DCF Tool


National Vision Holdings Inc – Beer, Wine, and Liquor Stores
national vision is one of the fastest-growing optical retailers in the country, and every day, our 8,000 employees work together to support our vision – that everyone deserves to see their best to live their best. national vision, inc. operates five companies as part of our family of optical retailers – america's best contacts & eyeglasses, eyeglass world, vision centers brought to you by walmart, vista optical inside fred meyer and optical centers on select military bases. with more than 800 retail locations in 44 states, d.c. and puerto rico, our mission is to help people by making quality eye care and eyewear more affordable and accessible.
Analysis Results
Intrinsic Value $20.35
Latest Price $15.76
Relative Value 23% undervalued
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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 7.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.3%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.7%, 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 73.3 68.3
2024 79.0 68.6
2025 85.0 68.8
2026 91.6 69.1
2027 98.6 69.4
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 1900 million. This corresponds to a present value of 1250 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 344 million. Adding in the terminal value gives a total present value of 1590 million.

There are presently 78.2 million outstanding shares, so the intrinsic value per share is 20.35.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 473,836,000
Current Cash 229,425,000
Current Liabilities 344,264,000
Current Debt 4,137,000
Non-Cash Working Capital (NCWC) -95,716,000
Change in NCWC 35,312,000
EBIT 64,506,000
Tax Provision 18,691,000
Depreciation and Amortization 99,956,000
Capital Expenditure -113,547,000
Unlevered Free Cash Flow 66,400,948
Current Assets 514,576,000
Current Cash 305,800,000
Current Liabilities 343,803,000
Current Debt 3,999,000
Non-Cash Working Capital (NCWC) -131,028,000
Change in NCWC 1,307,000
EBIT 176,859,000
Tax Provision 21,081,000
Depreciation and Amortization 97,089,000
Capital Expenditure -95,515,000
Unlevered Free Cash Flow 154,771,879
Current Assets 566,650,000
Current Cash 373,903,000
Current Liabilities 328,680,000
Current Debt 3,598,000
Non-Cash Working Capital (NCWC) -132,335,000
Change in NCWC -68,212,000
EBIT 112,961,000
Tax Provision 2,403,000
Depreciation and Amortization 91,585,000
Capital Expenditure -76,823,000
Unlevered Free Cash Flow 52,493,283
Current Assets 234,639,000
Current Cash 39,342,000
Current Liabilities 273,179,000
Current Debt 13,759,000
Non-Cash Working Capital (NCWC) -64,123,000
Change in NCWC -57,610,000
EBIT 86,080,000
Tax Provision -2,309,000
Depreciation and Amortization 87,244,000
Capital Expenditure -101,325,000
Unlevered Free Cash Flow 14,389,000
Current Assets 214,704,000
Current Cash 17,132,000
Current Liabilities 211,652,000
Current Debt 7,567,000
Non-Cash Working Capital (NCWC) -6,513,000
Change in NCWC 39,269,000
EBIT 61,468,000
Tax Provision -18,785,000
Depreciation and Amortization 74,339,000
Capital Expenditure -104,493,000
Unlevered Free Cash Flow 70,583,000

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