DCF Tool


Big 5 Sporting Goods Corp – Sporting Goods Stores
big 5 sporting goods is one of america's top retailers of name brand sporting goods and accessories. operating over 430 stores in 11 western states, big 5 provides a full-line product offering in a traditional sporting goods store format that averages approximately 11,000 square feet. big 5's product mix includes athletic shoes, apparel and accessories, as well as a broad selection of outdoor and athletic equipment for team sports, fitness, camping, hunting, fishing, tennis, golf, and seasonal sports.
Analysis Results
Intrinsic Value $430.74
Latest Price $6.22
Relative Value 99% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 25.8%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 25.8%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 147 141
2024 185 170
2025 233 206
2026 293 248
2027 369 299
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 11100 million. This corresponds to a present value of 8600 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1060 million. Adding in the terminal value gives a total present value of 9670 million.

There are presently 22.4 million outstanding shares, so the intrinsic value per share is 430.74.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 357,960,000
Current Cash 25,565,000
Current Liabilities 211,479,000
Current Debt 3,217,000
Non-Cash Working Capital (NCWC) 124,133,000
Change in NCWC 80,487,000
EBIT 33,515,000
Tax Provision 6,809,000
Depreciation and Amortization 18,473,000
Capital Expenditure -13,193,000
Unlevered Free Cash Flow 112,354,773
Current Assets 407,348,000
Current Cash 97,420,000
Current Liabilities 269,800,000
Current Debt 3,518,000
Non-Cash Working Capital (NCWC) 43,646,000
Change in NCWC -1,601,000
EBIT 136,017,000
Tax Provision 32,738,000
Depreciation and Amortization 18,275,000
Capital Expenditure -10,864,000
Unlevered Free Cash Flow 108,872,642
Current Assets 347,397,000
Current Cash 64,654,000
Current Liabilities 239,585,000
Current Debt 2,089,000
Non-Cash Working Capital (NCWC) 45,247,000
Change in NCWC -67,262,000
EBIT 73,765,000
Tax Provision 18,445,000
Depreciation and Amortization 18,450,000
Capital Expenditure -7,347,000
Unlevered Free Cash Flow -685,260
Current Assets 340,864,000
Current Cash 8,223,000
Current Liabilities 222,810,000
Current Debt 2,678,000
Non-Cash Working Capital (NCWC) 112,509,000
Change in NCWC -57,527,000
EBIT 14,829,000
Tax Provision 3,338,000
Depreciation and Amortization 19,537,000
Capital Expenditure -9,363,000
Unlevered Free Cash Flow -36,724,899
Current Assets 325,073,000
Current Cash 6,765,000
Current Liabilities 150,594,000
Current Debt 2,322,000
Non-Cash Working Capital (NCWC) 170,036,000
Change in NCWC 8,281,000
EBIT -1,227,000
Tax Provision -1,070,000
Depreciation and Amortization 19,538,000
Capital Expenditure -15,460,000
Unlevered Free Cash Flow 11,132,000
Current Assets 350,891,000
Current Cash 7,170,000
Current Liabilities 183,720,000
Current Debt 1,754,000
Non-Cash Working Capital (NCWC) 161,755,000
Change in NCWC 31,352,000
EBIT 16,342,000
Tax Provision 13,594,000
Depreciation and Amortization 19,222,000
Capital Expenditure -16,462,000
Unlevered Free Cash Flow 35,339,484
Current Assets 324,499,000
Current Cash 7,895,000
Current Liabilities 187,527,000
Current Debt 1,326,000
Non-Cash Working Capital (NCWC) 130,403,000
Change in NCWC -47,023,000
EBIT 29,487,000
Tax Provision 11,050,000
Depreciation and Amortization 19,130,000
Capital Expenditure -14,109,000
Unlevered Free Cash Flow -24,178,493
Current Assets 344,030,000
Current Cash 7,119,000
Current Liabilities 160,920,000
Current Debt 1,435,000
Non-Cash Working Capital (NCWC) 177,426,000
Change in NCWC -5,957,000
EBIT 26,539,000
Tax Provision 9,451,000
Depreciation and Amortization 21,410,000
Capital Expenditure -24,567,000
Unlevered Free Cash Flow 7,290,036
Current Assets 357,654,000
Current Cash 11,503,000
Current Liabilities 163,965,000
Current Debt 1,197,000
Non-Cash Working Capital (NCWC) 183,383,000
Change in NCWC 22,523,000
EBIT 25,175,000
Tax Provision 8,632,000
Depreciation and Amortization 21,505,000
Capital Expenditure -22,565,000
Unlevered Free Cash Flow 37,393,887
Current Assets 345,009,000
Current Cash 9,400,000
Current Liabilities 176,316,000
Current Debt 1,567,000
Non-Cash Working Capital (NCWC) 160,860,000
Change in NCWC 16,765,000
EBIT 47,427,000
Tax Provision 17,736,000
Depreciation and Amortization 20,192,000
Capital Expenditure -22,035,000
Unlevered Free Cash Flow 43,935,505
Current Assets 311,971,000
Current Cash 7,635,000
Current Liabilities 161,961,000
Current Debt 1,720,000
Non-Cash Working Capital (NCWC) 144,095,000
Change in NCWC -9,531,000
EBIT 25,972,000
Tax Provision 8,855,000
Depreciation and Amortization 18,895,000
Capital Expenditure -12,901,000
Unlevered Free Cash Flow 12,759,692

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