DCF Tool


Boot Barn Holdings Inc – Shoe Stores
at boot barn®, we honor america's western heritage. we believe in quality products and good value. and we've stocked our shelves with quality western and work gear for you and your family. with over 500,000 pairs of boots -- western, work and fashion -- and over 8,000 styles of jeans, shirts, hats, belts, jewelry and more, we offer the latest styles from the brands you love. hatched over thirty years ago with one store in orange county, california, boot barn® has become the nation’s largest western and work retailer with 150 stores in 23 states and a robust e-commerce business. we will outfit you from head to toe and give you the kind of service you'd expect from a company that values heritage, hard work and community.
Analysis Results
Intrinsic Value $329.17
Latest Price $79.41
Relative Value 76% undervalued
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Cash Flow (Billions)
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 41.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 41.4%, 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 (billion) Present value (billion)
2024 0.312 0.281
2025 0.441 0.358
2026 0.624 0.455
2027 0.883 0.58
2028 1.25 0.738
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 14.0 billion. This corresponds to a present value of 7.46 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.41 billion. Adding in the terminal value gives a total present value of 9.87 billion.

There are presently 30.0 million outstanding shares, so the intrinsic value per share is 329.17.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 669,173,000
Current Cash 18,193,000
Current Liabilities 374,842,000
Current Debt 66,906,000
Non-Cash Working Capital (NCWC) 343,044,000
Change in NCWC 128,968,000
EBIT 231,787,000
Tax Provision 55,325,000
Depreciation and Amortization 35,945,000
Capital Expenditure -124,534,000
Unlevered Free Cash Flow 215,393,690
Current Assets 541,831,000
Current Cash 20,674,000
Current Liabilities 336,468,000
Current Debt 29,387,000
Non-Cash Working Capital (NCWC) 214,076,000
Change in NCWC 133,260,000
EBIT 258,338,000
Tax Provision 60,143,000
Depreciation and Amortization 27,352,000
Capital Expenditure -60,443,000
Unlevered Free Cash Flow 296,996,101
Current Assets 374,456,000
Current Cash 73,148,000
Current Liabilities 221,656,000
Current Debt 1,164,000
Non-Cash Working Capital (NCWC) 80,816,000
Change in NCWC -52,566,000
EBIT 86,326,000
Tax Provision 17,864,000
Depreciation and Amortization 58,379,000
Capital Expenditure -28,424,000
Unlevered Free Cash Flow 43,752,182
Current Assets 384,651,000
Current Cash 69,563,000
Current Liabilities 312,625,000
Current Debt 130,919,000
Non-Cash Working Capital (NCWC) 133,382,000
Change in NCWC 23,979,000
EBIT 73,668,000
Tax Provision 12,364,000
Depreciation and Amortization 52,474,000
Capital Expenditure -37,195,000
Unlevered Free Cash Flow 97,824,261
Current Assets 277,343,000
Current Cash 16,614,000
Current Liabilities 151,943,000
Current Debt 617,000
Non-Cash Working Capital (NCWC) 109,403,000
Change in NCWC 6,763,000
EBIT 64,322,000
Tax Provision 8,974,000
Depreciation and Amortization 18,902,000
Capital Expenditure -27,525,000
Unlevered Free Cash Flow 50,435,463
Current Assets 241,127,000
Current Cash 9,016,000
Current Liabilities 150,998,000
Current Debt 21,527,000
Non-Cash Working Capital (NCWC) 102,640,000
Change in NCWC -610,000
EBIT 46,255,000
Tax Provision 2,300,000
Depreciation and Amortization 17,128,000
Capital Expenditure -24,418,000
Unlevered Free Cash Flow 34,942,879
Current Assets 224,303,000
Current Cash 8,035,000
Current Liabilities 147,801,000
Current Debt 34,783,000
Non-Cash Working Capital (NCWC) 103,250,000
Change in NCWC 9,297,000
EBIT 37,818,000
Tax Provision 8,922,000
Depreciation and Amortization 16,710,000
Capital Expenditure -22,293,000
Unlevered Free Cash Flow 26,937,415
Current Assets 203,219,000
Current Cash 7,195,000
Current Liabilities 152,299,000
Current Debt 50,228,000
Non-Cash Working Capital (NCWC) 93,953,000
Change in NCWC 18,672,000
EBIT 31,125,000
Tax Provision 7,443,000
Depreciation and Amortization 14,016,000
Capital Expenditure -36,127,000
Unlevered Free Cash Flow 14,303,562
Current Assets 145,396,000
Current Cash 1,448,000
Current Liabilities 86,610,000
Current Debt 17,943,000
Non-Cash Working Capital (NCWC) 75,281,000
Change in NCWC 18,434,000
EBIT 35,436,000
Tax Provision 8,466,000
Depreciation and Amortization 9,207,000
Capital Expenditure -14,074,000
Unlevered Free Cash Flow 35,486,998

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