Discounted Cash Flow (DCF) Analysis Levered

Dillard's, Inc. (DDS)

$301.95

-3.16 (-1.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 601.72 | 301.95 | undervalue

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 6,503.356,343.214,433.186,624.276,996.207,389.137,804.148,242.458,705.379,194.30
Revenue (%)
Operating Cash Flow 367.29365.07252.951,280.02948.30738.71780.20824.02870.30919.18
Operating Cash Flow (%)
Capital Expenditure -137.06-103.38-60.45-104.36-120.10-124.04-131-138.36-146.13-154.34
Capital Expenditure (%)
Free Cash Flow 230.22261.69192.491,175.66828.20614.68649.20685.66724.17764.84

Weighted Average Cost Of Capital

Share price $ 301.95
Beta 0.966
Diluted Shares Outstanding 20.60
Cost of Debt
Tax Rate 19.63
After-tax Cost of Debt 4.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.939
Total Debt 555.20
Total Equity 6,220.17
Total Capital 6,775.37
Debt Weighting 8.19
Equity Weighting 91.81
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 6,503.356,343.214,433.186,624.276,996.207,389.137,804.148,242.458,705.379,194.30
Operating Cash Flow 367.29365.07252.951,280.02948.30738.71780.20824.02870.30919.18
Capital Expenditure -137.06-103.38-60.45-104.36-120.10-124.04-131-138.36-146.13-154.34
Free Cash Flow 230.22261.69192.491,175.66828.20614.68649.20685.66724.17764.84
WACC
PV LFCF 571560.21549.63539.24529.06
SUM PV LFCF 2,749.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.65
Free cash flow (t + 1) 780.14
Terminal Value 13,807.79
Present Value of Terminal Value 9,551.11

Intrinsic Value

Enterprise Value 12,300.24
Net Debt -95.10
Equity Value 12,395.34
Shares Outstanding 20.60
Equity Value Per Share 601.72