Discounted Cash Flow (DCF) Analysis Levered

Abercrombie & Fitch Co. (ANF)

$56.05

+1.49 (+2.73%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.46 | 56.05 | overvalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 3,590.113,623.073,125.383,712.773,697.753,749.253,801.473,854.423,908.103,962.53
Revenue (%)
Operating Cash Flow 352.93300.68404.92274-2.34287.96291.97296.04300.16304.34
Operating Cash Flow (%)
Capital Expenditure -152.39-202.78-101.91-96.98-164.57-151.21-153.31-155.45-157.61-159.81
Capital Expenditure (%)
Free Cash Flow 200.5497.90303.01177.02-166.91136.75138.66140.59142.55144.53

Weighted Average Cost Of Capital

Share price $ 56.05
Beta 1.476
Diluted Shares Outstanding 52.33
Cost of Debt
Tax Rate 84.50
After-tax Cost of Debt 0.32%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.564
Total Debt 1,224.19
Total Equity 2,932.93
Total Capital 4,157.12
Debt Weighting 29.45
Equity Weighting 70.55
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 3,590.113,623.073,125.383,712.773,697.753,749.253,801.473,854.423,908.103,962.53
Operating Cash Flow 352.93300.68404.92274-2.34287.96291.97296.04300.16304.34
Capital Expenditure -152.39-202.78-101.91-96.98-164.57-151.21-153.31-155.45-157.61-159.81
Free Cash Flow 200.5497.90303.01177.02-166.91136.75138.66140.59142.55144.53
WACC
PV LFCF 126.33118.33110.83103.8197.23
SUM PV LFCF 556.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.25
Free cash flow (t + 1) 147.42
Terminal Value 2,358.74
Present Value of Terminal Value 1,586.86

Intrinsic Value

Enterprise Value 2,143.40
Net Debt 706.59
Equity Value 1,436.81
Shares Outstanding 52.33
Equity Value Per Share 27.46