Discounted Cash Flow (DCF) Analysis Unlevered
Kohl's Corporation (KSS)
$22.8
-0.43 (-1.85%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 20,229 | 19,974 | 15,955 | 19,433 | 18,098 | 17,806.05 | 17,518.81 | 17,236.20 | 16,958.15 | 16,684.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 2,262 | 2,025 | 612 | 2,317 | 1,054 | 1,527.86 | 1,503.21 | 1,478.96 | 1,455.10 | 1,431.63 |
| EBITDA (%) | ||||||||||
| EBIT | 1,298 | 1,108 | -262 | 1,479 | 246 | 687.02 | 675.93 | 665.03 | 654.30 | 643.75 |
| EBIT (%) | ||||||||||
| Depreciation | 964 | 917 | 874 | 838 | 808 | 840.84 | 827.28 | 813.93 | 800.80 | 787.88 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Total Cash | 934 | 723 | 2,271 | 1,587 | 153 | 1,121.16 | 1,103.07 | 1,085.28 | 1,067.77 | 1,050.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | 789 | 190 | 535.96 | 527.32 | 518.81 | 510.44 | 502.21 | 494.10 |
| Account Receivables (%) | ||||||||||
| Inventories | 3,475 | 3,537 | 2,590 | 3,067 | 3,189 | 3,010.03 | 2,961.47 | 2,913.70 | 2,866.70 | 2,820.45 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1,187 | 1,206 | 1,476 | 1,683 | 1,330 | 1,323.56 | 1,302.21 | 1,281.20 | 1,260.54 | 1,240.20 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -578 | -855 | -334 | -605 | -826 | -602.15 | -592.43 | -582.88 | -573.48 | -564.22 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 22.8 |
|---|---|
| Beta | 1.724 |
| Diluted Shares Outstanding | 148 |
| Cost of Debt | |
| Tax Rate | -67.24 |
| After-tax Cost of Debt | 9.64% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.616 |
| Total Debt | 3,155 |
| Total Equity | 3,374.40 |
| Total Capital | 6,529.40 |
| Debt Weighting | 48.32 |
| Equity Weighting | 51.68 |
| Wacc |
Build Up Free Cash
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 20,229 | 19,974 | 15,955 | 19,433 | 18,098 | 17,806.05 | 17,518.81 | 17,236.20 | 16,958.15 | 16,684.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2,262 | 2,025 | 612 | 2,317 | 1,054 | 1,527.86 | 1,503.21 | 1,478.96 | 1,455.10 | 1,431.63 |
| EBIT | 1,298 | 1,108 | -262 | 1,479 | 246 | 687.02 | 675.93 | 665.03 | 654.30 | 643.75 |
| Tax Rate | 23.13% | 23.31% | 70.15% | 23.05% | -67.24% | 14.48% | 14.48% | 14.48% | 14.48% | 14.48% |
| EBIAT | 997.79 | 849.75 | -78.22 | 1,138.07 | 411.41 | 587.55 | 578.07 | 568.74 | 559.57 | 550.54 |
| Depreciation | 964 | 917 | 874 | 838 | 808 | 840.84 | 827.28 | 813.93 | 800.80 | 787.88 |
| Accounts Receivable | - | - | - | 599 | -345.96 | 8.65 | 8.51 | 8.37 | 8.23 | 8.10 |
| Inventories | - | -62 | 947 | -477 | -122 | 178.97 | 48.56 | 47.77 | 47 | 46.24 |
| Accounts Payable | - | 19 | 270 | 207 | -353 | -6.44 | -21.35 | -21.01 | -20.67 | -20.33 |
| Capital Expenditure | -578 | -855 | -334 | -605 | -826 | -602.15 | -592.43 | -582.88 | -573.48 | -564.22 |
| UFCF | 1,383.79 | 868.75 | 1,678.78 | 1,700.07 | -427.55 | 1,007.42 | 848.62 | 834.93 | 821.46 | 808.21 |
| WACC | ||||||||||
| PV UFCF | 910.37 | 693 | 616.14 | 547.81 | 487.05 | |||||
| SUM PV UFCF | 3,254.37 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 10.66 |
| Free cash flow (t + 1) | 824.38 |
| Terminal Value | 9,519.37 |
| Present Value of Terminal Value | 5,736.60 |
Intrinsic Value
| Enterprise Value | 8,990.97 |
|---|---|
| Net Debt | 3,002 |
| Equity Value | 5,988.97 |
| Shares Outstanding | 148 |
| Equity Value Per Share | 40.47 |