Discounted Cash Flow (DCF) Analysis Levered

DICK'S Sporting Goods, Inc. (DKS)

$125.41

+3.05 (+2.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 187.63 | 125.41 | 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 8,436.578,750.749,584.0212,293.3712,368.2013,670.7115,110.3816,701.6718,460.5520,404.65
Revenue (%)
Operating Cash Flow 712.76404.611,552.771,616.87921.881,363.781,507.411,666.151,841.622,035.56
Operating Cash Flow (%)
Capital Expenditure -198.22-217.46-224.03-308.26-364.07-345.14-381.48-421.66-466.06-515.15
Capital Expenditure (%)
Free Cash Flow 514.54187.151,328.741,308.61557.811,018.651,125.921,244.491,375.551,520.41

Weighted Average Cost Of Capital

Share price $ 125.41
Beta 1.466
Diluted Shares Outstanding 99.27
Cost of Debt
Tax Rate 24.62
After-tax Cost of Debt 1.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.727
Total Debt 4,205.14
Total Equity 12,449.95
Total Capital 16,655.09
Debt Weighting 25.25
Equity Weighting 74.75
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 8,436.578,750.749,584.0212,293.3712,368.2013,670.7115,110.3816,701.6718,460.5520,404.65
Operating Cash Flow 712.76404.611,552.771,616.87921.881,363.781,507.411,666.151,841.622,035.56
Capital Expenditure -198.22-217.46-224.03-308.26-364.07-345.14-381.48-421.66-466.06-515.15
Free Cash Flow 514.54187.151,328.741,308.61557.811,018.651,125.921,244.491,375.551,520.41
WACC
PV LFCF 939.28957.30975.67994.401,013.48
SUM PV LFCF 4,880.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.45
Free cash flow (t + 1) 1,550.82
Terminal Value 24,043.76
Present Value of Terminal Value 16,027.09

Intrinsic Value

Enterprise Value 20,907.21
Net Debt 2,280.75
Equity Value 18,626.46
Shares Outstanding 99.27
Equity Value Per Share 187.63