Discounted Cash Flow (DCF) Analysis Unlevered

Chico's FAS Inc. (CHS)

Consumer Cyclical

Operating Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	2,581.06	2,585.96	2,693.80	2,660.39	2,476.29	2,282.15	2,130.85	2,066.07	2,003.26	1,942.36	1,883.31
Revenue (%)
EBITDA	395.93	259.37	238.67	105.62	249.86	241.45	135.10	192.56	186.70	181.03	175.52
EBITDA (%)
EBIT	287.53	141.19	116.37	-13.30	140.65	145.14	43.68	101.86	98.76	95.76	92.85
EBIT (%)
Depreciation	108.40	118.18	122.30	118.92	109.20	96.31	91.41	90.70	87.94	85.27	82.68
Depreciation (%)

Balance Sheet Data

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Total Cash	329.34	152.57	259.95	140.20	192.41	220.23	186.02	176.24	170.88	165.68	160.65
Total Cash (%)
Account Receivables	-	-	-	-	-	-	-	-	-	-	-
Account Receivables (%)
Inventories	206.74	238.17	235.17	233.85	232.28	233.69	235.25	192.97	187.10	181.42	175.90
Inventories (%)
Accounts Payable	129.31	131.37	144.66	129.30	116.39	118.22	143.41	109.09	105.77	102.56	99.44
Accounts Payable (%)
Capital Expenditure	-164.67	-138.61	-119.87	-84.87	-31.70	-48.61	-54.12	-74.79	-72.52	-70.31	-68.18
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 4.13
Diluted Shares Outstanding	122.66
Cost of Debt
Tax Rate	17.78
After-tax Cost of Debt	-0.84
Risk-Free Rate
Market Risk Premium
Cost of Equity	5.07
Total Debt	57.50
Total Equity	506.59
Total Capital	564.09
Debt Weighting	10.19
Equity Weighting	89.81
Wacc

Build Up Free Cash

Year A/P	2013 Actual	2014 Actual	2015 Actual	2016 Actual	2017 Actual	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected
Revenue	2,581.06	2,585.96	2,693.80	2,660.39	2,476.29	2,282.15	2,130.85	2,066.07	2,003.26	1,942.36	1,883.31
EBITDA	395.93	259.37	238.67	105.62	249.86	241.45	135.10	192.56	186.70	181.03	175.52
EBIT	287.53	141.19	116.37	-13.30	140.65	145.14	43.68	101.86	98.76	95.76	92.85
Tax Rate	37.51%	53.50%	44.49%	113.01%	34.24%	29.67%	17.78%	47.17%	47.17%	47.17%	47.17%
EBIAT	179.66	65.66	64.60	1.73	92.49	102.09	35.92	53.81	52.17	50.59	49.05
Depreciation	108.40	118.18	122.30	118.92	109.20	96.31	91.41	90.70	87.94	85.27	82.68
Accounts Receivable	-	-	-	-	-	-	-	-	-	-	-
Inventories	-	-31.42	3.00	1.32	1.57	-1.42	-1.55	42.27	5.87	5.69	5.52
Accounts Payable	-	2.06	13.29	-15.36	-12.91	1.83	25.19	-34.32	-3.32	-3.22	-3.12
Capital Expenditure	-	-26.06	-18.73	-35.01	-53.17	16.91	5.51	20.67	-2.27	-2.20	-2.14
UFCF	288.07	128.40	184.46	71.60	137.19	215.72	156.48	173.14	140.39	136.13	131.99
WACC
PV UFCF								157.13	121.38	112.12	103.56
SUM PV UFCF											1,359.15

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.97
Free cash flow (t + 1)	137.27
Terminal Value	14,151.24
Present Value of Terminal Value	11,103.72

Intrinsic Value

Enterprise Value	12,462.87
Net Debt	-128.52
Equity Value	12,591.39
Shares Outstanding	122.66
Equity Value Per Share	102.65

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