Discounted Cash Flow (DCF) Analysis Levered

Caleres, Inc. (CAL)

$25.56

-0.20 (-0.78%)
All numbers are in Millions, Currency in USD
Stock DCF: 34.72 | 25.56 | undervalue

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 2,785.582,834.852,921.562,117.072,777.602,836.572,896.782,958.283,021.083,085.21
Revenue (%)
Operating Cash Flow 191.37129.59170.79126.35168.44166.33169.87173.47177.15180.92
Operating Cash Flow (%)
Capital Expenditure -51.18-66.90-50.15-22.06-24.14-44.39-45.33-46.30-47.28-48.28
Capital Expenditure (%)
Free Cash Flow 140.2062.69120.63104.29144.30121.94124.53127.17129.87132.63

Weighted Average Cost Of Capital

Share price $ 25.56
Beta 1.846
Diluted Shares Outstanding 37.22
Cost of Debt
Tax Rate 27.60
After-tax Cost of Debt 2.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.471
Total Debt 871.40
Total Equity 951.34
Total Capital 1,822.75
Debt Weighting 47.81
Equity Weighting 52.19
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 2,785.582,834.852,921.562,117.072,777.602,836.572,896.782,958.283,021.083,085.21
Operating Cash Flow 191.37129.59170.79126.35168.44166.33169.87173.47177.15180.92
Capital Expenditure -51.18-66.90-50.15-22.06-24.14-44.39-45.33-46.30-47.28-48.28
Free Cash Flow 140.2062.69120.63104.29144.30121.94124.53127.17129.87132.63
WACC
PV LFCF 113.18107.28101.6996.3991.36
SUM PV LFCF 509.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.74
Free cash flow (t + 1) 135.28
Terminal Value 2,356.87
Present Value of Terminal Value 1,623.49

Intrinsic Value

Enterprise Value 2,133.39
Net Debt 841.29
Equity Value 1,292.10
Shares Outstanding 37.22
Equity Value Per Share 34.72