DCF Tool


United Natural Foods Inc. – Packaged Frozen Food Merchant Wholesalers
unfi is the leading independent national distributor of natural, organic and specialty foods and related products including nutritional supplements, personal care items and organic produce, in the united states & canada. in addition to excellent distribution services, we provide a range of innovative, value-added services for our customers and suppliers, to foster mutual success and growth. our services include marketing and promotional tools, merchandising, category management and store support services. our distribution operations are divided into five principal units: unfi, eastern region; unfi, western region; albert’s organics; select nutrition distributors; and unfi canada. in addition to distribution operations, unfi's divisions include blue marble brands, earth origins markets, woodstock farms manufacturing and honest green. we distribute from 28 distribution centers to customers throughout the united states & canada and to more than 40 additional countries.
Analysis Results
Intrinsic Value $292.68
Latest Price $18.85
Relative Value 94% undervalued
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Cash Flow (Millions)
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 14.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.7%. 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 565 530
2024 644 566
2025 735 605
2026 838 647
2027 956 692
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 20800 million. This corresponds to a present value of 14100 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3040 million. Adding in the terminal value gives a total present value of 17200 million.

There are presently 58.6 million outstanding shares, so the intrinsic value per share is 292.68.

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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