| 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 | $85B | |||||
| 2021 | - | - (-) | P/E Ratio | 48 | 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 | 0.23 | Debt/Equity | 0.52 | |||||
| 2025 | $2B | 5.9% (-1.7%) | PreTax Margin | 21.84 | BV/Share | 2 | |||||
| 5Y Average FCF | $1B | 11.6% (2.0%) | |||||||||
| 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 (11.6%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $39 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $3B | ||||||||||
| 2030 | $3B | ||||||||||
| 2031 | $3B | ||||||||||
| Terminal Value | $71B | Net Worth/Share | $12 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $58B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $264M | $139 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $2B | WACC | 7.3% | 121 | 130 | 142 | 156 | 174 | |||
| Equity Value | $56B | 7.4% | 120 | 129 | 140 | 154 | 171 | ||||
| Shares Outstanding | 402,977,984 | 7.4% | 119 | 128 | 139 | 152 | 169 | ||||
| 7.9% | 108 | 116 | 125 | 136 | 149 | ||||||
| DCF Intrinsic Value | $139 | 8.4% | 100 | 106 | 113 | 122 | 133 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||