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DCF OverviewMarket Switch1Bull1Base2Bear3
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(Fiscal Year January 29 in Thousands)
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Income Statement2019A2020A2021A2022A2023A2024E2025E2026E2027E2028E2029E2030E20231E2032E2033E
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Sales$3,288,319$3,979,296$4,401,879$6,256,617$8,110,518$10,482,567$13,467,362$16,873,329$20,594,619$24,461,256$28,243,250$31,666,402$34,440,053$36,294,151$37,020,034
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 % GrowthN/A21.01%10.62%42.14%29.63%29.25%28.47%25.29%22.05%18.77%15.46%12.12%8.76%5.38%2.00%
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Cost of Sales$1,472,032$1,755,910$1,937,888$2,648,052$3,618,178$4,234,957$5,440,814$6,816,825$8,320,226$9,882,347$11,410,273$12,793,226$13,913,781$14,662,837$14,956,094
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 % of Sales44.77%44.13%44.02%42.32%44.61%40.40%40.40%40.40%40.40%40.40%40.40%40.40%40.40%40.40%40.40%
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Gross Profit$1,816,287$2,223,386$2,463,991$3,608,565$4,492,340$6,247,610$8,026,548$10,056,504$12,274,393$14,578,908$16,832,977$18,873,176$20,526,272$21,631,314$22,063,940
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 % Margin55.23%55.87%55.98%57.68%55.39%59.60%59.60%59.60%59.60%59.60%59.60%59.60%59.60%59.60%59.60%
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Selling general and administrative expense
$1,110,379$1,334,247$1,609,003$2,225,034$2,757,447$3,564,073$4,578,903$5,736,932$7,002,170$8,316,827$9,602,705$10,766,577$11,709,618$12,340,011$12,586,811
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 % of Sales33.77%33.53%36.55%35.56%34.00%34.00%34.00%34.00%34.00%34.00%34.00%34.00%34.00%34.00%34.00%
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Operating Income (EBIT)$705,836$889,110$819,986$1,333,355$1,328,408$2,674,785$3,438,893$4,310,820$5,263,470$6,253,329$7,221,520$8,097,847$8,807,902$9,282,551$9,468,377
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 % Margin21.46%22.34%18.63%21.31%16.38%25.52%25.54%25.55%25.56%25.56%25.57%25.57%25.57%25.58%25.58%
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Cash Taxes Paid$237,391$246,911$255,141$359,187$477,460$556,772$717,810$900,138$1,099,486$1,306,798$1,509,793$1,693,802$1,843,247$1,943,618$1,983,662
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D&A $122,472$161,829$185,260$224,082$291,452$380,652$537,375$694,098$850,821$1,007,544$1,164,267$1,320,990$1,477,713$1,634,436$1,791,159
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 % of Sales3.72%4.07%4.21%3.58%3.59%3.59%41.17%29.16%22.58%18.42%15.55%13.46%11.86%10.61%9.59%
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Capital Expenditures$225,807$283,048$229,226$394,502$638,657$667,913$792,718$917,523$1,042,328$1,167,133$1,291,938$1,416,744$1,541,549$1,666,354$1,791,159
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 % of Sales6.87%7.11%5.21%6.31%7.87%6.31%18.69%15.74%13.60%11.97%10.69%9.66%8.81%8.10%7.49%
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Net Working Capital$47,485$94,015$90,684-$50,352$512,388$10,069$12,936$16,208$19,782$23,496$27,129$30,417$33,081$34,862$35,560
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 % of Sales1.44%2.36%2.06%-0.80%6.32%0.10%0.10%0.10%0.10%0.10%0.10%0.10%0.10%0.10%0.10%
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(Increase)/Decrease in NWCN/A-$46,530$3,331$141,036-$562,740-$502,319$2,867$3,272$3,574$3,714$3,633$3,288$2,664$1,781$697
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Unlevered Free Cash Flow$317,625$426,965$430,195$854,100-$8,645$2,333,072$2,462,873$3,183,986$3,968,903$4,783,228$5,580,423$6,305,003$6,898,155$7,305,233$7,484,017
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WACC#REF!Stub Year12345678910
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Discount Factor#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!
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Discounted Free Cash Flow
#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!
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Enterprise ValueImplied Equity Value & Share Price
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Sum of FCF#REF!
Enterprise Value
#REF!
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10Y EBITDA$11,259,536
Less: Total Debt
$6,500
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EV/EBITDA6.44
Less: Preferred Stock
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Terminal Value$72,484,186
Less: Noncontrolling Interest
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TV Discount Rate#REF!
Plus: Cash & Cash Equivalents
$1,154,867
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Discounted Terminal Value#REF!
Implied Equity Value
#REF!
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 % of EV#REF!
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Present Enterprise Value#REF!
Fully Diluted Shares Oustanding
128,017
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Implied Share Price
#REF!
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Current Price$372.64
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Upside/Downside (%)
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