Discounted Cash Flow (DCF) Analysis Levered

LCI Industries (LCII)

$101.46

+0.46 (+0.46%)
All numbers are in Millions, Currency in USD
Stock DCF: 188.57 | 101.46 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,147.772,475.812,371.482,796.174,472.705,467.046,682.448,168.059,983.9212,203.49
Revenue (%)
Operating Cash Flow 155.08156.61269.53231.40-111.57335.59410.20501.40612.86749.11
Operating Cash Flow (%)
Capital Expenditure -87.22-119.83-58.20-57.35-98.53-170.67-208.61-254.99-311.68-380.97
Capital Expenditure (%)
Free Cash Flow 67.8636.78211.32174.05-210.11164.92201.59246.41301.18368.14

Weighted Average Cost Of Capital

Share price $ 101.46
Beta 1.470
Diluted Shares Outstanding 25.42
Cost of Debt
Tax Rate 24.68
After-tax Cost of Debt 0.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.742
Total Debt 1,476.99
Total Equity 2,578.81
Total Capital 4,055.80
Debt Weighting 36.42
Equity Weighting 63.58
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 2,147.772,475.812,371.482,796.174,472.705,467.046,682.448,168.059,983.9212,203.49
Operating Cash Flow 155.08156.61269.53231.40-111.57335.59410.20501.40612.86749.11
Capital Expenditure -87.22-119.83-58.20-57.35-98.53-170.67-208.61-254.99-311.68-380.97
Free Cash Flow 67.8636.78211.32174.05-210.11164.92201.59246.41301.18368.14
WACC
PV LFCF 153.95175.65200.41228.66260.89
SUM PV LFCF 1,019.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.13
Free cash flow (t + 1) 375.50
Terminal Value 7,319.78
Present Value of Terminal Value 5,187.32

Intrinsic Value

Enterprise Value 6,206.87
Net Debt 1,414.09
Equity Value 4,792.78
Shares Outstanding 25.42
Equity Value Per Share 188.57