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
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 | 8,436.57 | 8,750.74 | 9,584.02 | 12,293.37 | 12,368.20 | 13,670.71 | 15,110.38 | 16,701.67 | 18,460.55 | 20,404.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 712.76 | 404.61 | 1,552.77 | 1,616.87 | 921.88 | 1,363.78 | 1,507.41 | 1,666.15 | 1,841.62 | 2,035.56 |
| 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 | 514.54 | 187.15 | 1,328.74 | 1,308.61 | 557.81 | 1,018.65 | 1,125.92 | 1,244.49 | 1,375.55 | 1,520.41 |
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 | 8,436.57 | 8,750.74 | 9,584.02 | 12,293.37 | 12,368.20 | 13,670.71 | 15,110.38 | 16,701.67 | 18,460.55 | 20,404.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 712.76 | 404.61 | 1,552.77 | 1,616.87 | 921.88 | 1,363.78 | 1,507.41 | 1,666.15 | 1,841.62 | 2,035.56 |
| 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 | 514.54 | 187.15 | 1,328.74 | 1,308.61 | 557.81 | 1,018.65 | 1,125.92 | 1,244.49 | 1,375.55 | 1,520.41 |
| WACC | ||||||||||
| PV LFCF | 939.28 | 957.30 | 975.67 | 994.40 | 1,013.48 | |||||
| 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 |