Discounted Cash Flow (DCF) Analysis Levered

e.l.f. Beauty, Inc. (ELF)

$38.7

-0.33 (-0.85%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.37 | 38.7 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 269.89267.43265262.60260.21257.84255.50253.18250.88248.60246.34
Revenue (%)
Operating Cash Flow 12.3855.5833.6233.3133.0132.7132.4132.1231.8231.5331.25
Operating Cash Flow (%)
Capital Expenditure -7.54-8.87-8.10-8.03-7.95-7.88-7.81-7.74-7.67-7.60-7.53
Capital Expenditure (%)
Free Cash Flow 4.8346.7125.5225.2825.0524.8324.6024.3824.1623.9423.72

Weighted Average Cost Of Capital

Share price $ 38.7
Beta 1.588
Diluted Shares Outstanding 53.65
Cost of Debt
Tax Rate 14.40
After-tax Cost of Debt 1.55%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.322
Total Debt 117
Total Equity 2,076.42
Total Capital 2,193.42
Debt Weighting 5.33
Equity Weighting 94.67
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 269.89267.43265262.60260.21257.84255.50253.18250.88248.60246.34
Operating Cash Flow 12.3855.5833.6233.3133.0132.7132.4132.1231.8231.5331.25
Capital Expenditure -7.54-8.87-8.10-8.03-7.95-7.88-7.81-7.74-7.67-7.60-7.53
Free Cash Flow 4.8346.7125.5225.2825.0524.8324.6024.3824.1623.9423.72
WACC
PV LFCF 31.3328.0125.0522.4120.0417.9216.0314.3312.82
SUM PV LFCF 89.90

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.80
Free cash flow (t + 1) 24.19
Terminal Value 274.92
Present Value of Terminal Value 164.63

Intrinsic Value

Enterprise Value 254.53
Net Debt 73.65
Equity Value 180.88
Shares Outstanding 53.65
Equity Value Per Share 3.37