Discounted Cash Flow (DCF) Analysis Levered

V.F. Corporation (VFC)

$19.11

-0.20 (-1.04%)

All numbers are in Millions, Currency in USD

Stock DCF: 9.64 | 19.11 | overvalue

Free Cash Flow

Year A/P	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	10,488.56	9,238.83	11,841.84	11,612.47	12,166.88	12,747.75	13,356.36	13,994.02	14,662.12
Revenue (%)
Operating Cash Flow	874.53	1,313.23	864.29	-655.80	736.20	771.35	808.17	846.76	887.18
Operating Cash Flow (%)
Capital Expenditure	-333.84	-274.20	-328.32	-165.92	-314.88	-329.92	-345.67	-362.17	-379.46
Capital Expenditure (%)
Free Cash Flow	540.69	1,039.03	535.97	-821.72	421.32	441.43	462.50	484.59	507.72

Weighted Average Cost Of Capital

Share price	$ 19.11
Beta	1.484
Diluted Shares Outstanding	388.37
Cost of Debt
Tax Rate	-173.95
After-tax Cost of Debt	2.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.750
Total Debt	7,818.75
Total Equity	7,421.75
Total Capital	15,240.50
Debt Weighting	51.30
Equity Weighting	48.70
Wacc

Build Up Free Cash Flow

Year A/P	2020 Actual	2021 Actual	2022 Actual	2023 Actual	2024 Projected	2025 Projected	2026 Projected	2027 Projected	2028 Projected
Revenue	10,488.56	9,238.83	11,841.84	11,612.47	12,166.88	12,747.75	13,356.36	13,994.02	14,662.12
Operating Cash Flow	874.53	1,313.23	864.29	-655.80	736.20	771.35	808.17	846.76	887.18
Capital Expenditure	-333.84	-274.20	-328.32	-165.92	-314.88	-329.92	-345.67	-362.17	-379.46
Free Cash Flow	540.69	1,039.03	535.97	-821.72	421.32	441.43	462.50	484.59	507.72
WACC
PV LFCF					329.72	324.93	320.20	315.55	310.96
SUM PV LFCF									1,924.57

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.32
Free cash flow (t + 1)	517.87
Terminal Value	11,987.84
Present Value of Terminal Value	8,824.01

Intrinsic Value

Enterprise Value	10,748.58
Net Debt	7,003.86
Equity Value	3,744.72
Shares Outstanding	388.37
Equity Value Per Share	9.64