DCF Tool

UNFI

United Natural Foods Inc. – Packaged Frozen Food Merchant Wholesalers
UNFI is North America's premier food wholesaler delivering the widest variety of products to customer locations throughout North America including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers, and food service customers. By providing this deeper 'full-store' selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere. Today, UNFI is the largest publicly-traded grocery distributor in America.
Analysis Results
Intrinsic Value $255.67
Latest Price $34.37
Relative Value 87% undervalued
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Cash Flow (Millions)
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 14.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.1%, 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 (million) Present value (million)
2023 565 526
2024 644 559
2025 735 594
2026 838 631
2027 956 671
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 18200 million. This corresponds to a present value of 11900 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2980 million. Adding in the terminal value gives a total present value of 14900 million.

There are presently 58.3 million outstanding shares, so the intrinsic value per share is 255.67.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 3,797,000,000
Current Cash 44,000,000
Current Liabilities 2,417,000,000
Current Debt 27,000,000
Non-Cash Working Capital (NCWC) 1,363,000,000
Change in NCWC 221,000,000
EBIT 357,000,000
Tax Provision 56,000,000
Depreciation and Amortization 285,000,000
Capital Expenditure -251,000,000
Unlevered Free Cash Flow 547,509,677
Current Assets 3,550,000,000
Current Cash 41,000,000
Current Liabilities 2,487,000,000
Current Debt 120,000,000
Non-Cash Working Capital (NCWC) 1,142,000,000
Change in NCWC -229,228,000
EBIT 346,000,000
Tax Provision 34,000,000
Depreciation and Amortization 285,000,000
Capital Expenditure -310,000,000
Unlevered Free Cash Flow 27,487,846
Current Assets 3,704,917,000
Current Cash 46,993,000
Current Liabilities 2,370,074,000
Current Debt 83,378,000
Non-Cash Working Capital (NCWC) 1,371,228,000
Change in NCWC -157,499,000
EBIT 333,305,000
Tax Provision -90,445,000
Depreciation and Amortization 281,535,000
Capital Expenditure -172,568,000
Unlevered Free Cash Flow 284,773,000
Current Assets 3,567,921,000
Current Cash 42,350,000
Current Liabilities 2,108,947,000
Current Debt 112,103,000
Non-Cash Working Capital (NCWC) 1,528,727,000
Change in NCWC 449,911,000
EBIT 155,297,000
Tax Provision -84,609,000
Depreciation and Amortization 246,825,000
Capital Expenditure -207,817,000
Unlevered Free Cash Flow 644,216,000
Current Assets 1,788,914,000
Current Cash 23,315,000
Current Liabilities 699,224,000
Current Debt 12,441,000
Non-Cash Working Capital (NCWC) 1,078,816,000
Change in NCWC 123,419,000
EBIT 243,238,000
Tax Provision 47,075,000
Depreciation and Amortization 87,631,000
Capital Expenditure -44,608,000
Unlevered Free Cash Flow 355,857,682
Current Assets 1,662,670,000
Current Cash 15,414,000
Current Liabilities 703,987,000
Current Debt 12,128,000
Non-Cash Working Capital (NCWC) 955,397,000
Change in NCWC -29,332,000
EBIT 232,889,000
Tax Provision 84,268,000
Depreciation and Amortization 86,051,000
Capital Expenditure -56,112,000
Unlevered Free Cash Flow 141,970,882
Current Assets 1,611,190,000
Current Cash 18,593,000
Current Liabilities 619,722,000
Current Debt 11,854,000
Non-Cash Working Capital (NCWC) 984,729,000
Change in NCWC -32,386,000
EBIT 229,661,000
Tax Provision 82,456,000
Depreciation and Amortization 71,006,000
Capital Expenditure -41,375,000
Unlevered Free Cash Flow 135,960,146
Current Assets 1,553,742,000
Current Cash 17,380,000
Current Liabilities 530,860,000
Current Debt 11,613,000
Non-Cash Working Capital (NCWC) 1,017,115,000
Change in NCWC 177,790,000
EBIT 242,760,000
Tax Provision 91,035,000
Depreciation and Amortization 63,800,000
Capital Expenditure -129,134,000
Unlevered Free Cash Flow 259,033,936
Current Assets 1,378,290,000
Current Cash 16,116,000
Current Liabilities 523,839,000
Current Debt 990,000
Non-Cash Working Capital (NCWC) 839,325,000
Change in NCWC 132,466,000
EBIT 210,788,000
Tax Provision 81,926,000
Depreciation and Amortization 48,758,000
Capital Expenditure -147,303,000
Unlevered Free Cash Flow 161,447,902
Current Assets 1,115,218,000
Current Cash 11,111,000
Current Liabilities 398,267,000
Current Debt 1,019,000
Non-Cash Working Capital (NCWC) 706,859,000
Change in NCWC 109,931,000
EBIT 187,123,000
Tax Provision 66,262,000
Depreciation and Amortization 42,398,000
Capital Expenditure -66,554,000
Unlevered Free Cash Flow 201,686,025
Current Assets 946,861,000
Current Cash 16,122,000
Current Liabilities 334,161,000
Current Debt 350,000
Non-Cash Working Capital (NCWC) 596,928,000
Change in NCWC 70,277,000
EBIT 160,259,000
Tax Provision 59,441,000
Depreciation and Amortization 39,560,000
Capital Expenditure -31,492,000
Unlevered Free Cash Flow 175,427,413

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