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	677.95	776.85	845.58	893.49	1,488.26	1,844.20	2,285.28	2,831.85	3,509.14	4,348.43
Revenue (%)
Operating Cash Flow	44.20	63.26	25.32	155.92	88.86	151.51	187.75	232.66	288.30	357.26
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	19.78	35.73	-11.88	127.50	28.42	82.22	101.89	126.26	156.46	193.87

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	677.95	776.85	845.58	893.49	1,488.26	1,844.20	2,285.28	2,831.85	3,509.14	4,348.43
Operating Cash Flow	44.20	63.26	25.32	155.92	88.86	151.51	187.75	232.66	288.30	357.26
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	19.78	35.73	-11.88	127.50	28.42	82.22	101.89	126.26	156.46	193.87
WACC
PV LFCF						72.63	79.50	87.02	95.25	104.25
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