Discounted Cash Flow (DCF) Analysis Unlevered
LL Flooring Holdings, Inc. (LL)
$9.57
-0.13 (-1.34%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,028.93 | 1,084.64 | 1,092.60 | 1,097.70 | 1,152.34 | 1,185.74 | 1,220.11 | 1,255.47 | 1,291.85 | 1,329.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -20.82 | -34.97 | 30.42 | 71.28 | 71.62 | 24.30 | 25 | 25.73 | 26.47 | 27.24 |
| EBITDA (%) | ||||||||||
| EBIT | -38.56 | -53.40 | 12.95 | 53.64 | 52.79 | 4.70 | 4.84 | 4.98 | 5.12 | 5.27 |
| EBIT (%) | ||||||||||
| Depreciation | 17.74 | 18.43 | 17.47 | 17.64 | 18.83 | 19.60 | 20.16 | 20.75 | 21.35 | 21.97 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 19.94 | 11.56 | 8.99 | 169.94 | 85.19 | 63.32 | 65.16 | 67.05 | 68.99 | 70.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.30 | 1.37 | 1.38 | 1.38 | 1.45 | 1.50 | 1.54 | 1.58 | 1.63 | 1.68 |
| Account Receivables (%) | ||||||||||
| Inventories | 262.28 | 318.27 | 286.37 | 244.41 | 254.38 | 297.35 | 305.97 | 314.83 | 323.96 | 333.35 |
| Inventories (%) | ||||||||||
| Accounts Payable | 67.68 | 73.41 | 59.83 | 70.54 | 63.46 | 72.94 | 75.05 | 77.22 | 79.46 | 81.77 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -7.41 | -14.33 | -19.91 | -15.83 | -19.44 | -16.58 | -17.06 | -17.56 | -18.07 | -18.59 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 9.57 |
|---|---|
| Beta | 2.192 |
| Diluted Shares Outstanding | 29.25 |
| Cost of Debt | |
| Tax Rate | 21.01 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.186 |
| Total Debt | 130.22 |
| Total Equity | 279.89 |
| Total Capital | 410.12 |
| Debt Weighting | 31.75 |
| Equity Weighting | 68.25 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 1,028.93 | 1,084.64 | 1,092.60 | 1,097.70 | 1,152.34 | 1,185.74 | 1,220.11 | 1,255.47 | 1,291.85 | 1,329.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -20.82 | -34.97 | 30.42 | 71.28 | 71.62 | 24.30 | 25 | 25.73 | 26.47 | 27.24 |
| EBIT | -38.56 | -53.40 | 12.95 | 53.64 | 52.79 | 4.70 | 4.84 | 4.98 | 5.12 | 5.27 |
| Tax Rate | 1.90% | -1.83% | 25.39% | -14.52% | 21.01% | 6.39% | 6.39% | 6.39% | 6.39% | 6.39% |
| EBIAT | -37.82 | -54.38 | 9.66 | 61.43 | 41.70 | 4.40 | 4.53 | 4.66 | 4.79 | 4.93 |
| Depreciation | 17.74 | 18.43 | 17.47 | 17.64 | 18.83 | 19.60 | 20.16 | 20.75 | 21.35 | 21.97 |
| Accounts Receivable | - | -0.07 | -0.01 | -0.01 | -0.07 | -0.04 | -0.04 | -0.04 | -0.05 | -0.05 |
| Inventories | - | -55.99 | 31.90 | 41.96 | -9.98 | -42.96 | -8.62 | -8.87 | -9.12 | -9.39 |
| Accounts Payable | - | 5.74 | -13.59 | 10.72 | -7.08 | 9.47 | 2.11 | 2.18 | 2.24 | 2.30 |
| Capital Expenditure | -7.41 | -14.33 | -19.91 | -15.83 | -19.44 | -16.58 | -17.06 | -17.56 | -18.07 | -18.59 |
| UFCF | -27.50 | -100.61 | 25.53 | 115.91 | 23.96 | -26.12 | 1.08 | 1.11 | 1.14 | 1.18 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 1.20 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 45.03 |
| Equity Value | - |
| Shares Outstanding | 29.25 |
| Equity Value Per Share | - |