Wm Morrison Supermarkets Limited: Difference between revisions
(Created page with "{| 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 |3...") |
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{| class="wikitable" | |||
|Supermarket | |||
|Average trolley price | |||
|- | |||
|Morrisons | |||
|£342 | |||
|- | |||
|Asda | |||
|£342 | |||
|- | |||
|Tesco | |||
|£361 | |||
|- | |||
|Ocado | |||
|£368 | |||
|- | |||
|Sainsbury's | |||
|£371 | |||
|- | |||
|Waitrose | |||
|£377 | |||
|} | |||
{| class="wikitable" | {| class="wikitable" | ||
| | | | ||
| Line 25: | Line 47: | ||
|} | |} | ||
Magnitude: Millions (M) | Magnitude: Millions (M) | ||
= Discounted Cash Flow = | |||
{| class="wikitable" | {| class="wikitable" | ||
|Fiscal Year | |Fiscal Year | ||
Revision as of 23:06, 24 August 2023
| Supermarket | Average trolley price |
| Morrisons | £342 |
| Asda | £342 |
| Tesco | £361 |
| Ocado | £368 |
| Sainsbury's | £371 |
| Waitrose | £377 |
| 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)
Discounted Cash Flow
| 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)
| 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)
| Sensitivity Table | ||||||
| Growth Rate | ||||||
| 7 | 3.50% | 4.00% | 4.50% | 5.00% | 5.50% | |
| 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 | |