Discounted Cash Flow

Cal-maine Foods Inc.

CALM · Based on 10 years of SEC filings

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)
2016 $1.9b $316.0m $305.7m 16.6% $6.56
2017 $1.1b (-43.7%) $-74.3m (-123.5%) $-116.0m (-137.9%) -6.9% (-141.7%) $-1.54 (-123.5%)
2018 $1.5b (39.9%) $125.9m (269.5%) $180.7m (255.9%) 8.4% (221.2%) $2.60 (268.8%)
2019 $1.4b (-9.4%) $54.2m (-56.9%) $47.1m (-73.9%) 4.0% (-52.5%) $1.12 (-56.9%)
2020 $1.4b (-0.7%) $18.4m (-66.1%) $-50.6m (-207.4%) 1.4% (-65.8%) $0.38 (-66.1%)
2021 $1.3b (-0.2%) $2.1m (-88.8%) $-68.9m (-36.3%) 0.2% (-88.8%) $0.04 (-89.5%)
2022 $1.8b (31.7%) $132.7m (6339.3%) $53.8m (178.1%) 7.5% (4787.9%) $2.73 (6725.0%)
2023 $3.1b (77.0%) $758.0m (471.4%) $726.4m (1250.0%) 24.1% (222.8%) $15.58 (470.7%)
2024 $2.3b (-26.1%) $277.9m (-63.3%) $304.3m (-58.1%) 11.9% (-50.4%) $5.70 (-63.4%)
2025 $4.3b (83.2%) $1.2b (339.0%) $1.1b (249.5%) 28.6% (139.7%) $25.04 (339.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

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