Discounted Cash Flow (DCF) Analysis Unlevered

Hibbett, Inc. (HIBB)

$66.66

+6.86 (+11.47%)
All numbers are in Millions, Currency in USD
Stock DCF: 56.27 | 66.66 | 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 968.221,008.681,184.231,419.661,691.181,947.352,242.322,581.982,973.083,423.42
Revenue (%)
EBITDA 80.9265.3266.66128.10264.04175.65202.25232.89268.17308.79
EBITDA (%)
EBIT 56.7238.2737.3498.51228.21129.46149.06171.64197.64227.58
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 6.609.478.4811.9113.6115.5017.8520.5523.6627.25
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 $ 66.66
Beta 1.765
Diluted Shares Outstanding 15.58
Cost of Debt
Tax Rate 23.51
After-tax Cost of Debt 0.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.032
Total Debt 283.27
Total Equity 1,038.70
Total Capital 1,321.97
Debt Weighting 21.43
Equity Weighting 78.57
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 80.9265.3266.66128.10264.04175.65202.25232.89268.17308.79
EBIT 56.7238.2737.3498.51228.21129.46149.06171.64197.64227.58
Tax Rate 37.94%24.33%24.73%24.18%23.51%26.94%26.94%26.94%26.94%26.94%
EBIAT 35.2028.9628.1174.69174.5694.58108.91125.41144.40166.27
Depreciation 24.2127.0529.3229.5835.8346.1953.1961.2570.5281.21
Accounts Receivable --2.870.99-3.43-1.70-1.89-2.35-2.70-3.11-3.58
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 36.3222.2457.72127.6196.78-12.9968.4778.8490.79104.54
WACC
PV UFCF -11.8757.1460.1063.2266.50
SUM PV UFCF 235.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.47
Free cash flow (t + 1) 106.63
Terminal Value 1,427.45
Present Value of Terminal Value 908

Intrinsic Value

Enterprise Value 1,143.09
Net Debt 266.22
Equity Value 876.87
Shares Outstanding 15.58
Equity Value Per Share 56.27