DCF Tool

CROX

Crocs Inc – Footwear Manufacturing
Crocs, Inc. is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The vast majority of shoes within Crocs' collection contain Crosliteâ„¢ material, a proprietary, molded footwear technology, delivering extraordinary comfort with each step.
Analysis Results
Intrinsic Value $1,466.27
Latest Price $106.74
Relative Value 93% undervalued
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Cash Flow (Billions)
Analysis Parameters
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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 73.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 73.3%, 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)
2023 1.3 1.17
2024 2.25 1.84
2025 3.91 2.87
2026 6.77 4.49
2027 11.7 7.03
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 136 billion. This corresponds to a present value of 73.5 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 17.4 billion. Adding in the terminal value gives a total present value of 90.9 billion.

There are presently 62.0 million outstanding shares, so the intrinsic value per share is 1466.27.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,025,975,000
Current Cash 191,629,000
Current Liabilities 641,274,000
Current Debt 24,362,000
Non-Cash Working Capital (NCWC) 217,434,000
Change in NCWC 152,305,000
EBIT 850,756,000
Tax Provision 178,349,000
Depreciation and Amortization 39,229,000
Capital Expenditure -104,190,000
Unlevered Free Cash Flow 726,924,227
Current Assets 666,569,000
Current Cash 213,197,000
Current Liabilities 388,243,000
Current Debt 0
Non-Cash Working Capital (NCWC) 65,129,000
Change in NCWC -326,000
EBIT 683,064,000
Tax Provision -61,845,000
Depreciation and Amortization 31,976,000
Capital Expenditure -55,916,000
Unlevered Free Cash Flow 658,798,000
Current Assets 492,841,000
Current Cash 135,802,000
Current Liabilities 291,584,000
Current Debt 0
Non-Cash Working Capital (NCWC) 65,455,000
Change in NCWC 5,549,000
EBIT 235,195,000
Tax Provision -105,882,000
Depreciation and Amortization 27,619,000
Capital Expenditure -42,033,000
Unlevered Free Cash Flow 226,330,000
Current Assets 425,382,000
Current Cash 108,253,000
Current Liabilities 257,223,000
Current Debt 0
Non-Cash Working Capital (NCWC) 59,906,000
Change in NCWC -12,534,000
EBIT 128,649,000
Tax Provision -175,000
Depreciation and Amortization 24,213,000
Capital Expenditure -36,576,000
Unlevered Free Cash Flow 103,752,000
Current Assets 380,298,000
Current Cash 123,367,000
Current Liabilities 184,491,000
Current Debt 0
Non-Cash Working Capital (NCWC) 72,440,000
Change in NCWC -24,139,000
EBIT 65,126,000
Tax Provision 14,720,000
Depreciation and Amortization 29,250,000
Capital Expenditure -11,979,000
Unlevered Free Cash Flow 43,545,003
Current Assets 425,049,000
Current Cash 172,128,000
Current Liabilities 157,018,000
Current Debt 676,000
Non-Cash Working Capital (NCWC) 96,579,000
Change in NCWC -34,529,000
EBIT 22,620,000
Tax Provision 7,942,000
Depreciation and Amortization 33,130,000
Capital Expenditure -13,117,000
Unlevered Free Cash Flow -1,777,630
Current Assets 425,475,000
Current Cash 147,565,000
Current Liabilities 149,140,000
Current Debt 2,338,000
Non-Cash Working Capital (NCWC) 131,108,000
Change in NCWC -9,175,000
EBIT -3,010,000
Tax Provision 9,281,000
Depreciation and Amortization 34,043,000
Capital Expenditure -22,194,000
Unlevered Free Cash Flow -336,000
Current Assets 445,949,000
Current Cash 143,341,000
Current Liabilities 167,097,000
Current Debt 4,772,000
Non-Cash Working Capital (NCWC) 140,283,000
Change in NCWC -39,016,000
EBIT -48,290,000
Tax Provision 8,452,000
Depreciation and Amortization 35,993,000
Capital Expenditure -18,486,000
Unlevered Free Cash Flow -69,799,000
Current Assets 595,408,000
Current Cash 267,512,000
Current Liabilities 153,885,000
Current Debt 5,288,000
Non-Cash Working Capital (NCWC) 179,299,000
Change in NCWC 38,118,000
EBIT 28,618,000
Tax Provision -3,623,000
Depreciation and Amortization 37,413,000
Capital Expenditure -57,026,000
Unlevered Free Cash Flow 47,123,000
Current Assets 640,077,000
Current Cash 317,144,000
Current Liabilities 186,928,000
Current Debt 5,176,000
Non-Cash Working Capital (NCWC) 141,181,000
Change in NCWC -29,630,000
EBIT 74,044,000
Tax Provision 49,539,000
Depreciation and Amortization 41,506,000
Capital Expenditure -68,828,000
Unlevered Free Cash Flow -44,084,232
Current Assets 613,115,000
Current Cash 294,348,000
Current Liabilities 157,938,000
Current Debt 9,982,000
Non-Cash Working Capital (NCWC) 170,811,000
Change in NCWC 57,240,000
EBIT 147,584,000
Tax Provision 14,205,000
Depreciation and Amortization 36,694,000
Capital Expenditure -60,836,000
Unlevered Free Cash Flow 166,278,293

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