Discounted Cash Flow (DCF) Analysis Unlevered

Zumiez Inc. (ZUMZ)

$21.78

+0.25 (+1.16%)
All numbers are in Millions, Currency in USD
Stock DCF: - | 21.78 | 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 927.40978.621,034.13990.651,183.871,262.281,345.891,435.041,530.091,631.44
Revenue (%)
EBITDA 75.6989.65116.44126.52183.44143.52153.02163.16173.97185.49
EBITDA (%)
EBIT 48.4062.3390.99102.46160.51111.81119.21127.11135.53144.51
EBIT (%)
Depreciation 27.2927.3225.4524.0622.9331.7133.8136.0538.4440.98
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 121.90165.33251.20375.54294.48295.66315.24336.12358.39382.13
Total Cash (%)
Account Receivables 17.0317.7816.8416.5614.4320.6321.9923.452526.66
Account Receivables (%)
Inventories 125.83129.27135.10134.35128.73162.27173.02184.48196.70209.73
Inventories (%)
Accounts Payable 37.8635.2947.7969.7555.6460.7264.7469.0373.6078.47
Accounts Payable (%)
Capital Expenditure -24.06-21.03-18.82-9.06-15.75-22.24-23.71-25.28-26.95-28.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 21.78
Beta 1.510
Diluted Shares Outstanding 25.40
Cost of Debt
Tax Rate 25.68
After-tax Cost of Debt -%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.777
Total Debt 267.89
Total Equity 553.17
Total Capital 821.05
Debt Weighting 32.63
Equity Weighting 67.37
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 927.40978.621,034.13990.651,183.871,262.281,345.891,435.041,530.091,631.44
EBITDA 75.6989.65116.44126.52183.44143.52153.02163.16173.97185.49
EBIT 48.4062.3390.99102.46160.51111.81119.21127.11135.53144.51
Tax Rate 44.63%27.47%26.50%25.60%25.68%29.98%29.98%29.98%29.98%29.98%
EBIAT 26.8045.2166.8876.23119.2978.2983.4889.0194.90101.19
Depreciation 27.2927.3225.4524.0622.9331.7133.8136.0538.4440.98
Accounts Receivable --0.750.940.282.13-6.20-1.37-1.46-1.55-1.66
Inventories --3.44-5.830.745.63-33.54-10.75-11.46-12.22-13.03
Accounts Payable --2.5712.4921.96-14.115.084.024.294.574.87
Capital Expenditure -24.06-21.03-18.82-9.06-15.75-22.24-23.71-25.28-26.95-28.74
UFCF 30.0344.7381.11114.22120.1153.1085.4991.1597.19103.62
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 105.69
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt 150.66
Equity Value -
Shares Outstanding 25.40
Equity Value Per Share -