Discounted Cash Flow (DCF) Analysis Levered
The TJX Companies, Inc. (TJX)
$80.59
+1.02 (+1.29%)
All numbers are in Millions, Currency in USD
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 | 35,864.66 | 38,972.93 | 41,716.98 | 32,136.96 | 48,549.98 | 53,868.07 | 59,768.69 | 66,315.65 | 73,579.76 | 81,639.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3,025.62 | 4,088.46 | 4,066.54 | 4,561.89 | 3,057.49 | 5,297.11 | 5,877.34 | 6,521.14 | 7,235.45 | 8,028.01 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,057.62 | -1,125.14 | -1,223.12 | -568.02 | -1,044.79 | -1,366.88 | -1,516.61 | -1,682.74 | -1,867.06 | -2,071.57 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1,968.01 | 2,963.32 | 2,843.42 | 3,993.87 | 2,012.69 | 3,930.22 | 4,360.73 | 4,838.40 | 5,368.39 | 5,956.44 |
Weighted Average Cost Of Capital
| Share price | $ 80.59 |
|---|---|
| Beta | 0.885 |
| Diluted Shares Outstanding | 1,215.59 |
| Cost of Debt | |
| Tax Rate | 25.35 |
| After-tax Cost of Debt | 0.72% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.815 |
| Total Debt | 12,506.99 |
| Total Equity | 97,964.48 |
| Total Capital | 110,471.47 |
| Debt Weighting | 11.32 |
| Equity Weighting | 88.68 |
| 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 | 35,864.66 | 38,972.93 | 41,716.98 | 32,136.96 | 48,549.98 | 53,868.07 | 59,768.69 | 66,315.65 | 73,579.76 | 81,639.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3,025.62 | 4,088.46 | 4,066.54 | 4,561.89 | 3,057.49 | 5,297.11 | 5,877.34 | 6,521.14 | 7,235.45 | 8,028.01 |
| Capital Expenditure | -1,057.62 | -1,125.14 | -1,223.12 | -568.02 | -1,044.79 | -1,366.88 | -1,516.61 | -1,682.74 | -1,867.06 | -2,071.57 |
| Free Cash Flow | 1,968.01 | 2,963.32 | 2,843.42 | 3,993.87 | 2,012.69 | 3,930.22 | 4,360.73 | 4,838.40 | 5,368.39 | 5,956.44 |
| WACC | ||||||||||
| PV LFCF | 3,672.76 | 3,808.12 | 3,948.47 | 4,093.99 | 4,244.87 | |||||
| SUM PV LFCF | 19,768.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.01 |
| Free cash flow (t + 1) | 6,075.57 |
| Terminal Value | 121,268.79 |
| Present Value of Terminal Value | 86,422.58 |
Intrinsic Value
| Enterprise Value | 106,190.80 |
|---|---|
| Net Debt | 6,280.23 |
| Equity Value | 99,910.57 |
| Shares Outstanding | 1,215.59 |
| Equity Value Per Share | 82.19 |