Discounted Cash Flow (DCF) Analysis Levered

Boot Barn Holdings, Inc. (BOOT)

$73.69

+3.92 (+5.62%)
All numbers are in Millions, Currency in USD
Stock DCF: 36.25 | 73.69 | overvalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 677.95776.85845.58893.491,488.261,844.202,285.282,831.853,509.144,348.43
Revenue (%)
Operating Cash Flow 44.2063.2625.32155.9288.86151.51187.75232.66288.30357.26
Operating Cash Flow (%)
Capital Expenditure -24.42-27.53-37.20-28.42-60.44-69.29-85.86-106.40-131.85-163.38
Capital Expenditure (%)
Free Cash Flow 19.7835.73-11.88127.5028.4282.22101.89126.26156.46193.87

Weighted Average Cost Of Capital

Share price $ 73.69
Beta 2.535
Diluted Shares Outstanding 30.39
Cost of Debt
Tax Rate 23.81
After-tax Cost of Debt 1.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.815
Total Debt 306.25
Total Equity 2,239.51
Total Capital 2,545.76
Debt Weighting 12.03
Equity Weighting 87.97
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 677.95776.85845.58893.491,488.261,844.202,285.282,831.853,509.144,348.43
Operating Cash Flow 44.2063.2625.32155.9288.86151.51187.75232.66288.30357.26
Capital Expenditure -24.42-27.53-37.20-28.42-60.44-69.29-85.86-106.40-131.85-163.38
Free Cash Flow 19.7835.73-11.88127.5028.4282.22101.89126.26156.46193.87
WACC
PV LFCF 72.6379.5087.0295.25104.25
SUM PV LFCF 438.65

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.21
Free cash flow (t + 1) 197.75
Terminal Value 1,764.07
Present Value of Terminal Value 948.62

Intrinsic Value

Enterprise Value 1,387.26
Net Debt 285.58
Equity Value 1,101.69
Shares Outstanding 30.39
Equity Value Per Share 36.25