Discounted Cash Flow (DCF) Analysis Levered

Urban Outfitters, Inc. (URBN)

$27.72

+1.02 (+3.82%)

All numbers are in Millions, Currency in USD

Stock DCF: 16.07 | 27.72 | 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	3,950.62	3,983.79	3,449.75	4,548.76	4,795.24	5,091.48	5,406.01	5,739.98	6,094.57	6,471.07
Revenue (%)
Operating Cash Flow	446.62	273.89	285.81	359.32	142.73	380.24	403.73	428.67	455.16	483.27
Operating Cash Flow (%)
Capital Expenditure	-114.92	-217.43	-159.24	-262.43	-199.51	-233.32	-247.73	-263.04	-279.29	-296.54
Capital Expenditure (%)
Free Cash Flow	331.70	56.46	126.57	96.89	-56.78	146.92	156	165.64	175.87	186.73

Weighted Average Cost Of Capital

Share price	$ 27.72
Beta	1.482
Diluted Shares Outstanding	94.14
Cost of Debt
Tax Rate	27.83
After-tax Cost of Debt	3.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.487
Total Debt	1,117.37
Total Equity	2,609.67
Total Capital	3,727.04
Debt Weighting	29.98
Equity Weighting	70.02
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	3,950.62	3,983.79	3,449.75	4,548.76	4,795.24	5,091.48	5,406.01	5,739.98	6,094.57	6,471.07
Operating Cash Flow	446.62	273.89	285.81	359.32	142.73	380.24	403.73	428.67	455.16	483.27
Capital Expenditure	-114.92	-217.43	-159.24	-262.43	-199.51	-233.32	-247.73	-263.04	-279.29	-296.54
Free Cash Flow	331.70	56.46	126.57	96.89	-56.78	146.92	156	165.64	175.87	186.73
WACC
PV LFCF						135.51	132.71	129.96	127.28	124.64
SUM PV LFCF										650.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.42
Free cash flow (t + 1)	190.47
Terminal Value	2,966.78
Present Value of Terminal Value	1,980.33

Intrinsic Value

Enterprise Value	2,630.44
Net Debt	1,117.37
Equity Value	1,513.07
Shares Outstanding	94.14
Equity Value Per Share	16.07