Discounted Cash Flow (DCF) Analysis Levered

Hanesbrands Inc. (HBI)

$3.6

+0.03 (+0.84%)

All numbers are in Millions, Currency in USD

Stock DCF: -170.37 | 3.6 | overvalue

Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	6,966.92	6,664.35	6,801.24	6,233.65	6,012.68	5,799.55	5,593.96	5,395.67	5,204.41	5,019.92
Revenue (%)
Operating Cash Flow	803.43	448.47	623.41	-358.80	104.33	271.50	261.87	252.59	243.64	235
Operating Cash Flow (%)
Capital Expenditure	-101.08	-53.73	-69.27	-215.12	-101.11	-97.53	-94.07	-90.74	-87.52	-84.42
Capital Expenditure (%)
Free Cash Flow	702.35	394.73	554.14	-573.92	3.22	173.97	167.80	161.85	156.12	150.58

Weighted Average Cost Of Capital

Share price	$ 3.6
Beta	1.647
Diluted Shares Outstanding	349.97
Cost of Debt
Tax Rate	137.19
After-tax Cost of Debt	-1.36%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.371
Total Debt	4,300.52
Total Equity	1,259.89
Total Capital	5,560.41
Debt Weighting	77.34
Equity Weighting	22.66
Wacc

Build Up Free Cash Flow

Year A/P	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	6,966.92	6,664.35	6,801.24	6,233.65	6,012.68	5,799.55	5,593.96	5,395.67	5,204.41	5,019.92
Operating Cash Flow	803.43	448.47	623.41	-358.80	104.33	271.50	261.87	252.59	243.64	235
Capital Expenditure	-101.08	-53.73	-69.27	-215.12	-101.11	-97.53	-94.07	-90.74	-87.52	-84.42
Free Cash Flow	702.35	394.73	554.14	-573.92	3.22	173.97	167.80	161.85	156.12	150.58
WACC
PV LFCF					3.22	170.98	162.08	153.65	145.65	138.07
SUM PV LFCF										770.42

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	1.75
Free cash flow (t + 1)	153.59
Terminal Value	-61,437.65
Present Value of Terminal Value	-56,332.95

Intrinsic Value

Enterprise Value	-55,562.53
Net Debt	4,062.10
Equity Value	-59,624.63
Shares Outstanding	349.97
Equity Value Per Share	-170.37