CHWY DCF

	B	C	F	G	H	I	J	K	L	M	N	O	P	Q	R	S	T	U	V	W	X	Y	Z	AA	AB
1	Chewy Capitalization		Key Assumptions				10/2/2026
2	Class A Shares	41.6	Weighted Avg Cost of Capital		8%
3	Class B SHares	357	Terminal Growth Rate		4%	1/31/2020	1/30/2021	1/30/2022	1/30/2023	1/30/2024	1/30/2025	1/30/2026	1/30/2027	1/30/2028	1/30/2029	1/30/2030	1/30/2031	1/30/2032	1/30/2033	1/30/2034	1/30/2035	1/30/2036	1/30/2037	1/30/2038
4	Total Shares	398.6				-6.7	-5.7	-4.7	-3.7	-2.7	-1.7	-0.7	0.3	1.3	2.3	3.3	4.3	5.3	6.3	7.3	8.3	9.3	10.3	11.3	19
5	Price	$33.62	FREE CASH FLOW		2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	Terminal Value
6	Market Cap	$13,401	Animal Market		$72,560,000	$75,462,400	$78,480,896	$81,620,132	$84,884,937	$88,280,335	$91,811,548	$95,484,010	$99,303,370	$103,275,505	$107,406,525	$111,702,786	$116,170,898	$120,817,734	$125,650,443	$130,676,461	$135,903,519	$141,339,660	$146,993,246	$152,872,976
7	Debt	0	% That is Online		14%	15%	17%	20%	23%	26%	30%	33%	37%	40%	44%	49%	53%	59%	65%	66%	66%	66%	66%	66%
8	Cash	$179	$ Amount Online		$10,158,400	$11,319,360	$13,537,955	$16,191,394	$19,364,907	$23,160,429	$27,699,873	$31,688,654	$36,251,820	$41,472,083	$47,444,062	$54,276,007	$62,091,752	$71,032,965	$81,261,712	$86,246,464	$89,696,323	$93,284,176	$97,015,543	$100,896,164
9	Enterprise Value	$13,222	Chewy Marketshare		34.8%	41.8%	43.6%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%	44.5%
10			Revenue		$3,532,837	$4,730,000	$5,908,000	$7,198,000	$8,608,808	$10,296,134	$12,314,177	$14,087,418	$16,116,006	$18,436,711	$21,091,598	$24,128,788	$27,603,333	$31,578,213	$36,125,476	$38,341,483	$39,875,143	$41,470,148	$43,128,954	$44,854,112
11			Growth Rate			33.9%	24.9%	21.8%	19.6%	19.6%	19.6%	14.4%	14.4%	14.4%	14.4%	14.4%	14.4%	14.4%	14.4%	6.1%	4.0%	4.0%	4.0%	4.0%
12			EBIT Margin		-7.6%	-5.6%	-3.6%	-1.6%	0.4%	0.8%	1.1%	1.4%	1.7%	2.1%	2.4%	2.7%	3.1%	3.4%	3.7%	4.1%	4.4%	4.7%	5.0%	5.0%
13			EBIT		-$267,766	-$263,903	-$211,468	-$113,681	$36,213	$77,288	$133,073	$198,724	$280,524	$381,760	$506,336	$658,873	$844,842	$1,070,707	$1,344,103	$1,553,080	$1,746,791	$1,953,514	$2,173,981	$2,260,940
14			Taxes at 25.6%		-$69,619	-$67,559	-$54,982	-$29,557	$9,415	$20,095	$34,599	$51,668	$72,936	$99,258	$131,647	$171,307	$219,659	$278,384	$349,467	$403,801	$454,166	$507,914	$565,235	$587,844
15			Tax Effected EBIT		-$198,147	-$196,344	-$156,486	-$84,124	$26,798	$57,193	$98,474	$147,056	$207,587	$282,503	$374,689	$487,566	$625,183	$792,323	$994,636	$1,149,279	$1,292,626	$1,445,601	$1,608,746	$1,673,095
16
17			Plus:
18				Depreciation & Amortization	12,536	16,784	20,964	25,542	30,548	36,535	43,696	49,988	57,186	65,421	74,842	85,619	97,948	112,053	128,188	136,052	141,494	147,154	153,040	159,161
19				% of Revenue	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%	0.35%
20
21			Less:
22				Capital Expenditures	44,160	$59,124	$73,849	$89,974	$107,609	$128,700	$153,926	$176,091	$201,448	$230,456	$263,642	$301,607	$345,038	$394,724	$451,564	$479,264	$498,434	$518,371	$539,106	$560,671
23				% of Revenue	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%	1.25%
24				Changes in Working Capital	-211,147	-$20,000	-$24,981	-$30,436	-$36,401	-$43,535	-$52,068	-$59,566	-$68,144	-$77,956	-$89,182	-$102,024	-$116,716	-$133,523	-$152,750	-$162,120	-$168,605	-$175,349	-$182,363	-$189,658
25				% of Revenue	-5.98%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%	-0.42%
26
27			Free Cash Flow		-$18,624	-$218,684	-$184,390	-$118,121	-$13,863	$8,563	$40,313	$80,520	$131,470	$195,424	$275,071	$373,603	$494,809	$643,176	$824,012	$968,188	$1,104,291	$1,249,732	$1,405,043	$1,461,244	$37,992,352
28			Discount Factor		N/A	0.60	0.65	0.7	0.8	0.8	0.9	0.9	1.0	1.1	1.2	1.3	1.4	1.5	1.6	1.8	1.9	2.1	2.2	2.4	4.3
29			Present Value		N/A	-$365,376	-$285,258	-$169,201	-$18,386	$10,517	$45,841	$84,778	$128,169	$176,405	$229,907	$289,132	$354,568	$426,744	$506,229	$550,744	$581,634	$609,480	$634,466	$610,967	$8,803,286
30
31			Total Present Value		$13,204,823	$33
32			Current Market Cap		$13,400,932
33			Upside		-1%
34
35			Weighted Average Cost of Capital (WACC)
36
37			Weighted Average Cost of Capital:		8%
38
39			Cost of Equity				Cost of Debt
40			Risk Free Rate		1.98%		Cost of Debt	N/A
41			Equity Risk Premium		5.04%		Tax Rate	25.60%
42			Beta		1.2		After-tax cost of Debt	N/A
43			Cost of Equity		8.03%
44
45			E / (E + D)		100%		D / ( D + E)	0%
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