DCF Tool


Dicks Sporting Goods, Inc. – Sporting Goods Stores
Founded in 1948, DICK'S Sporting Goods, Inc. is a leading omni-channel sporting goods retailer offering an extensive assortment of authentic, high-quality sports equipment, apparel, footwear and accessories. As of January 30, 2021, the Company operated 728 DICK'S Sporting Goods locations across the United States, serving and inspiring athletes and outdoor enthusiasts to achieve their personal best through a blend of dedicated teammates, in-store services and unique specialty shop-in-shops dedicated to Team Sports, Athletic Apparel, Golf, Lodge/Outdoor, Fitness and Footwear. Headquartered in Pittsburgh, PA, DICK'S also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as GameChanger, a youth sports mobile app for scheduling, communications and live scorekeeping. DICK'S offers its products through a dynamic eCommerce platform that is integrated with its store network and provides customers with the convenience and expertise of a 24-hour storefront.
Analysis Results
Intrinsic Value $2,598.93
Latest Price $125.41
Relative Value 95% 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 51.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 51.9%, 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 2.75 2.53
2025 4.18 3.54
2026 6.36 4.95
2027 9.66 6.92
2028 14.7 9.67
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 223 billion. This corresponds to a present value of 135 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 27.6 billion. Adding in the terminal value gives a total present value of 163 billion.

There are presently 62.7 million outstanding shares, so the intrinsic value per share is 2598.93.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 4,963,186,000
Current Cash 1,924,386,000
Current Liabilities 2,641,446,000
Current Debt 0
Non-Cash Working Capital (NCWC) 397,354,000
Change in NCWC 646,583,000
EBIT 1,463,019,000
Tax Provision 340,610,000
Depreciation and Amortization 365,475,000
Capital Expenditure -364,075,000
Unlevered Free Cash Flow 1,750,879,418
Current Assets 5,106,656,000
Current Cash 2,643,205,000
Current Liabilities 2,712,680,000
Current Debt 0
Non-Cash Working Capital (NCWC) -249,229,000
Change in NCWC 199,386,000
EBIT 2,034,503,000
Tax Provision 474,567,000
Depreciation and Amortization 322,551,000
Capital Expenditure -308,261,000
Unlevered Free Cash Flow 1,764,078,724
Current Assets 3,759,650,000
Current Cash 1,658,067,000
Current Liabilities 2,550,198,000
Current Debt 0
Non-Cash Working Capital (NCWC) -448,615,000
Change in NCWC -712,823,000
EBIT 741,477,000
Tax Provision 181,484,000
Depreciation and Amortization 326,014,000
Capital Expenditure -224,027,000
Unlevered Free Cash Flow -58,426,857
Current Assets 2,410,016,000
Current Cash 69,334,000
Current Liabilities 2,076,474,000
Current Debt 0
Non-Cash Working Capital (NCWC) 264,208,000
Change in NCWC -245,161,000
EBIT 375,613,000
Tax Provision 110,242,000
Depreciation and Amortization 270,448,000
Capital Expenditure -217,461,000
Unlevered Free Cash Flow 81,874,314
Current Assets 2,122,398,000
Current Cash 113,653,000
Current Liabilities 1,504,639,000
Current Debt 5,263,000
Non-Cash Working Capital (NCWC) 509,369,000
Change in NCWC 24,349,000
EBIT 444,733,000
Tax Provision 112,056,000
Depreciation and Amortization 243,830,000
Capital Expenditure -198,219,000
Unlevered Free Cash Flow 399,312,834
Current Assets 2,006,085,000
Current Cash 101,253,000
Current Liabilities 1,425,014,000
Current Debt 5,202,000
Non-Cash Working Capital (NCWC) 485,020,000
Change in NCWC 50,888,000
EBIT 477,574,000
Tax Provision 177,892,000
Depreciation and Amortization 237,651,000
Capital Expenditure -474,347,000
Unlevered Free Cash Flow 122,305,948
Current Assets 1,995,678,000
Current Cash 164,777,000
Current Liabilities 1,397,415,000
Current Debt 646,000
Non-Cash Working Capital (NCWC) 434,132,000
Change in NCWC -68,536,000
EBIT 449,854,000
Tax Provision 171,026,000
Depreciation and Amortization 233,834,000
Capital Expenditure -421,920,000
Unlevered Free Cash Flow 25,402,510
Current Assets 1,812,690,000
Current Cash 118,936,000
Current Liabilities 1,191,675,000
Current Debt 589,000
Non-Cash Working Capital (NCWC) 502,668,000
Change in NCWC -7,741,000
EBIT 535,192,000
Tax Provision 200,484,000
Depreciation and Amortization 193,594,000
Capital Expenditure -370,028,000
Unlevered Free Cash Flow 148,902,692
Current Assets 1,850,384,000
Current Cash 221,679,000
Current Liabilities 1,118,833,000
Current Debt 537,000
Non-Cash Working Capital (NCWC) 510,409,000
Change in NCWC 73,757,000
EBIT 554,059,000
Tax Provision 211,816,000
Depreciation and Amortization 179,431,000
Capital Expenditure -349,007,000
Unlevered Free Cash Flow 247,168,765
Current Assets 1,620,071,000
Current Cash 181,731,000
Current Liabilities 1,002,587,000
Current Debt 899,000
Non-Cash Working Capital (NCWC) 436,652,000
Change in NCWC 178,232,000
EBIT 536,812,000
Tax Provision 208,509,000
Depreciation and Amortization 154,928,000
Capital Expenditure -285,668,000
Unlevered Free Cash Flow 379,343,922
Current Assets 1,595,889,000
Current Cash 345,214,000
Current Liabilities 1,000,768,000
Current Debt 8,513,000
Non-Cash Working Capital (NCWC) 258,420,000
Change in NCWC 57,149,000
EBIT 523,674,000
Tax Provision 199,116,000
Depreciation and Amortization 125,096,000
Capital Expenditure -219,026,000
Unlevered Free Cash Flow 274,017,233

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