Discounted Cash Flow (DCF) Analysis Unlevered

Lululemon Athletica Inc. (LULU)

$299.19

+4.53 (+1.54%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 299.19 | 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 2,649.183,288.323,979.304,401.886,256.627,787.829,693.7712,066.1715,019.1718,694.87
Revenue (%)
EBITDA 568.23837.731,059.331,004.831,558.081,888.962,351.252,926.683,642.944,534.50
EBITDA (%)
EBIT 460715.25897.39819.351,333.871,582.481,969.772,451.833,051.883,798.78
EBIT (%)
Depreciation 108.23122.48161.93185.48224.21306.48381.49474.85591.06735.72
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 990.50881.321,093.511,150.521,259.872,148.572,674.393,328.914,143.615,157.69
Total Cash (%)
Account Receivables 19.1735.7940.2275.717789.92111.93139.32173.42215.86
Account Receivables (%)
Inventories 329.56404.84518.51647.23966.481,058.101,317.051,639.382,040.592,539.99
Inventories (%)
Accounts Payable 24.6595.5380172.25289.73224.13278.98347.26432.24538.02
Accounts Payable (%)
Capital Expenditure -157.86-225.81-283.05-229.23-394.50-489.88-609.77-759-944.76-1,175.97
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 299.19
Beta 1.292
Diluted Shares Outstanding 130.87
Cost of Debt
Tax Rate 26.88
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.061
Total Debt 881.05
Total Equity 39,155.29
Total Capital 40,036.35
Debt Weighting 2.20
Equity Weighting 97.80
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 2,649.183,288.323,979.304,401.886,256.627,787.829,693.7712,066.1715,019.1718,694.87
EBITDA 568.23837.731,059.331,004.831,558.081,888.962,351.252,926.683,642.944,534.50
EBIT 460715.25897.39819.351,333.871,582.481,969.772,451.833,051.883,798.78
Tax Rate 43.77%32.36%28.06%28.12%26.88%31.84%31.84%31.84%31.84%31.84%
EBIAT 258.66483.80645.60588.91975.321,078.641,342.631,671.212,080.212,589.31
Depreciation 108.23122.48161.93185.48224.21306.48381.49474.85591.06735.72
Accounts Receivable --16.61-4.43-35.49-1.29-12.92-22.01-27.39-34.10-42.44
Inventories --75.28-113.67-128.72-319.25-91.62-258.95-322.33-401.21-499.40
Accounts Payable -70.89-15.5492.25117.48-65.6054.8568.2884.99105.78
Capital Expenditure -157.86-225.81-283.05-229.23-394.50-489.88-609.77-759-944.76-1,175.97
UFCF 209.03359.47390.84473.21601.96725.11888.231,105.611,376.201,713
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 1,747.26
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -378.82
Equity Value -
Shares Outstanding 130.87
Equity Value Per Share -