Discounted Cash Flow (DCF) Analysis Unlevered

Boot Barn Holdings, Inc. (BOOT)

$58.46

-1.22 (-2.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 34.34 | 58.46 | 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 677.95776.85845.58893.491,488.261,844.202,285.282,831.853,509.144,348.43
Revenue (%)
EBITDA 63.3883.23126.10145.07285.73259.70321.82398.78494.16612.35
EBITDA (%)
EBIT 46.2564.3373.6286.69258.37187.64232.52288.13357.04442.44
EBIT (%)
Depreciation 17.1318.9052.4758.3827.3572.0689.29110.65137.12169.91
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 9.0216.6169.5673.1520.6778.4697.22120.47149.29184.99
Total Cash (%)
Account Receivables 10.229.6317.2612.7711.8725.8732.0639.7349.2361.01
Account Receivables (%)
Inventories 211.47240.73288.72275.76474.30586.67726.99900.861,116.321,383.31
Inventories (%)
Accounts Payable 89.96104.9695.33104.64131.39216.12267.81331.86411.23509.58
Accounts Payable (%)
Capital Expenditure -24.42-27.53-37.20-28.42-60.44-69.29-85.86-106.40-131.85-163.38
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 58.46
Beta 2.483
Diluted Shares Outstanding 30.39
Cost of Debt
Tax Rate 23.81
After-tax Cost of Debt 1.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 15.526
Total Debt 306.25
Total Equity 1,776.66
Total Capital 2,082.91
Debt Weighting 14.70
Equity Weighting 85.30
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 677.95776.85845.58893.491,488.261,844.202,285.282,831.853,509.144,348.43
EBITDA 63.3883.23126.10145.07285.73259.70321.82398.78494.16612.35
EBIT 46.2564.3373.6286.69258.37187.64232.52288.13357.04442.44
Tax Rate 7.38%18.70%20.50%23.12%23.81%18.70%18.70%18.70%18.70%18.70%
EBIAT 42.8452.3058.5366.64196.85152.55189.03234.25290.27359.70
Depreciation 17.1318.9052.4758.3827.3572.0689.29110.65137.12169.91
Accounts Receivable -0.59-7.634.490.90-14.01-6.19-7.67-9.50-11.78
Inventories --29.26-47.9812.96-198.54-112.37-140.31-173.87-215.46-266.99
Accounts Payable -15-9.629.3126.7584.7251.6964.0579.3798.35
Capital Expenditure -24.42-27.52-37.20-28.42-60.44-69.29-85.86-106.40-131.85-163.38
UFCF 35.5530.018.58123.35-7.12113.6697.65121.01149.95185.81
WACC
PV UFCF 100.1975.8782.8790.5298.87
SUM PV UFCF 448.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.45
Free cash flow (t + 1) 189.53
Terminal Value 1,655.28
Present Value of Terminal Value 880.74

Intrinsic Value

Enterprise Value 1,329.05
Net Debt 285.58
Equity Value 1,043.48
Shares Outstanding 30.39
Equity Value Per Share 34.34