Discounted Cash Flow (DCF) Analysis Levered

G-III Apparel Group, Ltd. (GIII)

$16.26

-0.08 (-0.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.72 | 16.26 | 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 2,806.943,076.213,160.462,055.152,766.542,849.352,934.653,022.503,112.973,206.16
Revenue (%)
Operating Cash Flow 79.73103.83209.0274.76185.80132.11136.07140.14144.34148.66
Operating Cash Flow (%)
Capital Expenditure -34.51-29.20-40.09-20.13-18.26-28.99-29.86-30.75-31.67-32.62
Capital Expenditure (%)
Free Cash Flow 45.2374.62168.9354.63167.54103.12106.21109.39112.67116.04

Weighted Average Cost Of Capital

Share price $ 16.26
Beta 2.613
Diluted Shares Outstanding 48.78
Cost of Debt
Tax Rate 25.97
After-tax Cost of Debt 5.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.884
Total Debt 705.21
Total Equity 793.18
Total Capital 1,498.39
Debt Weighting 47.06
Equity Weighting 52.94
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 2,806.943,076.213,160.462,055.152,766.542,849.352,934.653,022.503,112.973,206.16
Operating Cash Flow 79.73103.83209.0274.76185.80132.11136.07140.14144.34148.66
Capital Expenditure -34.51-29.20-40.09-20.13-18.26-28.99-29.86-30.75-31.67-32.62
Free Cash Flow 45.2374.62168.9354.63167.54103.12106.21109.39112.67116.04
WACC
PV LFCF 93.0286.4280.2974.5969.30
SUM PV LFCF 403.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.86
Free cash flow (t + 1) 118.36
Terminal Value 1,335.88
Present Value of Terminal Value 797.80

Intrinsic Value

Enterprise Value 1,201.42
Net Debt 239.23
Equity Value 962.19
Shares Outstanding 48.78
Equity Value Per Share 19.72