Discounted Cash Flow (DCF) Analysis Levered
Kohl's Corporation (KSS)
$23.54
+0.66 (+2.88%)
All numbers are in Millions, Currency in USD
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 | 20,229 | 19,974 | 15,955 | 19,433 | 18,098 | 17,806.05 | 17,518.81 | 17,236.20 | 16,958.15 | 16,684.59 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 2,107 | 1,657 | 1,338 | 2,271 | 282 | 1,436.67 | 1,413.49 | 1,390.69 | 1,368.25 | 1,346.18 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -578 | -855 | -334 | -605 | -826 | -602.15 | -592.43 | -582.88 | -573.48 | -564.22 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 1,529 | 802 | 1,004 | 1,666 | -544 | 834.52 | 821.06 | 807.81 | 794.78 | 781.96 |
Weighted Average Cost Of Capital
Share price | $ 23.54 |
---|---|
Beta | 1.724 |
Diluted Shares Outstanding | 148 |
Cost of Debt | |
Tax Rate | 67.24 |
After-tax Cost of Debt | 1.32% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.629 |
Total Debt | 7,566 |
Total Equity | 3,483.92 |
Total Capital | 11,049.92 |
Debt Weighting | 68.47 |
Equity Weighting | 31.53 |
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 | 20,229 | 19,974 | 15,955 | 19,433 | 18,098 | 17,806.05 | 17,518.81 | 17,236.20 | 16,958.15 | 16,684.59 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 2,107 | 1,657 | 1,338 | 2,271 | 282 | 1,436.67 | 1,413.49 | 1,390.69 | 1,368.25 | 1,346.18 |
Capital Expenditure | -578 | -855 | -334 | -605 | -826 | -602.15 | -592.43 | -582.88 | -573.48 | -564.22 |
Free Cash Flow | 1,529 | 802 | 1,004 | 1,666 | -544 | 834.52 | 821.06 | 807.81 | 794.78 | 781.96 |
WACC | ||||||||||
PV LFCF | 798.05 | 750.86 | 706.46 | 664.69 | 625.39 | |||||
SUM PV LFCF | 3,545.44 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.57 |
Free cash flow (t + 1) | 797.60 |
Terminal Value | 31,034.93 |
Present Value of Terminal Value | 24,820.77 |
Intrinsic Value
Enterprise Value | 28,366.21 |
---|---|
Net Debt | 7,413 |
Equity Value | 20,953.21 |
Shares Outstanding | 148 |
Equity Value Per Share | 141.58 |