Discounted Cash Flow (DCF) Analysis Unlevered
Hanesbrands Inc. (HBI)
Consumer Cyclical
Operating Data
Year A/P | 2013 Actual | 2014 Projected | 2015 Projected | 2016 Projected | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 4,627.80 | - | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| EBITDA | 588.66 | - | - | - | - | - | - | - | - | - | - |
| EBITDA (%) | |||||||||||
| EBIT | 497.95 | - | - | - | - | - | - | - | - | - | - |
| EBIT (%) | |||||||||||
| Depreciation | 90.70 | - | - | - | - | - | - | - | - | - | - |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2013 Actual | 2014 Projected | 2015 Projected | 2016 Projected | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Total Cash | 115.70 | - | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||||||
| Account Receivables | 578.48 | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | |||||||||||
| Inventories | 1,283.29 | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | |||||||||||
| Accounts Payable | 466.48 | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | |||||||||||
| Capital Expenditure | -43.50 | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.08 |
|---|---|
| Diluted Shares Outstanding | 360.73 |
| Cost of Debt | |
| Tax Rate | 14.50 |
| After-tax Cost of Debt | -0.67 |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.97 |
| Total Debt | 3,534.18 |
| Total Equity | 5,439.85 |
| Total Capital | 8,974.03 |
| Debt Weighting | 39.38 |
| Equity Weighting | 60.62 |
| Wacc |
Build Up Free Cash
Year A/P | 2013 Actual | 2014 Projected | 2015 Projected | 2016 Projected | 2017 Projected | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected |
| Revenue | 4,627.80 | - | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 588.66 | - | - | - | - | - | - | - | - | - | - |
| EBIT | 497.95 | - | - | - | - | - | - | - | - | - | - |
| Tax Rate | 16.50% | 27.68% | 13.00% | 5.97% | 88.43% | 14.50% | 27.68% | 27.68% | 27.68% | 27.68% | 27.68% |
| EBIAT | 415.79 | - | - | - | - | - | - | - | - | - | - |
| Depreciation | 90.70 | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - | - |
| UFCF | 506.49 | - | - | - | - | - | - | - | - | - | - |
| WACC | |||||||||||
| PV UFCF | - | - | - | - | - | - | - | - | - | - | |
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.73 |
| Free cash flow (t + 1) | - |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | - |
| Equity Value | - |
| Shares Outstanding | 360.73 |
| Equity Value Per Share | - |