DCF Tool

EXPR

Express Inc. – Clothing Accessories Stores
Express is a modern, versatile, dual gender apparel and accessories brand that helps people get dressed for every day and any occasion. Launched in 1980 with the idea that style, quality and value should all be found in one place, Express has always been a brand of the now, offering some of the most important and enduring fashion trends. Express aims to Create Confidence & Inspire Self-Expression through a design & merchandising view that brings forward The Best of Now for Real Life Versatility.
Analysis Results
Intrinsic Value $2.71
Latest Price $1.09
Relative Value 60% 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 -12.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 12.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -12.3%, 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)
2023 31.8 28.3
2024 27.9 22.1
2025 24.5 17.3
2026 21.4 13.5
2027 18.8 10.5
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 186 million. This corresponds to a present value of 92.9 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 91.7 million. Adding in the terminal value gives a total present value of 185 million.

There are presently 68.2 million outstanding shares, so the intrinsic value per share is 2.71.

Financial Statements

The following data was to determine the past cash flows.

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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