Discounted Cash Flow (DCF) Analysis Unlevered

La-Z-Boy Incorporated (LZB)

$29.8

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 83.59 | 29.8 | 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 1,583.951,745.401,703.981,734.242,356.812,624.872,923.413,255.913,626.224,038.65
Revenue (%)
EBITDA 160.47126.45213.81244.83316.79301.76336.09374.31416.88464.30
EBITDA (%)
EBIT 128.7095.30114.95146.24204.07196.46218.80243.69271.40302.27
EBIT (%)
Depreciation 31.7731.1598.8798.59112.71105.31117.28130.62145.48162.03
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 134.52129.82261.55391.21245.59337.34375.71418.44466.03519.03
Total Cash (%)
Account Receivables 154.06143.2999.35139.34183.75207.87231.52257.85287.18319.84
Account Receivables (%)
Inventories 184.84196.90181.64226.14303.19312.44347.97387.55431.63480.72
Inventories (%)
Accounts Payable 62.4065.3755.5194.15104.02109.12121.53135.35150.74167.89
Accounts Payable (%)
Capital Expenditure -36.34-48.43-46.03-37.96-76.58-69.34-77.23-86.01-95.80-106.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 29.8
Beta 1.106
Diluted Shares Outstanding 44.29
Cost of Debt
Tax Rate 27.00
After-tax Cost of Debt 0.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.754
Total Debt 430.11
Total Equity 1,319.96
Total Capital 1,750.08
Debt Weighting 24.58
Equity Weighting 75.42
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 1,583.951,745.401,703.981,734.242,356.812,624.872,923.413,255.913,626.224,038.65
EBITDA 160.47126.45213.81244.83316.79301.76336.09374.31416.88464.30
EBIT 128.7095.30114.95146.24204.07196.46218.80243.69271.40302.27
Tax Rate 37.26%28.06%32.74%27.04%27.00%30.42%30.42%30.42%30.42%30.42%
EBIAT 80.7568.5677.32106.70148.98136.70152.24169.56188.85210.32
Depreciation 31.7731.1598.8798.59112.71105.31117.28130.62145.48162.03
Accounts Receivable -10.7743.94-39.99-44.41-24.13-23.64-26.33-29.33-32.66
Inventories --12.0615.26-44.49-77.05-9.24-35.54-39.58-44.08-49.09
Accounts Payable -2.96-9.8538.649.875.0912.4113.8215.3917.15
Capital Expenditure -36.34-48.43-46.03-37.96-76.58-69.34-77.23-86.01-95.80-106.69
UFCF 76.1852.94179.49121.4873.53144.38145.53162.08180.52201.05
WACC
PV UFCF 135.39127.97133.65139.59145.78
SUM PV UFCF 682.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.64
Free cash flow (t + 1) 205.07
Terminal Value 4,419.67
Present Value of Terminal Value 3,204.71

Intrinsic Value

Enterprise Value 3,887.10
Net Debt 184.53
Equity Value 3,702.58
Shares Outstanding 44.29
Equity Value Per Share 83.59