Discounted Cash Flow (DCF) Analysis Levered

G-III Apparel Group, Ltd. (GIII)

$15.55

+0.16 (+1.04%)

All numbers are in Millions, Currency in USD

Stock DCF: 11.32 | 15.55 | overvalue

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	3,076.21	3,160.46	2,055.15	2,766.54	3,226.73	3,380.12	3,540.80	3,709.12	3,885.44	4,070.15
Revenue (%)
Operating Cash Flow	103.83	209.02	74.76	185.80	-104.60	115.60	121.10	126.86	132.89	139.20
Operating Cash Flow (%)
Capital Expenditure	-29.20	-40.09	-20.13	-31.51	-21.53	-33.82	-35.43	-37.12	-38.88	-40.73
Capital Expenditure (%)
Free Cash Flow	74.62	168.93	54.63	154.29	-126.13	81.78	85.67	89.74	94.01	98.48

Weighted Average Cost Of Capital

Share price	$ 15.55
Beta	2.656
Diluted Shares Outstanding	49.52
Cost of Debt
Tax Rate	3.70
After-tax Cost of Debt	4.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity	16.028
Total Debt	619.36
Total Equity	769.97
Total Capital	1,389.33
Debt Weighting	44.58
Equity Weighting	55.42
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	3,076.21	3,160.46	2,055.15	2,766.54	3,226.73	3,380.12	3,540.80	3,709.12	3,885.44	4,070.15
Operating Cash Flow	103.83	209.02	74.76	185.80	-104.60	115.60	121.10	126.86	132.89	139.20
Capital Expenditure	-29.20	-40.09	-20.13	-31.51	-21.53	-33.82	-35.43	-37.12	-38.88	-40.73
Free Cash Flow	74.62	168.93	54.63	154.29	-126.13	81.78	85.67	89.74	94.01	98.48
WACC
PV LFCF						73.66	69.49	65.56	61.86	58.36
SUM PV LFCF										328.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.03
Free cash flow (t + 1)	100.45
Terminal Value	1,112.35
Present Value of Terminal Value	659.24

Intrinsic Value

Enterprise Value	988.17
Net Debt	427.71
Equity Value	560.46
Shares Outstanding	49.52
Equity Value Per Share	11.32