Discounted Cash Flow (DCF) Analysis Levered

Camping World Holdings, Inc. (CWH)

$19.86

+0.06 (+0.30%)

All numbers are in Millions, Currency in USD

Stock DCF: 27.55 | 19.86 | 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	4,792.02	4,892.02	5,446.59	6,913.75	6,967.01	7,683.41	8,473.47	9,344.77	10,305.66	11,365.36
Revenue (%)
Operating Cash Flow	136.29	251.93	747.67	154	189.78	409.88	452.02	498.50	549.76	606.29
Operating Cash Flow (%)
Capital Expenditure	-254.36	-88.36	-85.10	-253.51	-211.48	-236.32	-260.62	-287.42	-316.97	-349.57
Capital Expenditure (%)
Free Cash Flow	-118.07	163.58	662.57	-99.50	-21.69	173.56	191.40	211.08	232.79	256.73

Weighted Average Cost Of Capital

Share price	$ 19.86
Beta	2.644
Diluted Shares Outstanding	89.76
Cost of Debt
Tax Rate	69.58
After-tax Cost of Debt	0.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity	16.036
Total Debt	3,781.51
Total Equity	1,782.67
Total Capital	5,564.18
Debt Weighting	67.96
Equity Weighting	32.04
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	4,792.02	4,892.02	5,446.59	6,913.75	6,967.01	7,683.41	8,473.47	9,344.77	10,305.66	11,365.36
Operating Cash Flow	136.29	251.93	747.67	154	189.78	409.88	452.02	498.50	549.76	606.29
Capital Expenditure	-254.36	-88.36	-85.10	-253.51	-211.48	-236.32	-260.62	-287.42	-316.97	-349.57
Free Cash Flow	-118.07	163.58	662.57	-99.50	-21.69	173.56	191.40	211.08	232.79	256.73
WACC
PV LFCF						164.07	171.06	178.34	185.93	193.84
SUM PV LFCF										893.24

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.78
Free cash flow (t + 1)	261.86
Terminal Value	6,927.54
Present Value of Terminal Value	5,230.72

Intrinsic Value

Enterprise Value	6,123.96
Net Debt	3,651.38
Equity Value	2,472.58
Shares Outstanding	89.76
Equity Value Per Share	27.55