DCF Tool


Duluth Holdings Inc – Clothing Accessories Stores
flannel is not required at the duluth trading office to fit in, but if you smile a little when you see our commercials, you just may just find your passion coming to work here every day. duluth trading company’s television ads are a reflection of our unique culture that is anything but average. the heart of our success is creating one-of-a-kind men’s and women’s clothing, innovative tools and ingenious gadgets while being humorous storytellers. customer favorites include ballroom® jeans that let you “crouch without the ouch,"​ buck naked™ underwear, and our longtail t® shirts that prevent plumber's butt. we’re growing fast, and taking care of business through our website, catalogs, and retail stores. if you like the sounds of all this, you might just be the perfect next addition to our team. we have corporate office locations just outside of madison, wis. (in belleville and mt. horeb), and retail stores across the midwest. for full-time staff, we provide medical, dental and life insura
Analysis Results
Intrinsic Value $150.06
Latest Price $5.65
Relative Value 96% undervalued
Thoughts on this result? Let us know.
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 51.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 51.3%, 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 (million) Present value (million)
2024 67.2 62.4
2025 102 87.6
2026 154 123
2027 233 173
2028 352 243
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6250 million. This corresponds to a present value of 4000 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 688 million. Adding in the terminal value gives a total present value of 4680 million.

There are presently 31.2 million outstanding shares, so the intrinsic value per share is 150.06.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 225,897,000
Current Cash 45,548,000
Current Liabilities 118,304,000
Current Debt 3,610,000
Non-Cash Working Capital (NCWC) 65,655,000
Change in NCWC 32,787,000
EBIT 6,231,000
Tax Provision 708,000
Depreciation and Amortization 30,810,000
Capital Expenditure -22,833,000
Unlevered Free Cash Flow 45,501,584
Current Assets 222,521,000
Current Cash 77,051,000
Current Liabilities 115,996,000
Current Debt 3,394,000
Non-Cash Working Capital (NCWC) 32,868,000
Change in NCWC -40,259,000
EBIT 44,099,000
Tax Provision 9,887,000
Depreciation and Amortization 29,225,000
Capital Expenditure -10,352,000
Unlevered Free Cash Flow 11,657,219
Current Assets 210,310,000
Current Cash 47,221,000
Current Liabilities 95,714,000
Current Debt 5,752,000
Non-Cash Working Capital (NCWC) 73,127,000
Change in NCWC -11,909,000
EBIT 24,215,000
Tax Provision 4,637,000
Depreciation and Amortization 28,520,000
Capital Expenditure -11,743,000
Unlevered Free Cash Flow 22,850,832
Current Assets 162,192,000
Current Cash 538,000
Current Liabilities 78,775,000
Current Debt 2,157,000
Non-Cash Working Capital (NCWC) 85,036,000
Change in NCWC 19,680,000
EBIT 28,108,000
Tax Provision 5,429,000
Depreciation and Amortization 22,083,000
Capital Expenditure -24,435,000
Unlevered Free Cash Flow 39,058,603
Current Assets 118,198,000
Current Cash 731,000
Current Liabilities 52,611,000
Current Debt 500,000
Non-Cash Working Capital (NCWC) 65,356,000
Change in NCWC 16,607,000
EBIT 37,181,000
Tax Provision 8,450,000
Depreciation and Amortization 12,594,000
Capital Expenditure -53,036,000
Unlevered Free Cash Flow 3,408,329
Current Assets 101,826,000
Current Cash 2,865,000
Current Liabilities 50,296,000
Current Debt 84,000
Non-Cash Working Capital (NCWC) 48,749,000
Change in NCWC 5,922,000
EBIT 37,072,000
Tax Provision 11,878,000
Depreciation and Amortization 7,330,000
Capital Expenditure -46,464,000
Unlevered Free Cash Flow -8,542,231
Current Assets 101,246,000
Current Cash 24,042,000
Current Liabilities 35,119,000
Current Debt 742,000
Non-Cash Working Capital (NCWC) 42,827,000
Change in NCWC 6,278,000
EBIT 35,001,000
Tax Provision 13,525,000
Depreciation and Amortization 4,698,000
Capital Expenditure -28,672,000
Unlevered Free Cash Flow 3,800,449

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