Discounted Cash Flow (DCF) Analysis Unlevered
Columbia Sportswear Company (COLM)
$90.67
-0.57 (-0.62%)
All numbers are in Millions, Currency in USD
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 | 2,802.33 | 3,042.48 | 2,501.55 | 3,126.40 | 3,464.15 | 3,694.28 | 3,939.69 | 4,201.41 | 4,480.51 | 4,778.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 412.25 | 527.15 | 286.12 | 567.08 | 397.41 | 540 | 575.87 | 614.13 | 654.93 | 698.43 |
| EBITDA (%) | ||||||||||
| EBIT | 354.02 | 405.43 | 139.52 | 451.51 | 262 | 395.59 | 421.87 | 449.90 | 479.78 | 511.66 |
| EBIT (%) | ||||||||||
| Depreciation | 58.23 | 121.73 | 146.60 | 115.57 | 135.41 | 144.41 | 154 | 164.23 | 175.14 | 186.78 |
| 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 | 700.63 | 687.68 | 791.95 | 894.55 | 430.96 | 888.96 | 948.01 | 1,010.99 | 1,078.15 | 1,149.77 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 449.38 | 488.23 | 452.95 | 487.80 | 547.56 | 602.90 | 642.95 | 685.66 | 731.21 | 779.78 |
| Account Receivables (%) | ||||||||||
| Inventories | 521.83 | 605.97 | 556.53 | 645.38 | 1,028.55 | 821.01 | 875.55 | 933.72 | 995.74 | 1,061.89 |
| Inventories (%) | ||||||||||
| Accounts Payable | 274.44 | 255.37 | 206.70 | 283.35 | 322.47 | 331.16 | 353.16 | 376.63 | 401.64 | 428.33 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -65.62 | -123.52 | -28.76 | -34.74 | -58.47 | -76.47 | -81.55 | -86.97 | -92.75 | -98.91 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 90.67 |
|---|---|
| Beta | 0.898 |
| Diluted Shares Outstanding | 62.97 |
| Cost of Debt | |
| Tax Rate | 21.63 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.896 |
| Total Debt | 379.31 |
| Total Equity | 5,709.49 |
| Total Capital | 6,088.80 |
| Debt Weighting | 6.23 |
| Equity Weighting | 93.77 |
| 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 | 2,802.33 | 3,042.48 | 2,501.55 | 3,126.40 | 3,464.15 | 3,694.28 | 3,939.69 | 4,201.41 | 4,480.51 | 4,778.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 412.25 | 527.15 | 286.12 | 567.08 | 397.41 | 540 | 575.87 | 614.13 | 654.93 | 698.43 |
| EBIT | 354.02 | 405.43 | 139.52 | 451.51 | 262 | 395.59 | 421.87 | 449.90 | 479.78 | 511.66 |
| Tax Rate | 25.63% | 18.48% | 22.58% | 21.57% | 21.63% | 21.98% | 21.98% | 21.98% | 21.98% | 21.98% |
| EBIAT | 263.28 | 330.49 | 108.01 | 354.11 | 205.32 | 308.64 | 329.14 | 351 | 374.32 | 399.19 |
| Depreciation | 58.23 | 121.73 | 146.60 | 115.57 | 135.41 | 144.41 | 154 | 164.23 | 175.14 | 186.78 |
| Accounts Receivable | - | -38.85 | 35.29 | -34.86 | -59.76 | -55.34 | -40.05 | -42.71 | -45.55 | -48.57 |
| Inventories | - | -84.14 | 49.44 | -88.85 | -383.17 | 207.53 | -54.54 | -58.16 | -62.03 | -66.15 |
| Accounts Payable | - | -19.06 | -48.67 | 76.65 | 39.12 | 8.69 | 22 | 23.46 | 25.02 | 26.68 |
| Capital Expenditure | -65.62 | -123.52 | -28.76 | -34.74 | -58.47 | -76.47 | -81.55 | -86.97 | -92.75 | -98.91 |
| UFCF | 255.89 | 186.64 | 261.91 | 387.88 | -121.53 | 537.46 | 329 | 350.85 | 374.16 | 399.01 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 406.99 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -50.93 |
| Equity Value | - |
| Shares Outstanding | 62.97 |
| Equity Value Per Share | - |