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Williams-Sonoma, Inc. – All Other Home Furnishings Stores
Williams-Sonoma, Inc. is the world's largest digital-first, design-led and sustainable home retailer. The company's products, representing distinct merchandise strategies - Williams Sonoma, Pottery Barn, Pottery Barn Kids, Pottery Barn Teen, West Elm, Williams Sonoma Home, Rejuvenation, and Mark and Graham - are marketed through e-commerce websites, direct-mail catalogs and retail stores. These brands are also part of The Key Rewards, its free-to-join loyalty program that offers members exclusive benefits across the Williams-Sonoma family of brands. Williams-Sonoma operates in the U.S., Puerto Rico, Canada, Australia and the United Kingdom, offers international shipping to customers worldwide, and has unaffiliated franchisees that operate stores in the Middle East, the Philippines, Mexico, South Korea and India, as well as e-commerce websites in certain locations. The company is also proud to lead the industry with its Environmental, Social and Governance ('ESG') efforts. The company is Good By Design - it has deeply engrained sustainability into its business. From its factories to your home, Williams-Sonoma is united in a shared purpose to care for its people and its planet.
Analysis Results
Intrinsic Value $111.46
Latest Price $129.62
Relative Value 16% overvalued
Thoughts on this result? Let us know.
Cash Flow (Billions)
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 12.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 11.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 12.0%, 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 0.556 0.499
2024 0.622 0.501
2025 0.697 0.503
2026 0.78 0.505
2027 0.874 0.508
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 9.41 billion. This corresponds to a present value of 4.9 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2.52 billion. Adding in the terminal value gives a total present value of 7.42 billion.

There are presently 66.6 million outstanding shares, so the intrinsic value per share is 111.46.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,323,894,000
Current Cash 850,338,000
Current Liabilities 1,771,686,000
Current Debt 0
Non-Cash Working Capital (NCWC) -298,130,000
Change in NCWC -16,223,000
EBIT 1,453,116,000
Tax Provision 324,914,000
Depreciation and Amortization 196,087,000
Capital Expenditure -226,517,000
Unlevered Free Cash Flow 1,081,131,453
Current Assets 2,467,080,000
Current Cash 1,200,337,000
Current Liabilities 1,848,000,000
Current Debt 299,350,000
Non-Cash Working Capital (NCWC) -281,907,000
Change in NCWC -295,643,000
EBIT 910,697,000
Tax Provision 213,752,000
Depreciation and Amortization 188,655,000
Capital Expenditure -169,513,000
Unlevered Free Cash Flow 416,565,251
Current Assets 1,755,635,000
Current Cash 432,162,000
Current Liabilities 1,609,555,000
Current Debt 299,818,000
Non-Cash Working Capital (NCWC) 13,736,000
Change in NCWC -266,841,000
EBIT 465,874,000
Tax Provision 100,959,000
Depreciation and Amortization 187,759,000
Capital Expenditure -186,276,000
Unlevered Free Cash Flow 97,601,313
Current Assets 1,694,343,000
Current Cash 338,954,000
Current Liabilities 1,074,812,000
Current Debt 0
Non-Cash Working Capital (NCWC) 280,577,000
Change in NCWC 42,091,000
EBIT 435,953,000
Tax Provision 95,563,000
Depreciation and Amortization 188,808,000
Capital Expenditure -190,102,000
Unlevered Free Cash Flow 379,694,047
Current Assets 1,636,445,000
Current Cash 390,136,000
Current Liabilities 1,007,823,000
Current Debt 0
Non-Cash Working Capital (NCWC) 238,486,000
Change in NCWC 46,275,000
EBIT 453,811,000
Tax Provision 192,894,000
Depreciation and Amortization 183,077,000
Capital Expenditure -189,712,000
Unlevered Free Cash Flow 299,972,058
Current Assets 1,367,180,000
Current Cash 213,713,000
Current Liabilities 961,256,000
Current Debt 0
Non-Cash Working Capital (NCWC) 192,211,000
Change in NCWC 46,185,000
EBIT 472,599,000
Tax Provision 166,524,000
Depreciation and Amortization 173,195,000
Capital Expenditure -197,414,000
Unlevered Free Cash Flow 327,798,224
Current Assets 1,336,100,000
Current Cash 193,647,000
Current Liabilities 996,427,000
Current Debt 0
Non-Cash Working Capital (NCWC) 146,026,000
Change in NCWC -148,990,000
EBIT 488,634,000
Tax Provision 177,939,000
Depreciation and Amortization 167,760,000
Capital Expenditure -202,935,000
Unlevered Free Cash Flow 126,301,380
Current Assets 1,391,923,000
Current Cash 222,927,000
Current Liabilities 875,948,000
Current Debt 1,968,000
Non-Cash Working Capital (NCWC) 295,016,000
Change in NCWC 65,345,000
EBIT 502,265,000
Tax Provision 193,349,000
Depreciation and Amortization 162,273,000
Capital Expenditure -204,800,000
Unlevered Free Cash Flow 331,710,129
Current Assets 1,419,103,000
Current Cash 330,121,000
Current Liabilities 861,096,000
Current Debt 1,785,000
Non-Cash Working Capital (NCWC) 229,671,000
Change in NCWC -7,143,000
EBIT 452,098,000
Tax Provision 173,780,000
Depreciation and Amortization 149,795,000
Capital Expenditure -193,953,000
Unlevered Free Cash Flow 227,241,191
Current Assets 1,316,772,000
Current Cash 424,555,000
Current Liabilities 657,127,000
Current Debt 1,724,000
Non-Cash Working Capital (NCWC) 236,814,000
Change in NCWC 33,209,000
EBIT 409,163,000
Tax Provision 153,226,000
Depreciation and Amortization 134,453,000
Capital Expenditure -205,404,000
Unlevered Free Cash Flow 218,491,393

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