Wesfarmers Limited engages in the retail business in Australia, New Zealand, the United Kingdom, and internationally. The company is involved in the retail sale of building materials, home and garden improvement, and outdoor living products through its Bunnings stores; apparel and general merchandise, including toys, leisure, entertainment, home, and consumables; and office products and solutions, such as stationery, technology, furniture, art supplies, and learning and development resources, as well as print and create, and technical support services through its 168 Officeworks stores. It also provides hardware and software repairs, system security solutions, wireless and wired networking services, virus and spyware prevention and removal, and data backup and recovery solutions. In addition, the company manufactures and supplies ammonia, ammonium nitrate, and industrial chemicals; manufactures, imports, and distributes phosphate, nitrogen, and potassium-based fertilizers; supplies polyvinyl chloride resins; produces wood-plastic composite products; and manufactures and distributes sodium cyanide. Further, it produces and distributes liquefied petroleum gas and liquefied natural gas; supplies and distributes maintenance, repair, operating products, and industrial safety products and services; manufacturers and markets industrial, medical, and specialty gases; supplies tools, safety gear, personal protective equipment, electricals, work wear, and industrial supplies; and provides risk management and compliance services, as well as footwear; safety products, uniforms, engineering supplies, and packaging services; and engages in other businesses. Additionally, the company provides health, beauty, and wellbeing products; clinical cosmetic and skin care treatments; retail support services; distributes pharmaceutical goods; and operates online marketplace and data sharing platform. Wesfarmers Limited was founded in 1914 and is headquartered in Perth, Australia.

BUILD UP FREE CASH	2023-06-30 (A)	2024-06-30 (A)	2025-06-30 (A)	2026-06-30 (E)	2027-06-30 (E)	2028-06-30 (E)	2029-06-30 (E)	2030-06-30 (E)
Revenue	43,550	44,189	45,700	47,284.8	49,644.1	51,748	51,748	51,748
Revenue % Chg.	18.2%	1.5%	3.4%
EBIT	3,703	3,849	3,946	4,405.3	4,888.6	5,245.8	5,245.8	5,245.8
EBIT Margin	8.5%	8.7%	8.6%
Tax Rate	29.8%	28.7%	27.8%
NOPAT	2,601.3	2,743.8	2,848.8	3,085.9	3,424.5	3,674.7	3,674.7	3,674.7
NOPAT Margin	6%	6.2%	6.2%	6.5%	6.9%	7.1%	7.1%	7.1%
D&A	1,592	1,682	1,719	1,860.4	1,906	1,953.6	1,953.6	1,953.6
D&A / Revenue	3.7%	3.8%	3.8%
Capex	-1,156	-923	-1,040	-1,174.4	-1,151.2	-1,139.8	-1,139.8	-1,139.8
Capex / Revenue	-2.7%	-2.1%	-2.3%
Chg. NWC	-58	131	117	66.1	69.4	72.3	72.3	72.3
Chg. NWC / Revenue	-0.1%	0.3%	0.3%
Unlevered FCF (UFCF)	2,979.3	3,633.8	3,644.8	3,837.9	4,248.6	4,560.8	4,560.8	4,560.8
UFCF % Chg.	116.2%	22%	0.3%	5.3%	10.7%	7.3%	—	—
PV of UFCF	—	—	—	3,545.2	3,625.3	3,594.8	3,320.6	3,067.3
Sum of PV of UFCF	—	—	—	3,545.2	7,170.4	10,765.2	14,085.8	17,153.1

Cost of Debt
Tax Rate
After Tax Cost of Debt	2.5%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	11,168
Market Cap	138,370.5
Total Capital	149,538.5
Debt Weighting	7.5%
Equity Weighting	92.5%
WACC	8.3%

Exit Multiple EV/FCF
Terminal Value	154,215
PV of Terminal Value	95,805.7
Cumulative PV of UFCF	17,153.1
Net Debt	10,530
Equity Value	102,428.7
Shares Outstanding	1,135
Implied Share Price	90.2
Current Share Price	77.5
Implied Upside / (Downside)	16.5%