DCF Tool

MOV

Movado Group, Inc. – Other Measuring and Controlling Device Manufacturing
Movado Group, Inc. designs, sources and distributes MOVADO®, MVMT®, OLIVIA BURTON®, EBEL®, CONCORD®, COACH®, TOMMY HILFIGER®, HUGO BOSS®, LACOSTE® and SCUDERIA FERRARI® watches worldwide and operates Movado company stores in the United States and Canada.
Analysis Results
Intrinsic Value $7.11
Latest Price $31.57
Relative Value 344% overvalued
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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 -13.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 10.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -13.6%, 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 16.6 15.1
2024 14.4 11.8
2025 12.4 9.25
2026 10.7 7.25
2027 9.25 5.68
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 115 million. This corresponds to a present value of 63.8 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 49.1 million. Adding in the terminal value gives a total present value of 113 million.

There are presently 15.9 million outstanding shares, so the intrinsic value per share is 7.11.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 553,884,000
Current Cash 277,541,000
Current Liabilities 151,466,000
Current Debt 0
Non-Cash Working Capital (NCWC) 124,877,000
Change in NCWC -24,946,000
EBIT 117,491,000
Tax Provision 24,774,000
Depreciation and Amortization 12,463,000
Capital Expenditure -5,947,000
Unlevered Free Cash Flow 74,253,639
Current Assets 501,651,000
Current Cash 224,157,000
Current Liabilities 127,671,000
Current Debt 0
Non-Cash Working Capital (NCWC) 149,823,000
Change in NCWC -18,872,000
EBIT 13,792,000
Tax Provision -31,188,000
Depreciation and Amortization 14,112,000
Capital Expenditure -3,182,000
Unlevered Free Cash Flow 5,850,000
Current Assets 464,554,000
Current Cash 186,559,000
Current Liabilities 109,300,000
Current Debt 0
Non-Cash Working Capital (NCWC) 168,695,000
Change in NCWC 3,475,000
EBIT 42,991,000
Tax Provision 15,124,000
Depreciation and Amortization 16,381,000
Capital Expenditure -12,968,000
Unlevered Free Cash Flow 38,571,835
Current Assets 468,146,000
Current Cash 190,243,000
Current Liabilities 112,683,000
Current Debt 0
Non-Cash Working Capital (NCWC) 165,220,000
Change in NCWC -25,834,000
EBIT 62,197,000
Tax Provision 162,000
Depreciation and Amortization 14,165,000
Capital Expenditure -11,127,000
Unlevered Free Cash Flow 39,237,782
Current Assets 481,600,000
Current Cash 215,250,000
Current Liabilities 100,296,000
Current Debt 25,000,000
Non-Cash Working Capital (NCWC) 191,054,000
Change in NCWC 9,418,000
EBIT 43,200,000
Tax Provision 57,367,000
Depreciation and Amortization 13,457,000
Capital Expenditure -6,366,000
Unlevered Free Cash Flow 2,342,000
Current Assets 504,780,000
Current Cash 256,742,000
Current Liabilities 71,402,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 181,636,000
Change in NCWC -5,761,000
EBIT 53,981,000
Tax Provision 16,315,000
Depreciation and Amortization 11,507,000
Capital Expenditure -6,248,000
Unlevered Free Cash Flow 36,362,740
Current Assets 489,035,000
Current Cash 228,456,000
Current Liabilities 78,182,000
Current Debt 5,000,000
Non-Cash Working Capital (NCWC) 187,397,000
Change in NCWC -31,643,000
EBIT 70,107,000
Tax Provision 23,360,000
Depreciation and Amortization 13,156,000
Capital Expenditure -8,720,000
Unlevered Free Cash Flow 19,208,144
Current Assets 485,278,000
Current Cash 200,166,000
Current Liabilities 66,072,000
Current Debt 0
Non-Cash Working Capital (NCWC) 219,040,000
Change in NCWC 8,657,000
EBIT 71,487,000
Tax Provision 19,264,000
Depreciation and Amortization 12,469,000
Capital Expenditure -11,250,000
Unlevered Free Cash Flow 62,011,564
Current Assets 485,310,000
Current Cash 191,334,000
Current Liabilities 83,593,000
Current Debt 0
Non-Cash Working Capital (NCWC) 210,383,000
Change in NCWC 17,659,000
EBIT 67,742,000
Tax Provision 17,373,000
Depreciation and Amortization 12,233,000
Capital Expenditure -16,992,000
Unlevered Free Cash Flow 63,565,448
Current Assets 434,099,000
Current Cash 167,889,000
Current Liabilities 73,486,000
Current Debt 0
Non-Cash Working Capital (NCWC) 192,724,000
Change in NCWC 28,686,000
EBIT 49,346,000
Tax Provision -8,812,000
Depreciation and Amortization 10,608,000
Capital Expenditure -16,263,000
Unlevered Free Cash Flow 72,377,000

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