Discounted Cash Flow

Biglari Holdings Inc.

BH.A · Based on 10 years of SEC filings

DCF estimate unavailable — loss_in_2024

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2017 $839.8m $50.1m $17.7m 6.0% $136.01
2018 $809.9m (-3.6%) $19.4m (-61.3%) $5.4m (-69.7%) 2.4% (-59.8%) $55.71 (-59.0%)
2019 $668.8m (-17.4%) $45.4m (134.0%) $76.0m (1311.4%) 6.8% (183.4%) $157.97 (183.6%)
2020 $433.7m (-35.2%) $-38.0m (-183.7%) $96.9m (27.4%) -8.8% (-229.1%) $-132.06 (-183.6%)
2021 $366.1m (-15.6%) $35.5m (193.4%) $164.2m (69.6%) 9.7% (210.6%) $134.20 (201.6%)
2022 $368.2m (0.6%) $-32.0m (-190.2%) $98.1m (-40.3%) -8.7% (-189.7%) $-128.92 (-196.1%)
2023 $365.3m (-0.8%) $54.9m (271.6%) $49.6m (-49.4%) 15.0% (273.0%) $227.39 (276.4%)
2024 $362.1m (-0.9%) $-3.8m (-106.8%) $19.1m (-61.6%) -1.0% (-106.9%) $-16.14 (-107.1%)
2025 $395.3m (9.2%) $-37.5m (-897.3%) $76.6m (301.8%) -9.5% (-813.7%) $-172.63 (-969.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model

loss_in_2024

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.