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	6,503.35	6,343.21	4,433.18	6,624.27	6,996.20	7,389.13	7,804.14	8,242.45	8,705.37	9,194.30
Revenue (%)
Operating Cash Flow	367.29	365.07	252.95	1,280.02	948.30	738.71	780.20	824.02	870.30	919.18
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	230.22	261.69	192.49	1,175.66	828.20	614.68	649.20	685.66	724.17	764.84

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	6,503.35	6,343.21	4,433.18	6,624.27	6,996.20	7,389.13	7,804.14	8,242.45	8,705.37	9,194.30
Operating Cash Flow	367.29	365.07	252.95	1,280.02	948.30	738.71	780.20	824.02	870.30	919.18
Capital Expenditure	-137.06	-103.38	-60.45	-104.36	-120.10	-124.04	-131	-138.36	-146.13	-154.34
Free Cash Flow	230.22	261.69	192.49	1,175.66	828.20	614.68	649.20	685.66	724.17	764.84
WACC
PV LFCF						571	560.21	549.63	539.24	529.06
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