Discounted Cash Flow (DCF) Analysis Levered
Dillard's, Inc. (DDS)
$386.49
+6.84 (+1.80%)
All numbers are in Millions, Currency in USD
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 | 6,422.68 | 6,503.35 | 6,343.21 | 4,433.18 | 6,624.27 | 6,924.13 | 7,237.57 | 7,565.19 | 7,907.64 | 8,265.60 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 274.29 | 367.29 | 365.07 | 252.95 | 1,280.02 | 563.66 | 589.17 | 615.84 | 643.72 | 672.86 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -130.46 | -137.06 | -103.38 | -60.45 | -104.36 | -120.59 | -126.05 | -131.75 | -137.72 | -143.95 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 143.82 | 230.22 | 261.69 | 192.49 | 1,175.66 | 443.07 | 463.13 | 484.09 | 506.01 | 528.91 |
Weighted Average Cost Of Capital
Share price | $ 386.49 |
---|---|
Beta | 0.848 |
Diluted Shares Outstanding | 20.60 |
Cost of Debt | |
Tax Rate | 20.76 |
After-tax Cost of Debt | 5.85% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.552 |
Total Debt | 608.73 |
Total Equity | 7,961.69 |
Total Capital | 8,570.42 |
Debt Weighting | 7.10 |
Equity Weighting | 92.90 |
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 | 6,422.68 | 6,503.35 | 6,343.21 | 4,433.18 | 6,624.27 | 6,924.13 | 7,237.57 | 7,565.19 | 7,907.64 | 8,265.60 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 274.29 | 367.29 | 365.07 | 252.95 | 1,280.02 | 563.66 | 589.17 | 615.84 | 643.72 | 672.86 |
Capital Expenditure | -130.46 | -137.06 | -103.38 | -60.45 | -104.36 | -120.59 | -126.05 | -131.75 | -137.72 | -143.95 |
Free Cash Flow | 143.82 | 230.22 | 261.69 | 192.49 | 1,175.66 | 443.07 | 463.13 | 484.09 | 506.01 | 528.91 |
WACC | ||||||||||
PV LFCF | 412.43 | 401.28 | 390.44 | 379.89 | 369.62 | |||||
SUM PV LFCF | 1,953.65 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.43 |
Free cash flow (t + 1) | 539.49 |
Terminal Value | 9,935.36 |
Present Value of Terminal Value | 6,943.14 |
Intrinsic Value
Enterprise Value | 8,896.79 |
---|---|
Net Debt | -108.03 |
Equity Value | 9,004.82 |
Shares Outstanding | 20.60 |
Equity Value Per Share | 437.13 |