Discounted Cash Flow (DCF) Analysis Unlevered

Caleres, Inc. (CAL)

$22.57

+0.26 (+1.17%)
All numbers are in Millions, Currency in USD
Stock DCF: -30.37 | 22.57 | 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 2,785.582,834.852,921.562,117.072,777.602,836.572,896.782,958.283,021.083,085.21
Revenue (%)
EBITDA 204.8375.26178.02-408.40271.3637.3338.1238.9339.7640.60
EBITDA (%)
EBIT 140.7612.56112.45-468.94219.03-27.91-28.50-29.11-29.72-30.36
EBIT (%)
Depreciation 64.0762.7065.5660.5452.3365.2466.6268.0469.4870.96
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 64.0530.2045.2288.3030.1257.6858.9060.1561.4362.74
Total Cash (%)
Account Receivables 152.61196.60168.37160.92155.31177.96181.74185.60189.54193.56
Account Receivables (%)
Inventories 569.38683.17618.41487.95596.81625.41638.69652.25666.09680.24
Inventories (%)
Accounts Payable 272.96316.30267.02280.50331.47313.61320.26327.06334.01341.10
Accounts Payable (%)
Capital Expenditure -51.18-66.90-50.15-22.06-24.14-44.39-45.33-46.30-47.28-48.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.57
Beta 1.769
Diluted Shares Outstanding 37.09
Cost of Debt
Tax Rate 27.60
After-tax Cost of Debt 2.57%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.947
Total Debt 871.40
Total Equity 837.23
Total Capital 1,708.64
Debt Weighting 51.00
Equity Weighting 49.00
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 2,785.582,834.852,921.562,117.072,777.602,836.572,896.782,958.283,021.083,085.21
EBITDA 204.8375.26178.02-408.40271.3637.3338.1238.9339.7640.60
EBIT 140.7612.56112.45-468.94219.03-27.91-28.50-29.11-29.72-30.36
Tax Rate 28.94%5.44%20.07%15.08%27.60%19.43%19.43%19.43%19.43%19.43%
EBIAT 100.0311.8889.88-398.21158.59-22.49-22.97-23.45-23.95-24.46
Depreciation 64.0762.7065.5660.5452.3365.2466.6268.0469.4870.96
Accounts Receivable --43.9828.237.455.61-22.65-3.78-3.86-3.94-4.02
Inventories --113.7964.77130.45-108.85-28.61-13.28-13.56-13.85-14.14
Accounts Payable -43.34-49.2813.4850.97-17.866.666.806.947.09
Capital Expenditure -51.18-66.90-50.15-22.06-24.14-44.39-45.33-46.30-47.28-48.28
UFCF 112.92-106.76149.01-208.35134.50-70.76-12.07-12.33-12.59-12.86
WACC
PV UFCF -66.04-10.51-10.02-9.55-9.10
SUM PV UFCF -105.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.16
Free cash flow (t + 1) -13.12
Terminal Value -254.21
Present Value of Terminal Value -179.90

Intrinsic Value

Enterprise Value -285.12
Net Debt 841.29
Equity Value -1,126.41
Shares Outstanding 37.09
Equity Value Per Share -30.37