Discounted Cash Flow (DCF) Analysis Levered

GameStop Corp. (GME)

$ 191.24
1.10 0.58%

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
2029
Projected
2030
Projected
2031
Projected
2032
Projected
2033
Projected
2034
Projected
2035
Projected
2036
Projected
Revenue 8,547.108,285.306,4665,089.804,304.193,639.843,078.032,602.942,201.181,861.431,574.121,331.151,125.69951.94805.01680.76575.68486.83411.68
Revenue (%)
Operating Cash Flow 434.90325.10-414.50123.7054.1545.7938.7232.7427.6923.4219.8016.7514.1611.9810.138.567.246.125.18
Operating Cash Flow (%)
Capital Expenditure -113.40-93.70-78-60-52.11-44.07-37.27-31.51-26.65-22.54-19.06-16.12-13.63-11.53-9.75-8.24-6.97-5.89-4.98
Capital Expenditure (%)
Free Cash Flow 321.50231.40-492.5063.702.041.721.461.231.040.880.740.630.530.450.380.320.270.230.19

Weighted Average Cost Of Capital

Share price $ 191.24
Beta -2.072
Diluted Shares Outstanding 65
Cost of Debt
Tax Rate 20.23
After-tax Cost of Debt 3.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity -14.029
Total Debt 921
Total Equity 12,430.60
Total Capital 13,351.60
Debt Weighting 6.90
Equity Weighting 93.10
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
2029
Projected
2030
Projected
2031
Projected
2032
Projected
2033
Projected
2034
Projected
2035
Projected
2036
Projected
Revenue 8,547.108,285.306,4665,089.804,304.193,639.843,078.032,602.942,201.181,861.431,574.121,331.151,125.69951.94805.01680.76575.68486.83411.68
Operating Cash Flow 434.90325.10-414.50123.7054.1545.7938.7232.7427.6923.4219.8016.7514.1611.9810.138.567.246.125.18
Capital Expenditure -113.40-93.70-78-60-52.11-44.07-37.27-31.51-26.65-22.54-19.06-16.12-13.63-11.53-9.75-8.24-6.97-5.89-4.98
Free Cash Flow 321.50231.40-492.5063.702.041.721.461.231.040.880.740.630.530.450.380.320.270.230.19
WACC
PV LFCF 2.041.971.911.861.801.741.691.641.591.541.501.451.411.361.32
SUM PV LFCF 2.05

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -12.79
Free cash flow (t + 1) 0.20
Terminal Value -1.21
Present Value of Terminal Value -2.39

Intrinsic Value

Enterprise Value -0.34
Net Debt -799
Equity Value 798.66
Shares Outstanding 65
Equity Value Per Share 12.29