Discounted Cash Flow (DCF) Analysis Levered

Shoe Carnival, Inc. (SCVL)

$20.86

+1.22 (+6.21%)

All numbers are in Millions, Currency in USD

Stock DCF: 62.45 | 20.86 | undervalue

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	1,029.65	1,036.55	976.77	1,330.39	1,262.23	1,344.23	1,431.55	1,524.54	1,623.57	1,729.03
Revenue (%)
Operating Cash Flow	74.14	66.95	63.39	147.89	50.44	94.80	100.96	107.52	114.50	121.94
Operating Cash Flow (%)
Capital Expenditure	-7.41	-18.50	-12.40	-31.39	3.16	-15.82	-16.84	-17.94	-19.10	-20.34
Capital Expenditure (%)
Free Cash Flow	66.73	48.44	51	116.51	53.60	78.98	84.11	89.58	95.40	101.59

Weighted Average Cost Of Capital

Share price	$ 20.86
Beta	1.416
Diluted Shares Outstanding	27.81
Cost of Debt
Tax Rate	25.19
After-tax Cost of Debt	0.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.378
Total Debt	343.23
Total Equity	580.16
Total Capital	923.39
Debt Weighting	37.17
Equity Weighting	62.83
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	1,029.65	1,036.55	976.77	1,330.39	1,262.23	1,344.23	1,431.55	1,524.54	1,623.57	1,729.03
Operating Cash Flow	74.14	66.95	63.39	147.89	50.44	94.80	100.96	107.52	114.50	121.94
Capital Expenditure	-7.41	-18.50	-12.40	-31.39	3.16	-15.82	-16.84	-17.94	-19.10	-20.34
Free Cash Flow	66.73	48.44	51	116.51	53.60	78.98	84.11	89.58	95.40	101.59
WACC
PV LFCF						65.29	65.26	65.23	65.20	65.16
SUM PV LFCF										370.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.55
Free cash flow (t + 1)	103.63
Terminal Value	2,277.49
Present Value of Terminal Value	1,658.40

Intrinsic Value

Enterprise Value	2,028.66
Net Debt	291.86
Equity Value	1,736.81
Shares Outstanding	27.81
Equity Value Per Share	62.45