Discounted Cash Flow (DCF) Analysis Levered
V.F. Corporation (VFC)
$45.49
-0.98 (-2.11%)
All numbers are in Millions, Currency in USD
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 | 11,811.18 | 3,045.45 | 10,266.89 | 10,488.56 | 9,238.83 | 12,776.17 | 17,667.88 | 24,432.51 | 33,787.16 | 46,723.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,474.66 | -243.22 | 1,664.22 | 874.53 | 1,313.23 | 1,105.41 | 1,528.64 | 2,113.93 | 2,923.30 | 4,042.57 |
| 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 | -316.89 | 1,357.38 | 540.69 | 1,039.03 | 759.29 | 1,050 | 1,452.02 | 2,007.97 | 2,776.78 |
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 | 11,811.18 | 3,045.45 | 10,266.89 | 10,488.56 | 9,238.83 | 12,776.17 | 17,667.88 | 24,432.51 | 33,787.16 | 46,723.51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,474.66 | -243.22 | 1,664.22 | 874.53 | 1,313.23 | 1,105.41 | 1,528.64 | 2,113.93 | 2,923.30 | 4,042.57 |
| 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 | -316.89 | 1,357.38 | 540.69 | 1,039.03 | 759.29 | 1,050 | 1,452.02 | 2,007.97 | 2,776.78 |
| WACC | ||||||||||
| PV LFCF | 707.57 | 911.82 | 1,175.04 | 1,514.25 | 1,951.37 | |||||
| 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 |