Discounted Cash Flow (DCF) Analysis Unlevered

Stitch Fix, Inc. (SFIX)

$6.18

+0.16 (+2.66%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 6.18 | 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 977.141,226.501,577.561,711.732,101.262,549.903,094.323,754.994,556.715,529.61
Revenue (%)
EBITDA 20.4665.2545.15-25.10-31.1937.3645.3355.0166.7681.01
EBITDA (%)
EBIT 12.8054.7130.82-47.72-61.1210.3412.5515.2318.4822.43
EBIT (%)
Depreciation 7.6610.5414.3322.6229.9327.0132.7839.7848.2758.58
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 110.61297.52314.21286.49231.33424.51515.14625.13758.60920.57
Total Cash (%)
Account Receivables ----27.6733.5740.7449.446072.81
Account Receivables (%)
Inventories 67.5985.09118.22124.82212.29197.58239.77290.96353.09428.48
Inventories (%)
Accounts Payable 44.2479.7898.4385.1873.50131.30159.33193.35234.63284.73
Accounts Payable (%)
Capital Expenditure -17.17-16.57-30.82-30.21-35.26-43.37-52.63-63.86-77.50-94.05
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.18
Beta 1.735
Diluted Shares Outstanding 105.98
Cost of Debt
Tax Rate 85.48
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.313
Total Debt 147.32
Total Equity 654.93
Total Capital 802.25
Debt Weighting 18.36
Equity Weighting 81.64
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 977.141,226.501,577.561,711.732,101.262,549.903,094.323,754.994,556.715,529.61
EBITDA 20.4665.2545.15-25.10-31.1937.3645.3355.0166.7681.01
EBIT 12.8054.7130.82-47.72-61.1210.3412.5515.2318.4822.43
Tax Rate 104.64%17.94%-19.66%-40.64%85.48%29.55%29.55%29.55%29.55%29.55%
EBIAT -0.5944.9036.88-67.12-8.887.298.8410.7313.0215.80
Depreciation 7.6610.5414.3322.6229.9327.0132.7839.7848.2758.58
Accounts Receivable ------5.91-7.17-8.70-10.56-12.81
Inventories --17.50-33.12-6.60-87.4814.71-42.19-51.19-62.12-75.39
Accounts Payable -35.5418.65-13.26-11.6857.8028.0334.0241.2850.10
Capital Expenditure -17.16-16.57-30.82-30.21-35.26-43.37-52.63-63.86-77.50-94.05
UFCF -10.1056.925.91-94.56-113.3657.53-32.32-39.23-47.60-57.76
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) -58.92
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 17.54
Equity Value -
Shares Outstanding 105.98
Equity Value Per Share -