	2,424.90	2,532.57	2,645.01
EBIT (%)
Depreciation	235.09	257.72	276.06	305.22	330.99	353.43	378.43	358.06	373.96	390.56	407.90
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	158.25	134.55	184.38	196.74	311.39	277.13	244.38	251.51	262.68	274.34	286.52
Total Cash (%)
Account Receivables	171.97	200.87	247.53	288.20	280.91	258.06	308.44	293.63	306.67	320.29	334.51
Account Receivables (%)
Inventories	2,861.35	3,140.02	3,421.67	3,631.78	3,882.63	3,943.82	4,319.28	4,237.24	4,425.38	4,621.86	4,827.07
Inventories (%)
Accounts Payable	3,307.75	3,609.03	3,863.77	4,095.46	4,168.98	4,409.45	4,864.97	4,766.28	4,977.90	5,198.92	5,429.75
Accounts Payable (%)
Capital Expenditure	414.38	449.12	490.99	498.77	554.19	521.73	495.87	578.59	604.28	631.11	659.14
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	9,147.53	9,475.01	10,186.58	10,634.79	10,887.90	11,219.98	11,862.89	12,389.60	12,939.70	13,514.22	14,114.25
EBITDA	2,008.80	2,088.29	2,228.82	2,366.24	2,411.67	2,164.33	2,594.41	2,679.87	2,798.86	2,923.13	3,052.91
EBIT	1,773.71	1,830.57	1,952.77	2,061.02	2,080.68	1,810.91	2,215.99	2,321.81	2,424.90	2,532.57	2,645.01
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	1,135.58	1,177.74	1,256.89	1,337.23	1,384.10	1,480.23	1,764.23	1,610.28	1,681.78	1,756.45	1,834.44
Depreciation	235.09	257.72	276.06	305.22	330.99	353.43	378.43	358.06	373.96	390.56	407.90
Accounts Receivable	-	-28.90	-46.66	-40.67	7.30	22.85	-50.38	14.80	-13.04	-13.62	-14.22
Inventories	-	-278.67	-281.66	-210.11	-250.84	-61.20	-375.45	82.03	-188.13	-196.49	-205.21
Accounts Payable	-	301.29	254.74	231.69	73.52	240.48	455.52	-98.69	211.62	221.02	230.83
Capital Expenditure	-	-34.73	-41.88	-7.78	-55.42	32.47	25.86	-82.73	-25.69	-26.83	-28.02
UFCF	1,370.67	1,394.44	1,417.49	1,615.58	1,489.64	2,068.26	2,198.21	1,883.76	2,040.50	2,131.10	2,225.72
WACC
PV UFCF								1,762.17	1,785.59	1,744.50	1,704.35
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

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