Discounted Cash Flow (DCF) Analysis Unlevered

LL Flooring Holdings, Inc. (LL)

$2.02

+0.02 (+1.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.01 | 2.02 | 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 1,084.641,092.601,097.701,152.341,110.681,117.801,124.961,132.171,139.421,146.73
Revenue (%)
EBITDA -32.1534.1873.9371.526.6930.6430.8431.0431.2431.44
EBITDA (%)
EBIT -50.5716.7256.2852.69-11.7212.3212.4012.4812.5612.64
EBIT (%)
Depreciation 18.4317.4717.6418.8318.4118.3218.4418.5618.6818.80
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 11.568.99169.9485.1910.8057.5457.9058.2758.6559.02
Total Cash (%)
Account Receivables 27.8027.024.089.169.0515.6915.7915.8915.9916.10
Account Receivables (%)
Inventories 318.27286.37244.41254.38332.30290.21292.07293.94295.82297.72
Inventories (%)
Accounts Payable 73.4159.8370.5463.4647.7363.6664.0764.4864.8965.31
Accounts Payable (%)
Capital Expenditure -14.33-19.91-15.83-19.44-22.05-18.46-18.58-18.70-18.82-18.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.02
Beta 1.954
Diluted Shares Outstanding 28.86
Cost of Debt
Tax Rate 10.76
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.508
Total Debt 205.69
Total Equity 58.30
Total Capital 263.99
Debt Weighting 77.92
Equity Weighting 22.08
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 1,084.641,092.601,097.701,152.341,110.681,117.801,124.961,132.171,139.421,146.73
EBITDA -32.1534.1873.9371.526.6930.6430.8431.0431.2431.44
EBIT -50.5716.7256.2852.69-11.7212.3212.4012.4812.5612.64
Tax Rate -1.83%25.39%-14.52%21.01%10.76%8.16%8.16%8.16%8.16%8.16%
EBIAT -51.5012.4764.4541.62-10.4611.3111.3911.4611.5311.61
Depreciation 18.4317.4717.6418.8318.4118.3218.4418.5618.6818.80
Accounts Receivable -0.7722.95-5.080.11-6.64-0.10-0.10-0.10-0.10
Inventories -31.9041.96-9.98-77.9142.09-1.86-1.87-1.88-1.90
Accounts Payable --13.5910.72-7.08-15.7315.930.410.410.410.42
Capital Expenditure -14.33-19.91-15.83-19.44-22.05-18.46-18.58-18.70-18.82-18.94
UFCF -47.4129.12141.8918.87-107.6362.569.709.769.829.89
WACC
PV UFCF 59.048.648.207.797.40
SUM PV UFCF 91.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.96
Free cash flow (t + 1) 10.08
Terminal Value 254.63
Present Value of Terminal Value 190.63

Intrinsic Value

Enterprise Value 281.70
Net Debt 194.90
Equity Value 86.81
Shares Outstanding 28.86
Equity Value Per Share 3.01