Discounted Cash Flow (DCF) Analysis Unlevered

Hibbett, Inc. (HIBB)

$49.81

-1.69 (-3.28%)
All numbers are in Millions, Currency in USD
Stock DCF: 50.18 | 49.81 | undervalue

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 968.221,008.681,184.231,419.661,691.181,947.352,242.322,581.982,973.083,423.42
Revenue (%)
EBITDA 80.9265.3266.66128.10263.72175.58202.17232.79268.06308.66
EBITDA (%)
EBIT 56.7238.2737.3498.51227.89129.38148.98171.55197.53227.45
EBIT (%)
Depreciation 24.2127.0529.3229.5835.8346.1953.1961.2570.5281.21
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 73.5461.7666.08209.2917.05136.50157.18180.99208.41239.97
Total Cash (%)
Account Receivables 6.609.478.4811.9113.4215.4617.8020.4923.6027.17
Account Receivables (%)
Inventories 253.20280.29288.01202.04221.22411.17473.45545.17627.74722.83
Inventories (%)
Accounts Payable 93.44107.31131.66107.2185.65171.46197.43227.34261.77301.42
Accounts Payable (%)
Capital Expenditure -23.08-17.70-17.33-34.76-71.15-47.74-54.97-63.29-72.88-83.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 49.81
Beta 1.708
Diluted Shares Outstanding 16.55
Cost of Debt
Tax Rate 23.51
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.867
Total Debt 213.78
Total Equity 824.21
Total Capital 1,037.98
Debt Weighting 20.60
Equity Weighting 79.40
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 968.221,008.681,184.231,419.661,691.181,947.352,242.322,581.982,973.083,423.42
EBITDA 80.9265.3266.66128.10263.72175.58202.17232.79268.06308.66
EBIT 56.7238.2737.3498.51227.89129.38148.98171.55197.53227.45
Tax Rate 37.94%24.33%24.73%24.18%23.51%26.94%26.94%26.94%26.94%26.94%
EBIAT 35.2028.9628.1174.69174.3194.53108.85125.33144.32166.18
Depreciation 24.2127.0529.3229.5835.8346.1953.1961.2570.5281.21
Accounts Receivable --2.870.99-3.43-1.52-2.03-2.34-2.70-3.10-3.57
Inventories --27.09-7.7285.97-19.18-189.95-62.28-71.71-82.58-95.09
Accounts Payable -13.8824.35-24.45-21.5785.8125.9729.9134.4439.65
Capital Expenditure -23.08-17.70-17.33-34.76-71.15-47.74-54.97-63.29-72.88-83.92
UFCF 36.3222.2457.72127.6196.72-13.1968.4278.7890.71104.46
WACC
PV UFCF -11.9756.3358.8561.4964.24
SUM PV UFCF 228.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.21
Free cash flow (t + 1) 106.54
Terminal Value 1,297.74
Present Value of Terminal Value 798.15

Intrinsic Value

Enterprise Value 1,027.10
Net Debt 196.72
Equity Value 830.37
Shares Outstanding 16.55
Equity Value Per Share 50.18