Discounted Cash Flow (DCF) Analysis Levered

Weyco Group, Inc. (WEYS)

$27.25

+0.18 (+0.66%)

All numbers are in Millions, Currency in USD

Stock DCF: 25.88 | 27.25 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	298.38	304.01	195.38	267.64	351.74	382.13	415.15	451.02	490	532.34
Revenue (%)
Operating Cash Flow	13.05	9.39	39.98	6.39	-29.90	16.67	18.11	19.68	21.38	23.22
Operating Cash Flow (%)
Capital Expenditure	-1.41	-7.39	-3.37	-1.01	-2.34	-4.33	-4.71	-5.11	-5.56	-6.04
Capital Expenditure (%)
Free Cash Flow	11.64	1.99	36.61	5.39	-32.25	12.34	13.40	14.56	15.82	17.19

Weighted Average Cost Of Capital

Share price	$ 27.25
Beta	0.897
Diluted Shares Outstanding	9.62
Cost of Debt
Tax Rate	25.66
After-tax Cost of Debt	1.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.670
Total Debt	45.82
Total Equity	262.25
Total Capital	308.08
Debt Weighting	14.87
Equity Weighting	85.13
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	298.38	304.01	195.38	267.64	351.74	382.13	415.15	451.02	490	532.34
Operating Cash Flow	13.05	9.39	39.98	6.39	-29.90	16.67	18.11	19.68	21.38	23.22
Capital Expenditure	-1.41	-7.39	-3.37	-1.01	-2.34	-4.33	-4.71	-5.11	-5.56	-6.04
Free Cash Flow	11.64	1.99	36.61	5.39	-32.25	12.34	13.40	14.56	15.82	17.19
WACC
PV LFCF						11.47	11.59	11.70	11.82	11.94
SUM PV LFCF										58.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.55
Free cash flow (t + 1)	17.53
Terminal Value	315.86
Present Value of Terminal Value	219.50

Intrinsic Value

Enterprise Value	278.03
Net Debt	28.95
Equity Value	249.08
Shares Outstanding	9.62
Equity Value Per Share	25.88