Discounted Cash Flow (DCF) Analysis Unlevered

Capri Holdings Limited (CPRI)

$44.18

+1.33 (+3.10%)
All numbers are in Millions, Currency in USD
Stock DCF: -182.47 | 44.18 | overvalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5,2385,5514,0605,6546,000.346,367.896,757.967,171.927,611.24
Revenue (%)
EBITDA 885542591,125662.22702.78745.83791.52840
EBITDA (%)
EBIT 660-19547932400.96425.52451.58479.24508.60
EBIT (%)
Depreciation 225249212193261.26277.26294.25312.27331.40
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 172592232169339.80360.61382.70406.14431.02
Total Cash (%)
Account Receivables 403319398464471.78500.68531.34563.89598.43
Account Receivables (%)
Inventories 9538277361,0961,059.131,124.011,192.861,265.931,343.47
Inventories (%)
Accounts Payable 371428512555558.33592.53628.83667.35708.23
Accounts Payable (%)
Capital Expenditure -184-223-111-131-188.73-200.29-212.56-225.58-239.39
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 44.18
Beta 2.288
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 14.405
Total Debt 3,041
Total Equity 6,737.36
Total Capital 9,778.36
Debt Weighting 31.10
Equity Weighting 68.90
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 5,2385,5514,0605,6546,000.346,367.896,757.967,171.927,611.24
EBITDA 885542591,125662.22702.78745.83791.52840
EBIT 660-19547932400.96425.52451.58479.24508.60
Tax Rate 12.56%-3.72%2,166.67%10.16%546.42%546.42%546.42%546.42%546.42%
EBIAT 577.10-202.26-971.33837.27-1,789.94-1,899.58-2,015.94-2,139.43-2,270.48
Depreciation 225249212193261.26277.26294.25312.27331.40
Accounts Receivable -84-79-66-7.78-28.90-30.67-32.55-34.54
Inventories -12691-36036.87-64.88-68.85-73.07-77.55
Accounts Payable -5784433.3334.2036.3038.5240.88
Capital Expenditure -184-223-111-131-188.73-200.29-212.56-225.58-239.39
UFCF 618.1090.74-774.33516.27-1,684.98-1,882.18-1,997.47-2,119.83-2,249.68
WACC
PV UFCF -1,684.98-1,709.67-1,648.11-1,588.76-1,531.54
SUM PV UFCF -7,414.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.09
Free cash flow (t + 1) -2,294.67
Terminal Value -28,364.31
Present Value of Terminal Value -17,540.13

Intrinsic Value

Enterprise Value -24,955.02
Net Debt 2,872
Equity Value -27,827.02
Shares Outstanding 152.50
Equity Value Per Share -182.47