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DDS

Dillard`s Inc. – Department Stores (except Discount Department Stores)
Dillard's, Inc., is an upscale American department store chain with approximately 282 stores in 29 states and headquartered in Little Rock, Arkansas. Currently, the largest number of stores are located in Texas with 57 and Florida with 42.
Analysis Results
Intrinsic Value $116.05
Latest Price $248.56
Relative Value 114% overvalued
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Cash Flow (Millions)
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 -7.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 13.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -7.4%, 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 (million) Present value (million)
2023 253 223
2024 234 182
2025 216 149
2026 200 122
2027 185 99.5
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1680 million. This corresponds to a present value of 795 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 776 million. Adding in the terminal value gives a total present value of 1570 million.

There are presently 13.5 million outstanding shares, so the intrinsic value per share is 116.05.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,914,651,000
Current Cash 716,759,000
Current Liabilities 966,186,000
Current Debt 44,800,000
Non-Cash Working Capital (NCWC) 276,506,000
Change in NCWC -252,913,000
EBIT 1,118,133,000
Tax Provision 225,890,000
Depreciation and Amortization 201,435,000
Capital Expenditure -104,360,000
Unlevered Free Cash Flow 730,226,229
Current Assets 1,661,940,000
Current Cash 360,339,000
Current Liabilities 772,877,000
Current Debt 695,000
Non-Cash Working Capital (NCWC) 529,419,000
Change in NCWC -111,985,000
EBIT -82,913,000
Tax Provision -81,750,000
Depreciation and Amortization 216,315,000
Capital Expenditure -60,453,000
Unlevered Free Cash Flow -39,036,000
Current Assets 1,848,082,000
Current Cash 277,077,000
Current Liabilities 930,820,000
Current Debt 1,219,000
Non-Cash Working Capital (NCWC) 641,404,000
Change in NCWC -73,298,000
EBIT 167,492,000
Tax Provision 22,810,000
Depreciation and Amortization 224,309,000
Capital Expenditure -103,383,000
Unlevered Free Cash Flow 186,585,651
Current Assets 1,770,532,000
Current Cash 123,509,000
Current Liabilities 933,535,000
Current Debt 1,214,000
Non-Cash Working Capital (NCWC) 714,702,000
Change in NCWC 49,546,000
EBIT 268,219,000
Tax Provision 37,730,000
Depreciation and Amortization 225,849,000
Capital Expenditure -137,064,000
Unlevered Free Cash Flow 357,894,983
Current Assets 1,729,851,000
Current Cash 187,028,000
Current Liabilities 1,039,701,000
Current Debt 162,034,000
Non-Cash Working Capital (NCWC) 665,156,000
Change in NCWC 60,255,000
EBIT 272,041,000
Tax Provision -7,800,000
Depreciation and Amortization 233,683,000
Capital Expenditure -130,464,000
Unlevered Free Cash Flow 435,515,000
Current Assets 1,837,921,000
Current Cash 346,985,000
Current Liabilities 976,517,000
Current Debt 90,482,000
Non-Cash Working Capital (NCWC) 604,901,000
Change in NCWC -113,181,000
EBIT 326,374,000
Tax Provision 88,500,000
Depreciation and Amortization 245,923,000
Capital Expenditure -104,824,000
Unlevered Free Cash Flow 242,216,495
Current Assets 1,668,883,000
Current Cash 202,869,000
Current Liabilities 751,216,000
Current Debt 3,284,000
Non-Cash Working Capital (NCWC) 718,082,000
Change in NCWC 117,875,000
EBIT 458,437,000
Tax Provision 140,770,000
Depreciation and Amortization 252,147,000
Capital Expenditure -165,788,000
Unlevered Free Cash Flow 505,324,297
Current Assets 1,888,442,000
Current Cash 403,752,000
Current Liabilities 885,323,000
Current Debt 840,000
Non-Cash Working Capital (NCWC) 600,207,000
Change in NCWC -45,288,000
EBIT 566,570,000
Tax Provision 179,480,000
Depreciation and Amortization 252,334,000
Capital Expenditure -151,888,000
Unlevered Free Cash Flow 422,859,584
Current Assets 1,660,156,000
Current Cash 237,134,000
Current Liabilities 778,311,000
Current Debt 784,000
Non-Cash Working Capital (NCWC) 645,495,000
Change in NCWC 42,981,000
EBIT 554,550,000
Tax Provision 173,400,000
Depreciation and Amortization 257,237,000
Capital Expenditure -94,923,000
Unlevered Free Cash Flow 566,393,823
Current Assets 1,491,980,000
Current Cash 124,060,000
Current Liabilities 767,116,000
Current Debt 1,710,000
Non-Cash Working Capital (NCWC) 602,514,000
Change in NCWC 26,320,000
EBIT 539,774,000
Tax Provision 145,060,000
Depreciation and Amortization 261,572,000
Capital Expenditure -136,632,000
Unlevered Free Cash Flow 528,256,379

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