Discounted Cash Flow (DCF) Analysis Unlevered

Bed Bath & Beyond Inc. (BBBY)

$0.0751

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -45.87 | 0.0751 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 12,028.8011,158.589,233.037,867.785,344.684,391.383,608.112,964.552,435.782,001.32
Revenue (%)
EBITDA 761.59151.67234.6384.83-731-20.79-17.08-14.03-11.53-9.47
EBITDA (%)
EBIT 422.77-190.84-106.28-208.80-1,158.09-207.88-170.80-140.33-115.30-94.74
EBIT (%)
Depreciation 338.82342.51340.91293.63427.09187.09153.72126.30103.7785.26
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 994.771,385.981,352.98439.5065.85370.30304.25249.99205.40168.76
Total Cash (%)
Account Receivables 48.5345.0237.2531.7421.5617.7214.5611.969.838.07
Account Receivables (%)
Inventories 2,618.922,093.871,671.911,725.41817.55842.01691.83568.43467.04383.74
Inventories (%)
Accounts Payable 1,094.08944.19986.05872.45457.92420.64345.61283.96233.32191.70
Accounts Payable (%)
Capital Expenditure -325.37-277.40-183.08-354.19-332.89-157.24-129.20-106.15-87.22-71.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.0,751
Beta 1.530
Diluted Shares Outstanding 97.11
Cost of Debt
Tax Rate 0.88
After-tax Cost of Debt 4.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.383
Total Debt 3,251.80
Total Equity 7.29
Total Capital 3,259.09
Debt Weighting 99.78
Equity Weighting 0.22
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 12,028.8011,158.589,233.037,867.785,344.684,391.383,608.112,964.552,435.782,001.32
EBITDA 761.59151.67234.6384.83-731-20.79-17.08-14.03-11.53-9.47
EBIT 422.77-190.84-106.28-208.80-1,158.09-207.88-170.80-140.33-115.30-94.74
Tax Rate 12.38%19.75%55.23%-18.40%0.88%13.97%13.97%13.97%13.97%13.97%
EBIAT 370.44-153.15-47.58-247.22-1,147.89-178.84-146.94-120.73-99.20-81.51
Depreciation 338.82342.51340.91293.63427.09187.09153.72126.30103.7785.26
Accounts Receivable -3.517.775.5110.183.853.162.602.131.75
Inventories -525.05421.96-53.50907.86-24.46150.19123.40101.3983.30
Accounts Payable --149.8841.85-113.60-414.52-37.29-75.03-61.64-50.65-41.62
Capital Expenditure -325.37-277.40-183.08-354.19-332.89-157.24-129.20-106.15-87.22-71.66
UFCF 383.90290.64581.83-469.37-550.18-206.91-44.10-36.24-29.77-24.46
WACC
PV UFCF -198.68-40.67-32.09-25.31-19.97
SUM PV UFCF -316.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.14
Free cash flow (t + 1) -24.95
Terminal Value -1,166.03
Present Value of Terminal Value -951.96

Intrinsic Value

Enterprise Value -1,268.69
Net Debt 3,185.95
Equity Value -4,454.63
Shares Outstanding 97.11
Equity Value Per Share -45.87