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	1,029.65	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	-77.29	-32.95	-35.09	-37.37	-39.80	-42.38
Capital Expenditure (%)
Free Cash Flow	66.73	48.44	51	116.51	-26.85	61.85	65.87	70.14	74.70	79.55

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	1,029.65	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	-77.29	-32.95	-35.09	-37.37	-39.80	-42.38
Free Cash Flow	66.73	48.44	51	116.51	-26.85	61.85	65.87	70.14	74.70	79.55
WACC
PV LFCF						57.52	56.96	56.42	55.87	55.34
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