Discounted Cash Flow (DCF) Analysis Unlevered

Nu Skin Enterprises, Inc. (NUS)

$42.185

+1.34 (+3.29%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 42.185 | undervalue

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 2,279.102,679.012,420.422,581.932,695.672,823.532,957.453,097.733,244.653,398.55
Revenue (%)
EBITDA 337.13302.67331.82330.22308.78361.66378.81396.78415.60435.31
EBITDA (%)
EBIT 265.57219.67255.17256.23232.46276.38289.49303.22317.60332.66
EBIT (%)
Depreciation 71.568376.6573.9976.3285.2889.3393.5698102.65
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 438.25398.26344.04423.90354.81439.84460.71482.56505.45529.42
Total Cash (%)
Account Receivables 33.2053.2850.3863.3741.3053.7256.2758.9461.7364.66
Account Receivables (%)
Inventories 253.45295.82275.89314.37399.93342.06358.28375.28393.08411.72
Inventories (%)
Accounts Payable 50.3447.6238.9866.1749.9956.5559.2362.0464.9968.07
Accounts Payable (%)
Capital Expenditure -60.16-70.37-66.07-63.82-68.61-73.49-76.97-80.62-84.45-88.45
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 42.185
Beta 1.223
Diluted Shares Outstanding 51.43
Cost of Debt
Tax Rate 36.65
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.281
Total Debt 503.79
Total Equity 2,169.45
Total Capital 2,673.23
Debt Weighting 18.85
Equity Weighting 81.15
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 2,279.102,679.012,420.422,581.932,695.672,823.532,957.453,097.733,244.653,398.55
EBITDA 337.13302.67331.82330.22308.78361.66378.81396.78415.60435.31
EBIT 265.57219.67255.17256.23232.46276.38289.49303.22317.60332.66
Tax Rate 51.26%44.51%31.99%25.32%36.65%37.95%37.95%37.95%37.95%37.95%
EBIAT 129.44121.89173.55191.36147.27171.50179.64188.16197.08206.43
Depreciation 71.568376.6573.9976.3285.2889.3393.5698102.65
Accounts Receivable --20.092.90-12.9922.07-12.42-2.55-2.67-2.80-2.93
Inventories --42.3719.93-38.48-85.5757.87-16.22-16.99-17.80-18.64
Accounts Payable --2.72-8.6427.20-16.186.562.682.812.943.08
Capital Expenditure -60.16-70.37-66.07-63.82-68.61-73.49-76.97-80.62-84.45-88.45
UFCF 140.8569.34198.33177.2575.30235.31175.91184.25192.99202.14
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 206.18
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 164.19
Equity Value -
Shares Outstanding 51.43
Equity Value Per Share -