| Intrinsic Valuation of: CTAS | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 5 | Market Cap | $67B | |||||
| 2021 | - | - (-) | P/E Ratio | 35 | Total Asset | $10B | |||||
| 2022 | $1B | - (-) | Net Income | $2B | Total Debt | $2B | |||||
| 2023 | $1B | -3.2% (-13.8%) | EBITDA | $3B | Total Liab | $5B | |||||
| 2024 | $2B | 32.2% (21.4%) | Opr Margin | 22.82 | Debt/Equity | 0.52 | |||||
| 2025 | $2B | 5.9% (-1.7%) | PreTax Margin | 21.84 | BV/Share | 2 | |||||
| 5Y Average FCF | $1B | 10.4% (2.0%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.48% | Historical US Bond Yield: | 4.40% | ||||||||
| Discount Rate (WACC): | 8.58% | Current US Bond Yield: | 3.48% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (10.4%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $43 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $41B | Net Worth/Share | $12 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $35B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $264M | $81 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $2B | WACC | 6.6% | 103 | 113 | 125 | 140 | 159 | |||
| Equity Value | $33B | 7.6% | 85 | 91 | 99 | 108 | 119 | ||||
| Shares Outstanding | 400,136,881 | 8.6% | 72 | 77 | 82 | 87 | 94 | ||||
| 9.6% | 62 | 66 | 69 | 73 | 78 | ||||||
| DCF Intrinsic Value | $81 | 10.6% | 55 | 57 | 60 | 63 | 66 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||