Discounted Cash Flow (DCF) Analysis Levered
Macy's, Inc. (M)
$24.515
+0.48 (+2.02%)
All numbers are in Millions, Currency in USD
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 | 24,837 | 25,739 | 25,331 | 18,097 | 25,292 | 26,129.58 | 26,994.90 | 27,888.88 | 28,812.47 | 29,766.63 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 1,944 | 1,735 | 1,608 | 649 | 2,712 | 1,840.81 | 1,901.78 | 1,964.76 | 2,029.82 | 2,097.04 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -760 | -932 | -1,157 | -466 | -597 | -845.76 | -873.76 | -902.70 | -932.60 | -963.48 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 1,184 | 803 | 451 | 183 | 2,115 | 995.06 | 1,028.01 | 1,062.05 | 1,097.23 | 1,133.56 |
Weighted Average Cost Of Capital
Share price | $ 24.515 |
---|---|
Beta | 1.778 |
Diluted Shares Outstanding | 314 |
Cost of Debt | |
Tax Rate | 23.37 |
After-tax Cost of Debt | 2.90% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.766 |
Total Debt | 6,826 |
Total Equity | 7,697.71 |
Total Capital | 14,523.71 |
Debt Weighting | 47.00 |
Equity Weighting | 53.00 |
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 | 24,837 | 25,739 | 25,331 | 18,097 | 25,292 | 26,129.58 | 26,994.90 | 27,888.88 | 28,812.47 | 29,766.63 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 1,944 | 1,735 | 1,608 | 649 | 2,712 | 1,840.81 | 1,901.78 | 1,964.76 | 2,029.82 | 2,097.04 |
Capital Expenditure | -760 | -932 | -1,157 | -466 | -597 | -845.76 | -873.76 | -902.70 | -932.60 | -963.48 |
Free Cash Flow | 1,184 | 803 | 451 | 183 | 2,115 | 995.06 | 1,028.01 | 1,062.05 | 1,097.23 | 1,133.56 |
WACC | ||||||||||
PV LFCF | 924.78 | 887.92 | 852.53 | 818.55 | 785.93 | |||||
SUM PV LFCF | 4,269.71 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 7.60 |
Free cash flow (t + 1) | 1,156.23 |
Terminal Value | 20,647.04 |
Present Value of Terminal Value | 14,315.17 |
Intrinsic Value
Enterprise Value | 18,584.88 |
---|---|
Net Debt | 5,114 |
Equity Value | 13,470.88 |
Shares Outstanding | 314 |
Equity Value Per Share | 42.90 |