Discounted Cash Flow (DCF) Analysis Levered

V.F. Corporation (VFC)

$45.49

-0.98 (-2.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 94.86 | 45.49 | 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 11,811.183,045.4510,266.8910,488.569,238.8312,776.1717,667.8824,432.5133,787.1646,723.51
Revenue (%)
Operating Cash Flow 1,474.66-243.221,664.22874.531,313.231,105.411,528.642,113.932,923.304,042.57
Operating Cash Flow (%)
Capital Expenditure -234.73-73.66-306.84-333.84-274.20-346.12-478.64-661.90-915.33-1,265.79
Capital Expenditure (%)
Free Cash Flow 1,239.93-316.891,357.38540.691,039.03759.291,0501,452.022,007.972,776.78

Weighted Average Cost Of Capital

Share price $ 45.49
Beta 1.461
Diluted Shares Outstanding 392.12
Cost of Debt
Tax Rate 10.65
After-tax Cost of Debt 1.64%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.655
Total Debt 7,361.69
Total Equity 17,837.58
Total Capital 25,199.27
Debt Weighting 29.21
Equity Weighting 70.79
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 11,811.183,045.4510,266.8910,488.569,238.8312,776.1717,667.8824,432.5133,787.1646,723.51
Operating Cash Flow 1,474.66-243.221,664.22874.531,313.231,105.411,528.642,113.932,923.304,042.57
Capital Expenditure -234.73-73.66-306.84-333.84-274.20-346.12-478.64-661.90-915.33-1,265.79
Free Cash Flow 1,239.93-316.891,357.38540.691,039.03759.291,0501,452.022,007.972,776.78
WACC
PV LFCF 707.57911.821,175.041,514.251,951.37
SUM PV LFCF 6,260.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.31
Free cash flow (t + 1) 2,832.31
Terminal Value 53,339.26
Present Value of Terminal Value 37,484.01

Intrinsic Value

Enterprise Value 43,744.05
Net Debt 6,545.94
Equity Value 37,198.12
Shares Outstanding 392.12
Equity Value Per Share 94.86