Discounted Cash Flow (DCF) Analysis Levered

Shoe Carnival, Inc. (SCVL)

$24.12

+0.70 (+2.99%)
All numbers are in Millions, Currency in USD
Stock DCF: 36.35 | 24.12 | 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 1,029.651,036.55976.771,330.391,262.231,344.231,431.551,524.541,623.571,729.03
Revenue (%)
Operating Cash Flow 74.1466.9563.39147.8950.4494.80100.96107.52114.50121.94
Operating Cash Flow (%)
Capital Expenditure -7.41-18.50-12.40-31.39-77.29-32.95-35.09-37.37-39.80-42.38
Capital Expenditure (%)
Free Cash Flow 66.7348.4451116.51-26.8561.8565.8770.1474.7079.55

Weighted Average Cost Of Capital

Share price $ 24.12
Beta 1.430
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 11.347
Total Debt 343.23
Total Equity 670.83
Total Capital 1,014.05
Debt Weighting 33.85
Equity Weighting 66.15
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 1,029.651,036.55976.771,330.391,262.231,344.231,431.551,524.541,623.571,729.03
Operating Cash Flow 74.1466.9563.39147.8950.4494.80100.96107.52114.50121.94
Capital Expenditure -7.41-18.50-12.40-31.39-77.29-32.95-35.09-37.37-39.80-42.38
Free Cash Flow 66.7348.4451116.51-26.8561.8565.8770.1474.7079.55
WACC
PV LFCF 57.5256.9656.4255.8755.34
SUM PV LFCF 282.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.53
Free cash flow (t + 1) 81.14
Terminal Value 1,467.35
Present Value of Terminal Value 1,020.67

Intrinsic Value

Enterprise Value 1,302.78
Net Debt 291.86
Equity Value 1,010.93
Shares Outstanding 27.81
Equity Value Per Share 36.35