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Sysco Corp. – Supermarkets and Other Grocery (except Convenience) Stores
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 57,000 associates, the company operates 326 distribution facilities worldwide and serves more than 625,000 customer locations. For fiscal 2020 that ended June 27, 2020, the company generated sales of more than $52 billion.
Analysis Results
Intrinsic Value $205.72
Latest Price $73.30
Relative Value 64% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
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 9.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 9.7%, 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 2.65 2.55
2025 2.91 2.68
2026 3.19 2.82
2027 3.5 2.96
2028 3.84 3.12
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 115 billion. This corresponds to a present value of 89.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 14.1 billion. Adding in the terminal value gives a total present value of 104 billion.

There are presently 504.0 million outstanding shares, so the intrinsic value per share is 205.72.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 10,608,364,000
Current Cash 745,201,000
Current Liabilities 8,540,433,000
Current Debt 62,550,000
Non-Cash Working Capital (NCWC) 1,385,280,000
Change in NCWC -61,410,000
EBIT 3,038,549,000
Tax Provision 515,231,000
Depreciation and Amortization 888,677,000
Capital Expenditure -793,325,000
Unlevered Free Cash Flow 2,387,453,165
Current Assets 10,483,219,000
Current Cash 867,086,000
Current Liabilities 8,750,054,000
Current Debt 580,611,000
Non-Cash Working Capital (NCWC) 1,446,690,000
Change in NCWC 545,167,000
EBIT 2,339,035,000
Tax Provision 388,005,000
Depreciation and Amortization 880,933,000
Capital Expenditure -632,802,000
Unlevered Free Cash Flow 2,612,770,770
Current Assets 10,733,567,000
Current Cash 3,007,123,000
Current Liabilities 7,319,844,000
Current Debt 494,923,000
Non-Cash Working Capital (NCWC) 901,523,000
Change in NCWC -213,823,000
EBIT 1,437,242,000
Tax Provision 60,519,000
Depreciation and Amortization 851,822,000
Capital Expenditure -470,676,000
Unlevered Free Cash Flow 1,455,811,308
Current Assets 12,348,232,000
Current Cash 6,059,427,000
Current Liabilities 6,717,853,000
Current Debt 1,544,394,000
Non-Cash Working Capital (NCWC) 1,115,346,000
Change in NCWC -450,795,000
EBIT 749,505,000
Tax Provision 77,909,000
Depreciation and Amortization 914,141,000
Capital Expenditure -720,423,000
Unlevered Free Cash Flow 293,394,702
Current Assets 8,141,505,000
Current Cash 513,460,000
Current Liabilities 6,103,183,000
Current Debt 41,279,000
Non-Cash Working Capital (NCWC) 1,566,141,000
Change in NCWC -82,746,000
EBIT 2,330,150,000
Tax Provision 331,565,000
Depreciation and Amortization 763,935,000
Capital Expenditure -692,391,000
Unlevered Free Cash Flow 1,933,773,845
Current Assets 8,003,453,000
Current Cash 552,325,000
Current Liabilities 6,588,746,000
Current Debt 786,505,000
Non-Cash Working Capital (NCWC) 1,648,887,000
Change in NCWC 46,824,000
EBIT 2,328,974,000
Tax Provision 525,458,000
Depreciation and Amortization 765,498,000
Capital Expenditure -687,815,000
Unlevered Free Cash Flow 1,827,899,256
Current Assets 8,033,438,000
Current Cash 869,502,000
Current Liabilities 6,095,886,000
Current Debt 534,013,000
Non-Cash Working Capital (NCWC) 1,602,063,000
Change in NCWC -196,552,000
EBIT 2,053,171,000
Tax Provision 623,727,000
Depreciation and Amortization 901,992,000
Capital Expenditure -686,378,000
Unlevered Free Cash Flow 1,347,175,567
Current Assets 10,053,899,000
Current Cash 3,919,300,000
Current Liabilities 4,434,456,000
Current Debt 98,472,000
Non-Cash Working Capital (NCWC) 1,798,615,000
Change in NCWC -216,082,000
EBIT 1,850,500,000
Tax Provision 483,385,000
Depreciation and Amortization 662,710,000
Capital Expenditure -527,346,000
Unlevered Free Cash Flow 1,145,567,364
Current Assets 11,494,304,000
Current Cash 5,130,044,000
Current Liabilities 9,399,615,000
Current Debt 5,050,052,000
Non-Cash Working Capital (NCWC) 2,014,697,000
Change in NCWC -262,351,000
EBIT 1,229,362,000
Tax Provision 321,374,000
Depreciation and Amortization 553,021,000
Capital Expenditure -542,830,000
Unlevered Free Cash Flow 585,309,762
Current Assets 6,681,972,000
Current Cash 413,046,000
Current Liabilities 4,367,630,000
Current Debt 375,752,000
Non-Cash Working Capital (NCWC) 2,277,048,000
Change in NCWC -17,745,000
EBIT 1,587,122,000
Tax Provision 544,091,000
Depreciation and Amortization 556,062,000
Capital Expenditure -523,206,000
Unlevered Free Cash Flow 1,017,030,539
Current Assets 6,207,427,000
Current Cash 412,285,000
Current Liabilities 3,749,282,000
Current Debt 248,933,000
Non-Cash Working Capital (NCWC) 2,294,793,000
Change in NCWC 67,781,000
EBIT 1,658,478,000
Tax Provision 555,028,000
Depreciation and Amortization 512,548,000
Capital Expenditure -511,862,000
Unlevered Free Cash Flow 1,132,096,214
Current Assets 6,084,808,000
Current Cash 688,867,000
Current Liabilities 3,423,579,000
Current Debt 254,650,000
Non-Cash Working Capital (NCWC) 2,227,012,000
Change in NCWC 319,964,000
EBIT 1,890,632,000
Tax Provision 662,417,000
Depreciation and Amortization 416,943,000
Capital Expenditure -784,501,000
Unlevered Free Cash Flow 1,141,028,261

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