Discounted Cash Flow (DCF) Analysis Unlevered

Capri Holdings Limited (CPRI)

$39.97

+0.76 (+1.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -192.17 | 39.97 | 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 4,718.605,2385,5514,0605,6546,069.346,515.206,993.817,507.588,059.09
Revenue (%)
EBITDA 972.50885542591,125786.04843.79905.77972.311,043.74
EBITDA (%)
EBIT 763.90660-19547932520.97559.24600.32644.42691.76
EBIT (%)
Depreciation 208.60225249212193265.07284.55305.45327.89351.98
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 163.10172592232169316.92340.20365.19392.02420.82
Total Cash (%)
Account Receivables 299.90403319398464458.91492.62528.81567.66609.36
Account Receivables (%)
Inventories 660.709538277361,0961,027.021,102.461,183.451,270.381,363.71
Inventories (%)
Accounts Payable 294.10371428512555527.46566.21607.80652.45700.38
Accounts Payable (%)
Capital Expenditure -123.60-184-223-111-131-184.51-198.07-212.62-228.24-245
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.97
Beta 2.279
Diluted Shares Outstanding 152.50
Cost of Debt
Tax Rate 10.16
After-tax Cost of Debt 0.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.565
Total Debt 3,041
Total Equity 6,095.34
Total Capital 9,136.34
Debt Weighting 33.28
Equity Weighting 66.72
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 4,718.605,2385,5514,0605,6546,069.346,515.206,993.817,507.588,059.09
EBITDA 972.50885542591,125786.04843.79905.77972.311,043.74
EBIT 763.90660-19547932520.97559.24600.32644.42691.76
Tax Rate 20.21%12.56%-3.72%2,166.67%10.16%441.18%441.18%441.18%441.18%441.18%
EBIAT 609.53577.10-202.26-971.33837.27-1,777.42-1,907.99-2,048.15-2,198.61-2,360.12
Depreciation 208.60225249212193265.07284.55305.45327.89351.98
Accounts Receivable --103.1084-79-665.09-33.71-36.19-38.85-41.70
Inventories --292.3012691-36068.98-75.44-80.99-86.94-93.32
Accounts Payable -76.90578443-27.5438.7541.5944.6547.93
Capital Expenditure -123.60-184-223-111-131-184.51-198.07-212.62-228.24-245
UFCF 694.53299.6090.74-774.33516.27-1,650.32-1,891.92-2,030.90-2,180.09-2,340.24
WACC
PV UFCF -1,501.79-1,566.70-1,530.43-1,495-1,460.39
SUM PV UFCF -7,554.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.89
Free cash flow (t + 1) -2,387.04
Terminal Value -30,254.01
Present Value of Terminal Value -18,879.57

Intrinsic Value

Enterprise Value -26,433.89
Net Debt 2,872
Equity Value -29,305.89
Shares Outstanding 152.50
Equity Value Per Share -192.17