Discounted Cash Flow (DCF) Analysis Levered

Under Armour, Inc. (UAA)

$8.74

-0.06 (-0.68%)

All numbers are in Millions, Currency in USD

Stock DCF: 11.09 | 8.74 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	4,976.55	5,193.18	5,267.13	4,474.67	5,683.47	5,935.61	6,198.94	6,473.95	6,761.17	7,061.12
Revenue (%)
Operating Cash Flow	234.06	628.23	509.03	212.86	664.83	509.51	532.11	555.72	580.37	606.12
Operating Cash Flow (%)
Capital Expenditure	-281.34	-170.39	-145.80	-92.29	-69.76	-177.98	-185.87	-194.12	-202.73	-211.72
Capital Expenditure (%)
Free Cash Flow	-47.28	457.84	363.23	120.57	595.07	331.53	346.24	361.60	377.64	394.39

Weighted Average Cost Of Capital

Share price	$ 8.74
Beta	1.625
Diluted Shares Outstanding	454.09
Cost of Debt
Tax Rate	7.88
After-tax Cost of Debt	4.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity	11.172
Total Debt	1,504.31
Total Equity	3,968.74
Total Capital	5,473.04
Debt Weighting	27.49
Equity Weighting	72.51
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	4,976.55	5,193.18	5,267.13	4,474.67	5,683.47	5,935.61	6,198.94	6,473.95	6,761.17	7,061.12
Operating Cash Flow	234.06	628.23	509.03	212.86	664.83	509.51	532.11	555.72	580.37	606.12
Capital Expenditure	-281.34	-170.39	-145.80	-92.29	-69.76	-177.98	-185.87	-194.12	-202.73	-211.72
Free Cash Flow	-47.28	457.84	363.23	120.57	595.07	331.53	346.24	361.60	377.64	394.39
WACC
PV LFCF						303.13	289.45	276.40	263.93	252.02
SUM PV LFCF										1,384.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.37
Free cash flow (t + 1)	402.28
Terminal Value	5,458.38
Present Value of Terminal Value	3,487.97

Intrinsic Value

Enterprise Value	4,872.90
Net Debt	-165.15
Equity Value	5,038.04
Shares Outstanding	454.09
Equity Value Per Share	11.09