Discounted Cash Flow (DCF) Analysis Levered

Foot Locker, Inc. (FL)

$38.92

+1.39 (+3.70%)
All numbers are in Millions, Currency in USD
Stock DCF: 192.67 | 38.92 | undervalue

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 7,7827,9398,0057,5488,9589,312.309,680.6110,063.4810,461.5010,875.26
Revenue (%)
Operating Cash Flow 8137816961,062666940.24977.431,016.091,056.271,098.05
Operating Cash Flow (%)
Capital Expenditure -274-187-187-159-209-235.64-244.96-254.65-264.72-275.19
Capital Expenditure (%)
Free Cash Flow 539594509903457704.60732.47761.44791.56822.86

Weighted Average Cost Of Capital

Share price $ 38.92
Beta 1.213
Diluted Shares Outstanding 105.10
Cost of Debt
Tax Rate 27.98
After-tax Cost of Debt 0.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.416
Total Debt 3,392
Total Equity 4,090.49
Total Capital 7,482.49
Debt Weighting 45.33
Equity Weighting 54.67
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 7,7827,9398,0057,5488,9589,312.309,680.6110,063.4810,461.5010,875.26
Operating Cash Flow 8137816961,062666940.24977.431,016.091,056.271,098.05
Capital Expenditure -274-187-187-159-209-235.64-244.96-254.65-264.72-275.19
Free Cash Flow 539594509903457704.60732.47761.44791.56822.86
WACC
PV LFCF 669.07660.47651.97643.58635.30
SUM PV LFCF 3,260.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.31
Free cash flow (t + 1) 839.32
Terminal Value 25,357.08
Present Value of Terminal Value 19,577.23

Intrinsic Value

Enterprise Value 22,837.62
Net Debt 2,588
Equity Value 20,249.62
Shares Outstanding 105.10
Equity Value Per Share 192.67