Discounted Cash Flow

Victoria's Secret & Co.

VSXY · 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)
2020 $7.5b $-897.0m $90.0m -11.9% $-10.16
2021 $5.4b (-27.9%) $-72.0m (92.0%) $547.0m (507.8%) -1.3% (88.9%) $-0.82 (91.9%)
2022 $6.8b (25.3%) $646.0m (997.2%) $682.0m (24.7%) 9.5% (815.8%) $7.34 (995.1%)
2023 $6.3b (-6.5%) $348.0m (-46.1%) $273.0m (-60.0%) 5.5% (-42.4%) $4.24 (-42.2%)
2024 $6.2b (-2.6%) $109.0m (-68.7%) $133.0m (-51.3%) 1.8% (-67.9%) $1.41 (-66.7%)
2025 $6.2b (0.8%) $165.0m (51.4%) $247.0m (85.7%) 2.6% (50.2%) $2.11 (49.6%)
2026 $6.6b (5.2%) $161.0m (-2.4%) $312.0m (26.3%) 2.5% (-7.2%) $2.00 (-5.2%)

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