DCF Tool

CASY

Casey`s General Stores, Inc. – Supermarkets and Other Grocery (except Convenience) Stores
in 1959, founder don lamberti leased a store from his father on east 14th and broadway in des moines, iowa. after nine years of operating this old country store, which he remodeled into a convenience store, don's gas supplier and friend kurvin c. fish, suggested that don buy the square deal oil company. don followed his advice and purchased the service station with a three-bay garage in boone, iowa. using the knowledge from his store in des moines, don converted the gas station into a convenience store. the boone store was named "casey's"‚Äč by using kurvin c. fish's initials. the third store was built in another small community with a population of only 1,500 - waukee, iowa. this was the first casey's built totally from scratch and proved to be the best store yet. at this point, don realized he was on to something and decided to establish the stores in communities with a population of 5,000 or less. through the years, casey's success has been attributed to our clean stores, restrooms, a
Analysis Results
Intrinsic Value $913.48
Latest Price $278.75
Relative Value 69% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 39.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 39.0%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 0.441 0.416
2025 0.613 0.546
2026 0.852 0.717
2027 1.18 0.941
2028 1.65 1.23
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 42.7 billion. This corresponds to a present value of 30.2 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.85 billion. Adding in the terminal value gives a total present value of 34.0 billion.

There are presently 37.3 million outstanding shares, so the intrinsic value per share is 913.48.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 920,955,000
Current Cash 378,869,000
Current Liabilities 927,125,000
Current Debt 52,861,000
Non-Cash Working Capital (NCWC) -332,178,000
Change in NCWC -18,123,000
EBIT 639,333,000
Tax Provision 140,827,000
Depreciation and Amortization 313,131,000
Capital Expenditure -476,568,000
Unlevered Free Cash Flow 304,526,038
Current Assets 725,035,000
Current Cash 158,878,000
Current Liabilities 904,678,000
Current Debt 24,466,000
Non-Cash Working Capital (NCWC) -314,055,000
Change in NCWC -90,748,000
EBIT 497,700,000
Tax Provision 100,938,000
Depreciation and Amortization 303,541,000
Capital Expenditure -326,475,000
Unlevered Free Cash Flow 270,031,952
Current Assets 723,633,000
Current Cash 336,545,000
Current Liabilities 612,749,000
Current Debt 2,354,000
Non-Cash Working Capital (NCWC) -223,307,000
Change in NCWC -159,134,000
EBIT 454,049,000
Tax Provision 94,470,000
Depreciation and Amortization 265,195,000
Capital Expenditure -441,252,000
Unlevered Free Cash Flow 13,563,037
Current Assets 387,250,000
Current Cash 78,275,000
Current Liabilities 1,063,428,000
Current Debt 690,280,000
Non-Cash Working Capital (NCWC) -64,173,000
Change in NCWC 87,270,000
EBIT 395,467,000
Tax Provision 78,202,000
Depreciation and Amortization 251,174,000
Capital Expenditure -438,977,000
Unlevered Free Cash Flow 204,518,881
Current Assets 410,580,000
Current Cash 63,296,000
Current Liabilities 590,932,000
Current Debt 92,205,000
Non-Cash Working Capital (NCWC) -151,443,000
Change in NCWC -41,728,000
EBIT 319,058,000
Tax Provision 59,516,000
Depreciation and Amortization 244,387,000
Capital Expenditure -394,699,000
Unlevered Free Cash Flow 54,926,459
Current Assets 396,840,000
Current Cash 53,679,000
Current Liabilities 507,850,000
Current Debt 54,974,000
Non-Cash Working Capital (NCWC) -109,715,000
Change in NCWC 46,542,000
EBIT 265,377,000
Tax Provision -103,466,000
Depreciation and Amortization 220,970,000
Capital Expenditure -577,421,000
Unlevered Free Cash Flow -44,532,000
Current Assets 350,685,000
Current Cash 76,717,000
Current Liabilities 446,546,000
Current Debt 16,321,000
Non-Cash Working Capital (NCWC) -156,257,000
Change in NCWC -34,171,000
EBIT 311,204,000
Tax Provision 92,183,000
Depreciation and Amortization 197,629,000
Capital Expenditure -433,392,000
Unlevered Free Cash Flow -65,111,618
Current Assets 325,885,000
Current Cash 75,775,000
Current Liabilities 387,571,000
Current Debt 15,375,000
Non-Cash Working Capital (NCWC) -122,086,000
Change in NCWC -29,314,000
EBIT 388,879,000
Tax Provision 122,724,000
Depreciation and Amortization 170,937,000
Capital Expenditure -392,839,000
Unlevered Free Cash Flow 800,467
Current Assets 305,260,000
Current Cash 48,541,000
Current Liabilities 364,889,000
Current Debt 15,398,000
Non-Cash Working Capital (NCWC) -92,772,000
Change in NCWC 29,647,000
EBIT 323,250,000
Tax Provision 101,397,000
Depreciation and Amortization 156,111,000
Capital Expenditure -360,734,000
Unlevered Free Cash Flow 32,055,295
Current Assets 389,558,000
Current Cash 121,641,000
Current Liabilities 390,889,000
Current Debt 553,000
Non-Cash Working Capital (NCWC) -122,419,000
Change in NCWC -31,127,000
EBIT 233,559,000
Tax Provision 66,824,000
Depreciation and Amortization 131,160,000
Capital Expenditure -308,633,000
Unlevered Free Cash Flow -55,639,142
Current Assets 272,817,000
Current Cash 41,271,000
Current Liabilities 397,748,000
Current Debt 74,910,000
Non-Cash Working Capital (NCWC) -91,292,000
Change in NCWC -18,747,000
EBIT 210,177,000
Tax Provision 64,504,000
Depreciation and Amortization 111,823,000
Capital Expenditure -305,301,000
Unlevered Free Cash Flow -79,460,976
Current Assets 279,278,000
Current Cash 55,919,000
Current Liabilities 306,641,000
Current Debt 10,737,000
Non-Cash Working Capital (NCWC) -72,545,000
Change in NCWC -14,127,000
EBIT 218,707,000
Tax Provision 66,724,000
Depreciation and Amortization 96,552,000
Capital Expenditure -240,874,000
Unlevered Free Cash Flow -19,261,417

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