Discounted Cash Flow (DCF) Analysis Levered

Skechers U.S.A., Inc. (SKX)

$60.725

+0.23 (+0.37%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.65 | 60.725 | overvalue

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 5,220.054,597.416,285.037,444.558,000.349,014.2810,156.7311,443.9612,894.3314,528.52
Revenue (%)
Operating Cash Flow 426.55331.45212.15238.32439.18494.83557.55628.21707.83797.54
Operating Cash Flow (%)
Capital Expenditure -236.11-309.92-309.67-358.99-420.29-473.56-533.57-601.20-677.39-763.24
Capital Expenditure (%)
Free Cash Flow 190.4421.54-97.52-120.6718.8821.2823.9727.0130.4434.29

Weighted Average Cost Of Capital

Share price $ 60.725
Beta 1.364
Diluted Shares Outstanding 156.26
Cost of Debt
Tax Rate 31.85
After-tax Cost of Debt 3.41%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.737
Total Debt 1,683.82
Total Equity 9,488.65
Total Capital 11,172.46
Debt Weighting 15.07
Equity Weighting 84.93
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 5,220.054,597.416,285.037,444.558,000.349,014.2810,156.7311,443.9612,894.3314,528.52
Operating Cash Flow 426.55331.45212.15238.32439.18494.83557.55628.21707.83797.54
Capital Expenditure -236.11-309.92-309.67-358.99-420.29-473.56-533.57-601.20-677.39-763.24
Free Cash Flow 190.4421.54-97.52-120.6718.8821.2823.9727.0130.4434.29
WACC
PV LFCF 19.4119.9520.5021.0721.66
SUM PV LFCF 102.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.63
Free cash flow (t + 1) 34.98
Terminal Value 458.45
Present Value of Terminal Value 289.50

Intrinsic Value

Enterprise Value 392.08
Net Debt 493.90
Equity Value -101.82
Shares Outstanding 156.26
Equity Value Per Share -0.65