DCF Tool

FLT

Fleetcor Technologies Inc – Financial Transactions Processing, Reserve, and Clearinghouse Activities
fleetcor is a leading global provider of fuel cards and specialized payment products to businesses. fleetcor's payment programs enable businesses to better control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. fleetcor serves over 500,000 commercial accounts with millions of cardholders across the united states, canada, mexico, europe, africa and asia. for more information, please visit www.fleetcor.com. we have developed an extremely successful company based on our core principles; determination, drive, outstanding value, industry leading products, and quality people. as a result fleetcor has grown more than 40% over the last 10 years and is the world's largest provider of commercial fleet card programs. through our organic growth initiatives, strategic acquisitions, and solid business acumen, that growth will continue. to maintain our top position in the industry, it is vital to continual
Analysis Results
Intrinsic Value $811.83
Latest Price $238.31
Relative Value 71% 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 17.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 17.9%, 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)
2023 2.2 2.04
2024 2.6 2.24
2025 3.06 2.45
2026 3.61 2.68
2027 4.26 2.93
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 74.8 billion. This corresponds to a present value of 47.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 12.3 billion. Adding in the terminal value gives a total present value of 59.9 billion.

There are presently 73.8 million outstanding shares, so the intrinsic value per share is 811.83.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 6,106,152,000
Current Cash 1,435,163,000
Current Liabilities 6,043,455,000
Current Debt 2,314,056,000
Non-Cash Working Capital (NCWC) 941,590,000
Change in NCWC 746,292,000
EBIT 1,445,259,000
Tax Provision 321,333,000
Depreciation and Amortization 322,282,000
Capital Expenditure -151,428,000
Unlevered Free Cash Flow 1,998,350,776
Current Assets 5,488,048,000
Current Cash 1,520,027,000
Current Liabilities 5,290,351,000
Current Debt 1,517,628,000
Non-Cash Working Capital (NCWC) 195,298,000
Change in NCWC -63,506,000
EBIT 1,242,565,000
Tax Provision 269,311,000
Depreciation and Amortization 284,196,000
Capital Expenditure -111,530,000
Unlevered Free Cash Flow 1,049,926,651
Current Assets 3,956,318,000
Current Cash 934,900,000
Current Liabilities 3,968,311,000
Current Debt 1,205,697,000
Non-Cash Working Capital (NCWC) 258,804,000
Change in NCWC -372,043,000
EBIT 1,002,273,000
Tax Provision 178,309,000
Depreciation and Amortization 254,801,000
Capital Expenditure -78,425,000
Unlevered Free Cash Flow 604,102,618
Current Assets 4,618,571,000
Current Cash 1,271,494,000
Current Liabilities 4,463,068,000
Current Debt 1,746,838,000
Non-Cash Working Capital (NCWC) 630,847,000
Change in NCWC 210,603,000
EBIT 1,227,960,000
Tax Provision 182,746,000
Depreciation and Amortization 274,210,000
Capital Expenditure -75,170,000
Unlevered Free Cash Flow 1,429,400,344
Current Assets 3,875,986,000
Current Cash 1,031,145,000
Current Liabilities 4,495,213,000
Current Debt 2,070,616,000
Non-Cash Working Capital (NCWC) 420,244,000
Change in NCWC 263,128,000
EBIT 1,083,551,000
Tax Provision 283,642,000
Depreciation and Amortization 269,266,000
Capital Expenditure -81,387,000
Unlevered Free Cash Flow 1,253,913,714
Current Assets 3,549,701,000
Current Cash 913,595,000
Current Liabilities 4,095,502,000
Current Debt 1,616,512,000
Non-Cash Working Capital (NCWC) 157,116,000
Change in NCWC 64,253,000
EBIT 830,657,000
Tax Provision 153,390,000
Depreciation and Amortization 258,448,000
Capital Expenditure -70,093,000
Unlevered Free Cash Flow 940,677,821
Current Assets 2,527,693,000
Current Cash 475,018,000
Current Liabilities 3,296,318,000
Current Debt 1,336,506,000
Non-Cash Working Capital (NCWC) 92,863,000
Change in NCWC -32,783,000
EBIT 717,107,000
Tax Provision 190,534,000
Depreciation and Amortization 198,091,000
Capital Expenditure -59,011,000
Unlevered Free Cash Flow 610,883,814
Current Assets 1,945,172,000
Current Cash 447,152,000
Current Liabilities 2,248,021,000
Current Debt 875,647,000
Non-Cash Working Capital (NCWC) 125,646,000
Change in NCWC -62,781,000
EBIT 605,624,000
Tax Provision 173,573,000
Depreciation and Amortization 190,202,000
Capital Expenditure -41,875,000
Unlevered Free Cash Flow 495,052,108
Current Assets 2,137,350,000
Current Cash 477,069,000
Current Liabilities 2,896,618,000
Current Debt 1,424,764,000
Non-Cash Working Capital (NCWC) 188,427,000
Change in NCWC 70,479,000
EBIT 527,362,000
Tax Provision 144,236,000
Depreciation and Amortization 107,246,000
Capital Expenditure -27,070,000
Unlevered Free Cash Flow 529,726,477
Current Assets 1,353,512,000
Current Cash 338,105,000
Current Liabilities 1,908,898,000
Current Debt 1,011,439,000
Non-Cash Working Capital (NCWC) 117,948,000
Change in NCWC -111,709,000
EBIT 420,632,000
Tax Provision 119,068,000
Depreciation and Amortization 66,198,000
Capital Expenditure -20,785,000
Unlevered Free Cash Flow 230,233,774
Current Assets 1,195,354,000
Current Cash 283,649,000
Current Liabilities 1,142,222,000
Current Debt 460,174,000
Non-Cash Working Capital (NCWC) 229,657,000
Change in NCWC 93,284,000
EBIT 324,928,000
Tax Provision 94,591,000
Depreciation and Amortization 46,492,000
Capital Expenditure -19,111,000
Unlevered Free Cash Flow 346,699,005

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