Discounted Cash Flow (DCF) Analysis Unlevered

WW International, Inc. (WW)

$4.4

-0.01 (-0.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 120.20 | 4.4 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,306.911,514.121,413.341,478.341,546.331,617.461,691.851,769.661,851.051,936.192,025.24
Revenue (%)
EBITDA 308.94430.65331.41372.20389.32407.22425.95445.54466.03487.47509.89
EBITDA (%)
EBIT 258.06386.59286.40322.98337.83353.37369.62386.62404.41423.01442.46
EBIT (%)
Depreciation 50.8844.0645.0249.2251.4853.8556.3358.9261.6364.4667.43
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 83.05236.97182.74172.15180.07188.35197.02206.08215.56225.47235.84
Total Cash (%)
Account Receivables 23.9127.2530.5228.5329.8431.2132.6434.1535.7237.3639.08
Account Receivables (%)
Inventories 31.7325.8527.2029.8631.2432.6734.1735.7537.3939.1140.91
Inventories (%)
Accounts Payable 24.3627.1029.0628.1429.4330.7832.2033.6835.2336.8538.55
Accounts Payable (%)
Capital Expenditure -13.73-19.05-17.16-17.36-18.16-18.99-19.87-20.78-21.74-22.74-23.78
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.4
Beta 1.585
Diluted Shares Outstanding 70.74
Cost of Debt
Tax Rate 12.75
After-tax Cost of Debt 5.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.178
Total Debt 1,516.56
Total Equity 311.27
Total Capital 1,827.83
Debt Weighting 82.97
Equity Weighting 17.03
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 1,306.911,514.121,413.341,478.341,546.331,617.461,691.851,769.661,851.051,936.192,025.24
EBITDA 308.94430.65331.41372.20389.32407.22425.95445.54466.03487.47509.89
EBIT 258.06386.59286.40322.98337.83353.37369.62386.62404.41423.01442.46
Tax Rate -12.71%8.32%20.76%9.59%18.84%12.75%9.59%9.59%9.59%9.59%9.59%
EBIAT 290.85354.41226.93292274.20308.32334.17349.54365.61382.43400.02
Depreciation 50.8844.0645.0249.2251.4853.8556.3358.9261.6364.4667.43
Accounts Receivable --3.33-3.271.99-1.31-1.37-1.44-1.50-1.57-1.64-1.72
Inventories -5.88-1.35-2.66-1.37-1.44-1.50-1.57-1.64-1.72-1.80
Accounts Payable -2.741.97-0.931.291.351.421.481.551.621.69
Capital Expenditure -13.73-19.05-17.16-17.36-50.43-37.65-19.87-20.78-21.74-22.74-23.78
UFCF 328384.71252.13322.26306.13341.73369.11386.08403.84422.41441.84
WACC
PV UFCF 341.92306.13322.08327.88323.25318.67314.17309.72
SUM PV UFCF 1,690.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.10
Free cash flow (t + 1) 450.68
Terminal Value 10,992.14
Present Value of Terminal Value 8,175.33

Intrinsic Value

Enterprise Value 9,866.24
Net Debt 1,362.76
Equity Value 8,503.48
Shares Outstanding 70.74
Equity Value Per Share 120.20