DCF Tool

KSS

Kohl`s Corp. – Department Stores (except Discount Department Stores)
Kohl's Corporation is a leading omnichannel retailer with more than 1,100 stores in 49 states. With a commitment to inspiring and empowering families to lead fulfilled lives, Kohl's offers amazing national and exclusive brands, incredible savings and an easy shopping experience in its stores, online at Kohls.com and on Kohl's mobile app. Since its founding, Kohl's has given more than $700 million to support communities nationwide, with a focus on family health and wellness.
Analysis Results
Intrinsic Value $102.56
Latest Price $31.33
Relative Value 69% 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 -3.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -3.7%, 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 (billion) Present value (billion)
2023 1.04 0.962
2024 1.0 0.857
2025 0.964 0.763
2026 0.928 0.679
2027 0.894 0.605
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 14.9 billion. This corresponds to a present value of 9.31 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.87 billion. Adding in the terminal value gives a total present value of 13.2 billion.

There are presently 128.0 million outstanding shares, so the intrinsic value per share is 102.56.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 5,023,000,000
Current Cash 1,587,000,000
Current Liabilities 3,286,000,000
Current Debt 118,000,000
Non-Cash Working Capital (NCWC) 268,000,000
Change in NCWC -389,000,000
EBIT 1,680,000,000
Tax Provision 281,000,000
Depreciation and Amortization 838,000,000
Capital Expenditure -605,000,000
Unlevered Free Cash Flow 1,136,731,747
Current Assets 5,835,000,000
Current Cash 2,271,000,000
Current Liabilities 3,022,000,000
Current Debt 115,000,000
Non-Cash Working Capital (NCWC) 657,000,000
Change in NCWC -624,000,000
EBIT -300,000,000
Tax Provision -383,000,000
Depreciation and Amortization 874,000,000
Capital Expenditure -334,000,000
Unlevered Free Cash Flow -384,000,000
Current Assets 4,649,000,000
Current Cash 723,000,000
Current Liabilities 2,769,000,000
Current Debt 124,000,000
Non-Cash Working Capital (NCWC) 1,281,000,000
Change in NCWC -5,000,000
EBIT 1,212,000,000
Tax Provision 210,000,000
Depreciation and Amortization 917,000,000
Capital Expenditure -855,000,000
Unlevered Free Cash Flow 986,513,873
Current Assets 4,835,000,000
Current Cash 934,000,000
Current Liabilities 2,730,000,000
Current Debt 115,000,000
Non-Cash Working Capital (NCWC) 1,286,000,000
Change in NCWC -212,000,000
EBIT 1,465,000,000
Tax Provision 241,000,000
Depreciation and Amortization 964,000,000
Capital Expenditure -578,000,000
Unlevered Free Cash Flow 1,300,166,026
Current Assets 5,331,000,000
Current Cash 1,308,000,000
Current Liabilities 2,651,000,000
Current Debt 126,000,000
Non-Cash Working Capital (NCWC) 1,498,000,000
Change in NCWC 168,000,000
EBIT 1,416,000,000
Tax Provision 258,000,000
Depreciation and Amortization 991,000,000
Capital Expenditure -672,000,000
Unlevered Free Cash Flow 1,575,938,227
Current Assets 5,247,000,000
Current Cash 1,074,000,000
Current Liabilities 2,974,000,000
Current Debt 131,000,000
Non-Cash Working Capital (NCWC) 1,330,000,000
Change in NCWC -452,000,000
EBIT 1,369,000,000
Tax Provision 319,000,000
Depreciation and Amortization 938,000,000
Capital Expenditure -768,000,000
Unlevered Free Cash Flow 587,901,714
Current Assets 5,076,000,000
Current Cash 707,000,000
Current Liabilities 2,714,000,000
Current Debt 127,000,000
Non-Cash Working Capital (NCWC) 1,782,000,000
Change in NCWC 240,000,000
EBIT 1,553,000,000
Tax Provision 384,000,000
Depreciation and Amortization 934,000,000
Capital Expenditure -690,000,000
Unlevered Free Cash Flow 1,472,807,000
Current Assets 5,698,000,000
Current Cash 1,407,000,000
Current Liabilities 2,859,000,000
Current Debt 110,000,000
Non-Cash Working Capital (NCWC) 1,542,000,000
Change in NCWC -182,000,000
EBIT 1,689,000,000
Tax Provision 482,000,000
Depreciation and Amortization 886,000,000
Capital Expenditure -682,000,000
Unlevered Free Cash Flow 1,107,517,420
Current Assets 5,292,000,000
Current Cash 971,000,000
Current Liabilities 2,736,000,000
Current Debt 139,000,000
Non-Cash Working Capital (NCWC) 1,724,000,000
Change in NCWC -28,000,000
EBIT 1,742,000,000
Tax Provision 515,000,000
Depreciation and Amortization 889,000,000
Capital Expenditure -643,000,000
Unlevered Free Cash Flow 1,321,018,518
Current Assets 4,719,000,000
Current Cash 537,000,000
Current Liabilities 2,535,000,000
Current Debt 105,000,000
Non-Cash Working Capital (NCWC) 1,752,000,000
Change in NCWC 678,000,000
EBIT 1,890,000,000
Tax Provision 575,000,000
Depreciation and Amortization 833,000,000
Capital Expenditure -785,000,000
Unlevered Free Cash Flow 1,919,811,659

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