GME DCF.xlsx

	A	B	C	D	E	F	G	H	I	J	K	M
1	GME	1-Nov	25-Aug	May-25	Feb-25	TTM	2026	2027	2028	2029	2030

2	Net sales	$ 821.00	$ 972.20	$ 732.40	$ 1,283.00	$ 3,808.60	$ 3,732.43	$ 3,657.78	$ 3,584.62	$ 3,512.93	$ 3,442.67	Demand softens; category remains in decline.
3	(Revenue)
4	Operating Income	$ 41.30	$ 66.40	$ 24.70	$ 76.40	$ 208.80	$ 37.32	$ 36.58	$ 35.85	$ 35.13	$ 34.43	Store traffic falls and online growth doesn’t offset losses.
5	(EBIT)
6	EBIT Margin	5.0%	6.8%	3.4%	6.0%	5.5%	1.0%	1.0%	1.0%	1.0%	1.0%	Promotional intensity increases → lower prices and weaker gross margins.
7
8												Operating expenses stay sticky, leading to flat or slightly negative EBIT.
9	D & A	4.6	4.7	5.6	6	20.9	$ 22.39	$ 21.95	$ 21.51	$ 21.08	$ 20.66
10												Company reduces CapEx and investment to preserve cash.
11	Capex	-4.3	-4.1	-2.9	-3.5	-14.8	$ (11.20)	$ (10.97)	$ (10.75)	$ (10.54)	$ (10.33)
12												Working capital worsens due to inventory build + slower turnover.
13	NWC	-8.6	-35.4	103	20.8	-29.4	-56	-55	-54	-53	-52
14
15	D&A % rev	0.6%			GME	0	1	2	3	4	5
16	Capex % rev	-0.3%			FCF	$ 242.58	$ 121.30	$ 118.88	$ 116.50	$ 114.17	$ 111.89
17	NWC % rev	-1.5%			PV FCF	$ 242.58	$ 112.80	$ 102.79	$ 93.67	$ 85.36	$ 77.79
18	Tax rate	15.0%
19	Growth rate	-2%			TV	$ 1,149.17
20	EBIT Margin	1.0%			PV TV	$ 798.91
21					EV	$ 1,271.31		Share $
22					Equity Value	$ 6,395.11		$ 14.28
23	Shares outs.	447.91
24	price	22.81		Cost of E
25	WACC			CAPM	8.00%
26	E	10216.8271		Beta	1
27	Rfr	3.66%
28
29	Debt	4418	-2500	1918
30	Cash	9117.9
31	Market value of D	4418		BTC	4710
32	Cost of debt	0.051		price	90000
33				value	423.9
34
35
36	Weight of equity	0.8419425358
37	Weight of debt	0.1580574642
38
39	WACC	7.5%
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100