Ulta-DCF-Model.xlsx

	B	D	E	F	G	H	I	J	K	L	N
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2	Ulta DCF Model
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4	Assumptions
5	Tax Rate	24%
6	Discount Rate	9%
7	Perpetual Growth Rate	3%
8	EV/EBITDA Mulltiple	12.8x
9	Transaction Date	2/7/2025
10	Fiscal Year End	2/3/2025
11	Current Price	338.00
12	Shares Outstanding	47.1
13	Debt	1,929
14	Cash	414
15	Capex	435
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17	Discounted Cash Flow	Entry	2025	2026E	2027E	2028E	2029E	Exit		Terminal Value
18	Date	2/7/2025	1/30/2025	1/30/2026	1/30/2027	1/30/2028	1/30/2029	1/30/2029		Perpetual Growth	22,627
19	Time Periods		0	1	2	3	4			EV/EBITDA	29,909
20	Year Fraction		0.02	1.00	1.00	1.00	1.00			Average	26,268
21	EBIT		1,271	1,445	1,601	1,837	1,957
22	Less: Cash Taxes		305	347	384	441	470
23	Plus: D&A		290	303	323	357	380
24	Less: Capex		390	408	434	463	493		3.5%
25	Less: Changes in NWC		45	47	50	53	56		0.4%
26	Unlevered FCF		821	947	1,055	1,238	1,318
27	(Entry)/Exit	(17,435)						29,909
28	Transaction CF	-	16	947	1,055	1,238	1,318	29,909
29	Transaction CF	(17,435)	16	947	1,055	1,238	1,318	29,909
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31	Intrinsic Value				Market Value					Rate of Return
32	Enterprise Value	#NUM!			Market Cap		15,920			Target Price Upside	#NUM!
33	Plus: Cash	414			Plus: Debt		1,929			Internal Rate of Return (IRR)	20%
34	Less: Debt	1,929			Less: Cash		414
35	Equity Value	#NUM!			Enterprise Value		17,435			Market Value vs Intrinsic Value
36										Market Value	338.0
37	Equity Value/Share	#NUM!			Equity Value/Share		338.00			Upside	#NUM!
38										Intrinsic Value	#NUM!
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42											This file is for educational purposes only. E&OE
43											© Finimize 2024
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