Discounted Cash Flow (DCF) Analysis Unlevered

Camping World Holdings, Inc. (CWH)

$20.94

+0.76 (+3.77%)

All numbers are in Millions, Currency in USD

Stock DCF: -128.46 | 20.94 | 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	4,792.02	4,892.02	5,446.59	6,913.75	6,967.01	7,683.41	8,473.47	9,344.77	10,305.66	11,365.36
Revenue (%)
EBITDA	192.15	138.39	306.45	498.02	434.11	397.99	438.92	484.05	533.82	588.72
EBITDA (%)
EBIT	142.83	78.46	254.47	431.60	353.81	316.21	348.73	384.58	424.13	467.74
EBIT (%)
Depreciation	49.32	59.93	51.98	66.42	80.30	81.78	90.19	99.47	109.69	120.97
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	138.56	147.52	166.07	267.33	130.13	225.75	248.96	274.56	302.79	333.93
Total Cash (%)
Account Receivables	138.92	126.79	131.60	159.38	162.76	192.83	212.66	234.53	258.64	285.24
Account Receivables (%)
Inventories	1,558.97	1,358.54	1,136.34	1,792.87	2,123.86	2,114.21	2,331.61	2,571.36	2,835.77	3,127.36
Inventories (%)
Accounts Payable	144.81	106.96	148.46	136.76	127.69	180.48	199.04	219.51	242.08	266.97
Accounts Payable (%)
Capital Expenditure	-254.36	-88.36	-85.10	-253.51	-211.48	-236.32	-260.62	-287.42	-316.97	-349.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 20.94
Beta	2.644
Diluted Shares Outstanding	89.76
Cost of Debt
Tax Rate	69.58
After-tax Cost of Debt	0.95%
Risk-Free Rate
Market Risk Premium
Cost of Equity	16.084
Total Debt	3,781.51
Total Equity	1,879.62
Total Capital	5,661.13
Debt Weighting	66.80
Equity Weighting	33.20
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	4,792.02	4,892.02	5,446.59	6,913.75	6,967.01	7,683.41	8,473.47	9,344.77	10,305.66	11,365.36
EBITDA	192.15	138.39	306.45	498.02	434.11	397.99	438.92	484.05	533.82	588.72
EBIT	142.83	78.46	254.47	431.60	353.81	316.21	348.73	384.58	424.13	467.74
Tax Rate	89.21%	33.21%	69.56%	62.07%	69.58%	64.73%	64.73%	64.73%	64.73%	64.73%
EBIAT	15.41	52.40	77.45	163.70	107.65	111.54	123.01	135.66	149.61	164.99
Depreciation	49.32	59.93	51.98	66.42	80.30	81.78	90.19	99.47	109.69	120.97
Accounts Receivable	-	12.13	-4.80	-27.79	-3.38	-30.07	-19.83	-21.87	-24.12	-26.60
Inventories	-	200.43	222.19	-656.52	-330.99	9.65	-217.40	-239.75	-264.40	-291.59
Accounts Payable	-	-37.85	41.50	-11.70	-9.07	52.79	18.56	20.47	22.57	24.89
Capital Expenditure	-254.36	-88.36	-85.10	-253.51	-211.48	-236.32	-260.62	-287.42	-316.97	-349.57
UFCF	-189.63	198.69	303.23	-719.41	-366.96	-10.63	-266.09	-293.45	-323.62	-356.90
WACC
PV UFCF						-10.03	-236.95	-246.59	-256.63	-267.07
SUM PV UFCF										-1,017.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.97
Free cash flow (t + 1)	-364.04
Terminal Value	-9,169.70
Present Value of Terminal Value	-6,861.84

Intrinsic Value

Enterprise Value	-7,879.12
Net Debt	3,651.38
Equity Value	-11,530.50
Shares Outstanding	89.76
Equity Value Per Share	-128.46