Discounted Cash Flow (DCF) Analysis Unlevered

Oxford Industries, Inc. (OXM)

$90.94

+1.89 (+2.12%)
All numbers are in Millions, Currency in USD
Stock DCF: 23.91 | 90.94 | overvalue

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 1,086.211,107.471,122.79748.831,142.081,206.461,274.471,346.321,422.211,502.39
Revenue (%)
EBITDA 128.79133.08133.96-83.76205.45102.81108.60114.73121.19128.03
EBITDA (%)
EBIT 86.3990.5993.68-123.85165.5054.1257.1760.3963.8067.39
EBIT (%)
Depreciation 42.4042.4940.2940.0939.9448.6951.4354.3357.4060.63
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 6.348.3352.4666.01209.7580.0884.6089.3794.4099.73
Total Cash (%)
Account Receivables 67.5469.0458.7248.3954.2869.7373.6677.8182.2086.83
Account Receivables (%)
Inventories 126.81160.66152.23123.54117.71160.57169.62179.18189.28199.95
Inventories (%)
Accounts Payable 68.2781.6165.4971.1580.7587.0191.9197.09102.57108.35
Accounts Payable (%)
Capital Expenditure -38.75-37.04-37.42-28.92-31.89-40.78-43.08-45.51-48.07-50.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 90.94
Beta 1.439
Diluted Shares Outstanding 16.58
Cost of Debt
Tax Rate 20.20
After-tax Cost of Debt 0.29%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.758
Total Debt 260.76
Total Equity 1,507.42
Total Capital 1,768.18
Debt Weighting 14.75
Equity Weighting 85.25
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 1,086.211,107.471,122.79748.831,142.081,206.461,274.471,346.321,422.211,502.39
EBITDA 128.79133.08133.96-83.76205.45102.81108.60114.73121.19128.03
EBIT 86.3990.5993.68-123.85165.5054.1257.1760.3963.8067.39
Tax Rate 21.48%24.93%25.90%23.98%20.20%23.30%23.30%23.30%23.30%23.30%
EBIAT 67.846869.42-94.15132.0741.5143.8546.3248.9351.69
Depreciation 42.4042.4940.2940.0939.9448.6951.4354.3357.4060.63
Accounts Receivable --1.5010.3110.33-5.88-15.45-3.93-4.15-4.39-4.63
Inventories --33.848.4328.695.83-42.86-9.05-9.56-10.10-10.67
Accounts Payable -13.35-16.125.669.616.254.905.185.475.78
Capital Expenditure -38.75-37.04-37.42-28.92-31.89-40.78-43.08-45.51-48.07-50.78
UFCF 71.4951.4674.90-38.31149.68-2.6344.1346.6249.2552.02
WACC
PV UFCF -2.413735.7934.6233.49
SUM PV UFCF 138.49

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.21
Free cash flow (t + 1) 53.06
Terminal Value 735.97
Present Value of Terminal Value 473.75

Intrinsic Value

Enterprise Value 612.25
Net Debt 215.90
Equity Value 396.34
Shares Outstanding 16.58
Equity Value Per Share 23.91