DCF Tool


La-Z-Boy Inc. – Upholstered Household Furniture Manufacturing
la-z-boy incorporated is one of the world's leading residential furniture producers, marketing furniture for every room of the home. our state-of-the-art world headquarters, located in monroe, mi, is just a short drive from the ann arbor, metro detroit and toledo areas. notably, our building was recently awarded the leed silver certification by the u.s. green building council. la-z-boy’s network of 300+ retail stores span across the u.s. and canada, and our vast distribution network allows our product to reach consumers and retailers across the globe. we are also proud that our u.s. based manufacturing plants and regional distribution centers achieved record performances for safety this past year, establishing new records for the u.s. furniture industry. further, we understand that being a great employer also means being a good corporate citizen. as such, la-z-boy and the la-z-boy foundation contributed almost $3 million in financial and product donations to non-profit organizations th
Analysis Results
Intrinsic Value $154.90
Latest Price $31.02
Relative Value 80% 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 23.3%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 9.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 23.3%, 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)
2024 278 253
2025 342 285
2026 422 321
2027 520 362
2028 641 407
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 8700 million. This corresponds to a present value of 5040 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1630 million. Adding in the terminal value gives a total present value of 6670 million.

There are presently 43.1 million outstanding shares, so the intrinsic value per share is 154.9.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 854,600,000
Current Cash 349,768,000
Current Liabilities 475,861,000
Current Debt 125,000
Non-Cash Working Capital (NCWC) 29,096,000
Change in NCWC 15,834,000
EBIT 211,439,000
Tax Provision 53,848,000
Depreciation and Amortization 116,704,000
Capital Expenditure -68,812,000
Unlevered Free Cash Flow 219,838,586
Current Assets 951,776,000
Current Cash 262,948,000
Current Liabilities 675,689,000
Current Debt 123,000
Non-Cash Working Capital (NCWC) 13,262,000
Change in NCWC 110,433,000
EBIT 206,756,000
Tax Provision 53,163,000
Depreciation and Amortization 112,713,000
Capital Expenditure -76,580,000
Unlevered Free Cash Flow 299,831,729
Current Assets 926,160,000
Current Cash 411,782,000
Current Liabilities 611,670,000
Current Debt 121,000
Non-Cash Working Capital (NCWC) -97,171,000
Change in NCWC -164,804,000
EBIT 136,736,000
Tax Provision 38,384,000
Depreciation and Amortization 33,021,000
Capital Expenditure -37,960,000
Unlevered Free Cash Flow -68,976,890
Current Assets 626,326,000
Current Cash 283,524,000
Current Liabilities 350,169,000
Current Debt 75,000,000
Non-Cash Working Capital (NCWC) 67,633,000
Change in NCWC -83,853,000
EBIT 145,624,000
Tax Provision 36,189,000
Depreciation and Amortization 31,192,000
Capital Expenditure -46,035,000
Unlevered Free Cash Flow 1,170,861
Current Assets 541,118,000
Current Cash 151,176,000
Current Liabilities 238,636,000
Current Debt 180,000
Non-Cash Working Capital (NCWC) 151,486,000
Change in NCWC -34,827,000
EBIT 129,674,000
Tax Provision 25,186,000
Depreciation and Amortization 31,147,000
Capital Expenditure -48,433,000
Unlevered Free Cash Flow 43,300,304
Current Assets 518,218,000
Current Cash 150,781,000
Current Liabilities 181,347,000
Current Debt 223,000
Non-Cash Working Capital (NCWC) 186,313,000
Change in NCWC 26,121,000
EBIT 129,369,000
Tax Provision 47,295,000
Depreciation and Amortization 31,767,000
Capital Expenditure -36,337,000
Unlevered Free Cash Flow 103,449,235
Current Assets 517,422,000
Current Cash 158,773,000
Current Liabilities 198,676,000
Current Debt 219,000
Non-Cash Working Capital (NCWC) 160,192,000
Change in NCWC -36,968,000
EBIT 130,581,000
Tax Provision 43,756,000
Depreciation and Amortization 29,131,000
Capital Expenditure -20,304,000
Unlevered Free Cash Flow 58,737,214
Current Assets 481,972,000
Current Cash 127,675,000
Current Liabilities 157,427,000
Current Debt 290,000
Non-Cash Working Capital (NCWC) 197,160,000
Change in NCWC -8,595,000
EBIT 122,968,000
Tax Provision 44,080,000
Depreciation and Amortization 26,517,000
Capital Expenditure -24,684,000
Unlevered Free Cash Flow 72,857,476
Current Assets 476,451,000
Current Cash 116,202,000
Current Liabilities 154,891,000
Current Debt 397,000
Non-Cash Working Capital (NCWC) 205,755,000
Change in NCWC 10,328,000
EBIT 102,794,000
Tax Provision 36,954,000
Depreciation and Amortization 22,283,000
Capital Expenditure -70,319,000
Unlevered Free Cash Flow 29,123,476
Current Assets 522,673,000
Current Cash 167,361,000
Current Liabilities 167,382,000
Current Debt 7,497,000
Non-Cash Working Capital (NCWC) 195,427,000
Change in NCWC -12,818,000
EBIT 94,135,000
Tax Provision 31,383,000
Depreciation and Amortization 23,182,000
Capital Expenditure -33,730,000
Unlevered Free Cash Flow 38,503,043
Current Assets 500,880,000
Current Cash 142,985,000
Current Liabilities 150,163,000
Current Debt 513,000
Non-Cash Working Capital (NCWC) 208,245,000
Change in NCWC 8,545,000
EBIT 67,627,000
Tax Provision 23,528,000
Depreciation and Amortization 23,140,000
Capital Expenditure -25,912,000
Unlevered Free Cash Flow 50,897,835
Current Assets 500,000,000
Current Cash 152,370,000
Current Liabilities 149,759,000
Current Debt 1,829,000
Non-Cash Working Capital (NCWC) 199,700,000
Change in NCWC 9,723,000
EBIT 49,631,000
Tax Provision -22,051,000
Depreciation and Amortization 23,486,000
Capital Expenditure -15,663,000
Unlevered Free Cash Flow 67,177,000

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