Discounted Cash Flow

Sally Beauty Holdings, Inc.

SBH · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $4.0b $222.9m $202.3m 5.6% $1.51
2017 $3.9b (-0.4%) $215.1m (-3.5%) $254.7m (25.9%) 5.5% (-3.2%) $1.56 (3.3%)
2018 $3.9b (-0.1%) $258.0m (20.0%) $286.2m (12.3%) 6.6% (20.2%) $2.09 (34.0%)
2019 $3.9b (-1.4%) $271.6m (5.3%) $212.7m (-25.7%) 7.0% (6.8%) $2.27 (8.6%)
2020 $3.5b (-9.3%) $113.2m (-58.3%) $316.0m (48.6%) 3.2% (-54.0%) $0.99 (-56.4%)
2021 $3.9b (10.3%) $239.9m (111.8%) $308.0m (-2.6%) 6.2% (92.1%) $2.13 (115.2%)
2022 $3.8b (-1.5%) $183.6m (-23.5%) $57.2m (-81.4%) 4.8% (-22.3%) $1.69 (-20.7%)
2023 $3.7b (-2.3%) $184.6m (0.6%) $158.6m (177.0%) 5.0% (2.9%) $1.72 (1.8%)
2024 $3.7b (-0.3%) $153.4m (-16.9%) $145.4m (-8.3%) 4.1% (-16.6%) $1.48 (-14.0%)
2025 $3.7b (-0.4%) $195.9m (27.7%) $172.7m (18.8%) 5.3% (28.2%) $1.95 (31.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model