DCF Tool

EXPR

Express Inc. – Clothing Accessories Stores
for over 30 years, express has been a legendary fashion icon that offers the hottest styles for 20- to 30-year-old women and men. the company has a distinct combination of fashion and quality at an attractive value for multiple lifestyle occasions, including casual, jeans, work, and going out. express currently operates more than 600 retail and outlet stores with over 16,000 associates, located primarily in high-traffic shopping malls, lifestyle centers and street locations in the united states, canada, latin america, and the middle east. merchandise is also available on the company e-commerce website, express.com.
Analysis Results
Intrinsic Value $18.47
Latest Price $8.50
Relative Value 54% undervalued
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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 -15.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 20.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -15.0%, 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 20.9 17.4
2025 17.8 12.3
2026 15.1 8.7
2027 12.9 6.16
2028 10.9 4.35
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 61.2 million. This corresponds to a present value of 20.3 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 48.9 million. Adding in the terminal value gives a total present value of 69.2 million.

There are presently 3.75 million outstanding shares, so the intrinsic value per share is 18.47.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 534,404,000
Current Cash 65,612,000
Current Liabilities 541,590,000
Current Debt 0
Non-Cash Working Capital (NCWC) -72,798,000
Change in NCWC 53,078,000
EBIT -68,077,000
Tax Provision 20,453,000
Depreciation and Amortization 62,169,000
Capital Expenditure -47,375,000
Unlevered Free Cash Flow 4,225,278
Current Assets 490,737,000
Current Cash 41,176,000
Current Liabilities 586,653,000
Current Debt 11,216,000
Non-Cash Working Capital (NCWC) -125,876,000
Change in NCWC -29,459,000
EBIT 280,000
Tax Provision 315,000
Depreciation and Amortization 67,622,000
Capital Expenditure -34,771,000
Unlevered Free Cash Flow 3,672,000
Current Assets 474,510,000
Current Cash 55,874,000
Current Liabilities 515,053,000
Current Debt 0
Non-Cash Working Capital (NCWC) -96,417,000
Change in NCWC 107,508,000
EBIT -455,741,000
Tax Provision -55,900,000
Depreciation and Amortization 73,698,000
Capital Expenditure -16,854,000
Unlevered Free Cash Flow -291,389,000
Current Assets 470,689,000
Current Cash 207,139,000
Current Liabilities 467,475,000
Current Debt 0
Non-Cash Working Capital (NCWC) -203,925,000
Change in NCWC -269,591,000
EBIT -13,757,000
Tax Provision -50,526,000
Depreciation and Amortization 85,383,000
Capital Expenditure -37,039,000
Unlevered Free Cash Flow -235,004,000
Current Assets 512,028,000
Current Cash 171,670,000
Current Liabilities 274,692,000
Current Debt 0
Non-Cash Working Capital (NCWC) 65,666,000
Change in NCWC 27,616,000
EBIT 27,563,000
Tax Provision 10,660,000
Depreciation and Amortization 85,853,000
Capital Expenditure -49,778,000
Unlevered Free Cash Flow 76,772,896
Current Assets 565,136,000
Current Cash 236,222,000
Current Liabilities 290,864,000
Current Debt 0
Non-Cash Working Capital (NCWC) 38,050,000
Change in NCWC 13,687,000
EBIT 53,145,000
Tax Provision 8,669,000
Depreciation and Amortization 90,221,000
Capital Expenditure -57,435,000
Unlevered Free Cash Flow 83,184,470
Current Assets 514,133,000
Current Cash 207,373,000
Current Liabilities 282,397,000
Current Debt 0
Non-Cash Working Capital (NCWC) 24,363,000
Change in NCWC 5,250,000
EBIT 103,663,000
Tax Provision 33,200,000
Depreciation and Amortization 82,144,000
Capital Expenditure -98,733,000
Unlevered Free Cash Flow 54,344,243
Current Assets 513,419,000
Current Cash 186,903,000
Current Liabilities 307,403,000
Current Debt 0
Non-Cash Working Capital (NCWC) 19,113,000
Change in NCWC -1,505,000
EBIT 207,530,000
Tax Provision 74,171,000
Depreciation and Amortization 74,904,000
Capital Expenditure -115,378,000
Unlevered Free Cash Flow 84,827,354
Current Assets 654,236,000
Current Cash 346,159,000
Current Liabilities 287,459,000
Current Debt 0
Non-Cash Working Capital (NCWC) 20,618,000
Change in NCWC 48,248,000
EBIT 136,913,000
Tax Provision 43,231,000
Depreciation and Amortization 76,437,000
Capital Expenditure -116,098,000
Unlevered Free Cash Flow 92,442,469
Current Assets 583,461,000
Current Cash 311,884,000
Current Liabilities 299,207,000
Current Debt 0
Non-Cash Working Capital (NCWC) -27,630,000
Change in NCWC 25,581,000
EBIT 213,430,000
Tax Provision 76,627,000
Depreciation and Amortization 69,810,000
Capital Expenditure -105,462,000
Unlevered Free Cash Flow 118,693,475
Current Assets 515,862,000
Current Cash 256,297,000
Current Liabilities 312,776,000
Current Debt 0
Non-Cash Working Capital (NCWC) -53,211,000
Change in NCWC -21,675,000
EBIT 251,040,000
Tax Provision 92,704,000
Depreciation and Amortization 67,727,000
Capital Expenditure -99,884,000
Unlevered Free Cash Flow 96,883,338

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