Discounted Cash Flow (DCF) Analysis Levered

Stitch Fix, Inc. (SFIX)

$4.71

+1.03 (+27.99%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.23 | 4.71 | overvalue

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 1,226.511,577.561,711.732,101.262,072.812,376.122,723.803,122.363,579.244,102.97
Revenue (%)
Operating Cash Flow 72.1878.5942.88-15.6855.4072.7083.3495.53109.51125.54
Operating Cash Flow (%)
Capital Expenditure -16.57-30.82-30.21-35.26-46.35-42.69-48.94-56.10-64.31-73.72
Capital Expenditure (%)
Free Cash Flow 55.6147.7712.67-50.939.0430.0134.4039.4445.2151.82

Weighted Average Cost Of Capital

Share price $ 4.71
Beta 2.233
Diluted Shares Outstanding 108.76
Cost of Debt
Tax Rate 1.12
After-tax Cost of Debt 0.54%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.322
Total Debt 170.35
Total Equity 512.27
Total Capital 682.62
Debt Weighting 24.96
Equity Weighting 75.04
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 1,226.511,577.561,711.732,101.262,072.812,376.122,723.803,122.363,579.244,102.97
Operating Cash Flow 72.1878.5942.88-15.6855.4072.7083.3495.53109.51125.54
Capital Expenditure -16.57-30.82-30.21-35.26-46.35-42.69-48.94-56.10-64.31-73.72
Free Cash Flow 55.6147.7712.67-50.939.0430.0134.4039.4445.2151.82
WACC
PV LFCF 27.0727.9828.9329.9130.92
SUM PV LFCF 144.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.88
Free cash flow (t + 1) 52.86
Terminal Value 595.23
Present Value of Terminal Value 355.16

Intrinsic Value

Enterprise Value 499.96
Net Debt 39.41
Equity Value 460.55
Shares Outstanding 108.76
Equity Value Per Share 4.23