Editing Wm Morrison Supermarkets Limited

{| class="wikitable"
|
|2018 FY
|2019 FY
|2020 FY
|2021 FY
|2022 FY
|2023 E
|2024 E
|2025 E
|2026 E
|2027 E
|-
|Total Revenue
|22,479
|23,534
|22,416
|24,727
|23,310
|26,807
|30,828
|35,452
|40,770
|46,885
|}
Magnitude: Millions (M)
{| class="wikitable"
|Fiscal Year
|2018
|2019
|2020
|2021
|2022
|2023
|2024
|2025
|2026
|2027
|-
|FCF
|345
|447
|529
|NA
|194
|214
|235
|258
|284
|313
|-
|
|
|
|
|
|Projection Year
|1
|2
|3
|4
|5
|-
|Present Value 
|
|
|
|
|
|227
|265
|310
|362
|423
|}
Magnitude: Millions (M)
{| class="wikitable"
|WACC
|6.21%
|-
|Sum of PV of FCF
|1,585
|-
|Growth rate
|4.50%
|-
|Terminal Value
|25,801
|-
|Present Value of Terminal Value
|19,089
|-
|Enterpise Value
|20,674
|-
|(+) cash
|333
|-
|(-) Debt
|3,757
|-
|Equity Value
|17,250
|-
|Diluted Shares Outstanding
|2,451
|-
|Implied share price
|7
|-
|Current share price
|3.65
|}
Magnitude: Millions (M)
{| class="wikitable"
| colspan="7" rowspan="1" |Sensitivity Table
|-
|
|
| colspan="5" rowspan="1" |Growth Rate
|-
|
|7
|3.50%
|4.00%
|4.50%
|5.00%
|5.50%
|-
| colspan="1" rowspan="5" |WACC
|5.21%
|6.943521281
|5.17055606
|5.17055606
|6.943521281
|17.96682183
|-
|5.71%
|10.11775476
|6.896522233
|6.896522233
|10.11775476
|62.28769622
|-
|6.21%
|10.11775476
|6.896522233
|6.896522233
|10.11775476
|62.28769622
|-
|6.71%
|6.943521281
|5.17055606
|5.17055606
|6.943521281
|17.96682183
|-
|7.21%
|4.11841452
|3.340505278
|3.340505278
|4.11841452
|7.037923491
|}