| Intrinsic Valuation of: CTAS | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 4 | Market Cap | $91B | |||||
| 2021 | - | - (-) | P/E Ratio | 52 | Total Asset | $9B | |||||
| 2022 | $1B | - (-) | Net Income | $2B | Total Debt | $2B | |||||
| 2023 | $1B | 6.5% (-3.5%) | EBITDA | $3B | Total Liab | $5B | |||||
| 2024 | $1B | -2.3% (-13.0%) | Opr Margin | 0.22 | Debt/Equity | 0.47 | |||||
| 2025 | $2B | 31.9% (21.1%) | PreTax Margin | 20.51 | BV/Share | 2 | |||||
| 5Y Average FCF | $1B | 12.0% (1.5%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (12.0%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $38 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $69B | Net Worth/Share | $11 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $56B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $342M | $135 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $2B | WACC | 7.3% | 118 | 127 | 138 | 152 | 169 | |||
| Equity Value | $55B | 7.4% | 117 | 126 | 137 | 150 | 167 | ||||
| Shares Outstanding | 403,787,008 | 7.4% | 116 | 125 | 135 | 148 | 165 | ||||
| 7.9% | 106 | 113 | 122 | 132 | 145 | ||||||
| DCF Intrinsic Value | $135 | 8.4% | 97 | 104 | 111 | 119 | 129 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||