DCF Tool

FCFS

FirstCash Holdings Inc – Credit Card Issuing
founded in 1988, first cash financial services, inc. is a leading specialty retailer and provider of consumer financial services. our pawn stores make small loans secured by pledged personal property and retail a wide variety of jewelry, electronics, tools and other merchandise. the company's short-term loan locations provide various combinations of financial services products, including short-term loans, check cashing, and credit services. the company owns and operates over 800 stores in twelve u.s. states and 24 states in mexico. first cash's common stock (ticker symbol "fcfs"‚Äč) is traded on the nasdaq global select market, which has the highest initial listing standards of any stock exchange in the world based on financial and liquidity requirements.
Analysis Results
Intrinsic Value $2,635.04
Latest Price $112.92
Relative Value 96% undervalued
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Cash Flow (Billions)
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 49.4%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 49.4%, 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)
2023 0.93 0.893
2024 1.39 1.28
2025 2.07 1.83
2026 3.1 2.63
2027 4.63 3.77
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 139 billion. This corresponds to a present value of 108 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 10.4 billion. Adding in the terminal value gives a total present value of 119 billion.

There are presently 45.1 million outstanding shares, so the intrinsic value per share is 2635.04.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,130,662,000
Current Cash 117,330,000
Current Liabilities 295,529,000
Current Debt 0
Non-Cash Working Capital (NCWC) 717,803,000
Change in NCWC 100,698,000
EBIT 283,902,000
Tax Provision 70,138,000
Depreciation and Amortization 457,327,000
Capital Expenditure -118,488,000
Unlevered Free Cash Flow 661,911,533
Current Assets 1,129,358,000
Current Cash 120,046,000
Current Liabilities 392,207,000
Current Debt 0
Non-Cash Working Capital (NCWC) 617,105,000
Change in NCWC 264,796,000
EBIT 197,155,000
Tax Provision 41,593,000
Depreciation and Amortization 58,732,000
Capital Expenditure -121,529,000
Unlevered Free Cash Flow 349,903,733
Current Assets 624,565,000
Current Cash 65,850,000
Current Liabilities 206,406,000
Current Debt 0
Non-Cash Working Capital (NCWC) 352,309,000
Change in NCWC -139,251,000
EBIT 195,945,000
Tax Provision 37,120,000
Depreciation and Amortization 42,105,000
Capital Expenditure -83,045,000
Unlevered Free Cash Flow -34,862,068
Current Assets 740,989,000
Current Cash 46,527,000
Current Liabilities 202,902,000
Current Debt 0
Non-Cash Working Capital (NCWC) 491,560,000
Change in NCWC -93,494,000
EBIT 258,570,000
Tax Provision 59,993,000
Depreciation and Amortization 41,904,000
Capital Expenditure -118,972,000
Unlevered Free Cash Flow 18,944,641
Current Assets 789,892,000
Current Cash 71,793,000
Current Liabilities 133,045,000
Current Debt 0
Non-Cash Working Capital (NCWC) 585,054,000
Change in NCWC -22,149,000
EBIT 240,443,000
Tax Provision 52,103,000
Depreciation and Amortization 42,961,000
Capital Expenditure -55,673,000
Unlevered Free Cash Flow 144,562,747
Current Assets 842,197,000
Current Cash 114,423,000
Current Liabilities 120,571,000
Current Debt 0
Non-Cash Working Capital (NCWC) 607,203,000
Change in NCWC -51,349,000
EBIT 217,926,000
Tax Provision 28,420,000
Depreciation and Amortization 55,233,000
Capital Expenditure -37,135,000
Unlevered Free Cash Flow 148,731,728
Current Assets 892,135,000
Current Cash 89,955,000
Current Liabilities 143,628,000
Current Debt 0
Non-Cash Working Capital (NCWC) 658,552,000
Change in NCWC 466,247,000
EBIT 148,387,000
Tax Provision 33,320,000
Depreciation and Amortization 31,865,000
Capital Expenditure -33,863,000
Unlevered Free Cash Flow 559,726,277
Current Assets 325,434,000
Current Cash 86,954,000
Current Liabilities 46,175,000
Current Debt 0
Non-Cash Working Capital (NCWC) 192,305,000
Change in NCWC -5,019,000
EBIT 110,915,000
Tax Provision 26,971,000
Depreciation and Amortization 17,939,000
Capital Expenditure -21,073,000
Unlevered Free Cash Flow 68,644,135
Current Assets 307,875,000
Current Cash 67,992,000
Current Liabilities 42,559,000
Current Debt 0
Non-Cash Working Capital (NCWC) 197,324,000
Change in NCWC 23,180,000
EBIT 129,825,000
Tax Provision 31,542,000
Depreciation and Amortization 17,476,000
Capital Expenditure -23,954,000
Unlevered Free Cash Flow 111,521,527
Current Assets 290,222,000
Current Cash 70,643,000
Current Liabilities 48,761,000
Current Debt 3,326,000
Non-Cash Working Capital (NCWC) 174,144,000
Change in NCWC 10,937,000
EBIT 123,362,000
Tax Provision 35,713,000
Depreciation and Amortization 15,361,000
Capital Expenditure -26,672,000
Unlevered Free Cash Flow 86,333,088
Current Assets 241,430,000
Current Cash 50,285,000
Current Liabilities 31,150,000
Current Debt 3,212,000
Non-Cash Working Capital (NCWC) 163,207,000
Change in NCWC 58,430,000
EBIT 123,883,000
Tax Provision 41,506,000
Depreciation and Amortization 12,975,000
Capital Expenditure -21,841,000
Unlevered Free Cash Flow 131,510,405

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