Discounted Cash Flow (DCF) Analysis Levered

PVH Corp. (PVH)

$63.45

-2.91 (-4.39%)
All numbers are in Millions, Currency in USD
Stock DCF: 104.90 | 63.45 | 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 8,914.809,656.809,9097,132.609,154.709,412.549,677.659,950.2210,230.4710,518.61
Revenue (%)
Operating Cash Flow 699.80852.501,020.30697.701,071.20912.22937.91964.33991.491,019.41
Operating Cash Flow (%)
Capital Expenditure -358.10-379.50-345.20-226.60-267.90-330.08-339.37-348.93-358.76-368.86
Capital Expenditure (%)
Free Cash Flow 341.70473675.10471.10803.30582.14598.54615.39632.73650.55

Weighted Average Cost Of Capital

Share price $ 63.45
Beta 2.037
Diluted Shares Outstanding 71.20
Cost of Debt
Tax Rate 2.10
After-tax Cost of Debt 2.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.414
Total Debt 3,953
Total Equity 4,517.64
Total Capital 8,470.64
Debt Weighting 46.67
Equity Weighting 53.33
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 8,914.809,656.809,9097,132.609,154.709,412.549,677.659,950.2210,230.4710,518.61
Operating Cash Flow 699.80852.501,020.30697.701,071.20912.22937.91964.33991.491,019.41
Capital Expenditure -358.10-379.50-345.20-226.60-267.90-330.08-339.37-348.93-358.76-368.86
Free Cash Flow 341.70473675.10471.10803.30582.14598.54615.39632.73650.55
WACC
PV LFCF 539.62514.29490.15467.15445.22
SUM PV LFCF 2,456.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.88
Free cash flow (t + 1) 663.56
Terminal Value 11,285.01
Present Value of Terminal Value 7,723.20

Intrinsic Value

Enterprise Value 10,179.63
Net Debt 2,710.50
Equity Value 7,469.13
Shares Outstanding 71.20
Equity Value Per Share 104.90