Discounted Cash Flow (DCF) Analysis Levered

Francesca's Holdings Corp

Francesca's Holdings Corp (FRAN)

$2.69
-0.25 (-8.50%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 296.40340.30377.50439.38487.19471.68428.11407.54428.37450.27473.30497.49522.93
Revenue (%)
Operating Cash Flow 57.0049.2854.4462.8772.1724.829.532.8245.7548.0950.5553.1355.85
Operating Cash Flow (%)
Capital Expenditure -23.66-24.63-24.26-24.28-21.85-26.78-26.20-3.61-23.74-24.96-26.23-27.57-28.98
Capital Expenditure (%)
Free Cash Flow 33.3424.6530.1938.5950.32-1.95-16.67-0.7822.0123.1324.3225.5626.87

Weighted Average Cost Of Capital

Share price $ 2.69
Beta 2.469
Diluted Shares Outstanding 2.90
Cost of Debt
Tax Rate -0.50
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 22.116
Total Debt 8.94
Total Equity 7.80
Total Capital 16.73
Debt Weighting 53.40
Equity Weighting 46.60
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 296.40340.30377.50439.38487.19471.68428.11407.54428.37450.27473.30497.49522.93
Operating Cash Flow 57.0049.2854.4462.8772.1724.829.532.8245.7548.0950.5553.1355.85
Capital Expenditure -23.66-24.63-24.26-24.28-21.85-26.78-26.20-3.61-23.74-24.96-26.23-27.57-28.98
Free Cash Flow 33.3424.6530.1938.5950.32-1.95-16.67-0.7822.0123.1324.3225.5626.87
WACC
PV LFCF 17.2416.0414.9213.8812.92
SUM PV LFCF 84.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.98
Free cash flow (t + 1) 27.94
Terminal Value 311.15
Present Value of Terminal Value 169.03

Intrinsic Value

Enterprise Value 253.77
Net Debt -8.90
Equity Value 262.68
Shares Outstanding 2.90
Equity Value Per Share 90.61