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Key Info

VF Corp Web - www.vfc.com

Tel - 1-336-424-6000

Next Reporting Date - 15.05.2019

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    VF Corp

    Consumer Durables & Apparel

    UNITED STATES


    DCF Model Assumptions

    Risk Free Rate

    2.00%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    6.25%

    Cost of Debt

    6.25%

    Long Term Growth

    2.00%

    Beta Assumption

    0.71

    Current Market Cap mln$

    37,190.87

    Net Debt mln$

    2,283.39

    WACC Estimate

    6.26%

    Ordinary Current Price $

    94.01

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue11881.7310996.3911026.1511811.1811545.7311587.6211629.4911669.9311711.2311752.7311794.3711836.1711878.1111920.2011962.43
    EBITDA Costs9808.539079.499376.3110017.589665.469699.509733.539766.409799.969833.689867.529901.479935.549969.7210004.02
    EBITDA2073.201916.901649.841793.591880.271888.121895.961903.531911.271919.051926.861934.701942.571950.471958.41
    EBITDA Margin17.4517.4314.9615.1916.2916.2916.3016.3116.3216.3316.3416.3516.3516.3616.37
    Operating Costs10083.429351.579657.8910308.099945.979980.2810014.5810047.7010081.5310115.5110149.6110183.8210218.1410252.5810287.14
    Operating Profit1798.311644.831368.261503.091599.761607.341614.911622.231629.701637.221644.771652.351659.961667.611675.29
    Operating Margin15.1414.9612.4112.7313.8613.8713.8913.9013.9213.9313.9513.9613.9713.9914.00
    Pretax Costs10168.159432.149741.4310394.6810030.3310064.8210099.3010132.5910166.6010200.7610235.0310269.4210303.9210338.5410373.27
    PTP1713.581564.261284.721416.501515.401522.801530.191537.331544.631551.971559.341566.751574.191581.661589.16
    Pretax Margin14.4214.2311.6511.9913.1313.1413.1613.1713.1913.2113.2213.2413.2513.2713.28
    Net Income Costs10527.399667.699714.4610608.5710251.3610295.0210338.6810380.8310423.8910467.2010510.6910554.3710598.2210642.2610686.48
    Net Income1354.341328.701311.691202.61 1294.371292.591290.811289.101287.341285.531283.681281.801279.881277.941275.95
    Net Margin11.4012.0811.9010.1811.2111.1511.1011.0510.9910.9410.8810.8310.7810.7210.67
    Revenue Less Capex12115.8111250.8911201.9911980.7311752.5411793.8311835.1111874.9611915.6711956.5711997.6012038.7712080.0912121.5512163.15
    Capex-234.08-254.50-175.84-169.55-206.82-206.22-205.61-205.03-204.44-203.84-203.23-202.61-201.98-201.35-200.71
    Capex to Revenues-1.97-2.31-1.59-1.44-1.79-1.78-1.77-1.76-1.75-1.73-1.72-1.71-1.70-1.69-1.68
    Revenue less FCF10353.7410047.289721.4210506.0710231.4410258.0810284.7110310.4210336.6810363.0210389.4210415.8910442.4310469.0310495.71
    FCF1527.99949.121304.731305.111314.291329.541344.791359.511374.551389.711404.951420.271435.681451.161466.73
    FCF to Revenue12.868.6311.8311.0511.3811.4711.5611.6511.7411.8211.9112.0012.0912.1712.26

    UNITED STATES Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    NKE USNIKE IncUNITED STATES 137622.3934.1028.9623.9720.893.520.9714.6116.7740.6722.16
    VFC USVF CorpUNITED STATES 37190.8725.0022.1317.9216.292.691.9215.928.4838.2020.05
    DHI USDR Horton IncUNITED STATES 16598.6611.3610.229.198.380.971.3512.581.6815.7524.31
    HAS USHasbro IncUNITED STATES 12786.1422.7720.1714.0612.732.582.6819.106.9231.0610.98
    RL USRalph Lauren CorpUNITED STATES 10199.6318.4517.079.268.641.621.8515.573.2315.253.09
    PVH USPVH CorpUNITED STATES 9771.2910.9912.468.638.701.320.1412.701.4113.149.76
    UA USUnder Armour IncUNITED STATES 9508.3857.4336.5523.5218.081.77-7.674.037.2921.45
    MHK USMohawk Industries IncUNITED STATES 9466.2611.6710.507.857.320.92-15.941.1910.2013.63
    PHM USPulteGroup IncUNITED STATES 8776.939.398.997.537.310.891.3814.701.6318.1133.45
    WHR USWhirlpool CorpUNITED STATES 8553.339.208.168.027.630.423.519.793.2229.3931.56
    HBI USHanesbrands IncUNITED STATES 6773.9610.6610.469.469.400.983.3615.794.9451.8516.08
    NWL USNewell Brands IncUNITED STATES 5766.629.019.2611.949.990.696.7412.361.2211.47-10.73
    TOL USToll Brothers IncUNITED STATES 5481.518.478.357.227.320.781.1716.291.0312.8220.68
    LEG USLeggett & Platt IncUNITED STATES 5470.6316.4814.848.357.761.093.6915.263.23-22.29
    MAT USMattel IncUNITED STATES 4241.82-96.6918.9713.310.950.008.298.15-18.35-8.70
    FOSL USFossil Group IncUNITED STATES 665.9325.7337.693.864.080.29-7.581.04-1.84-36.77
    COH USCoach IncUNITED STATES ------20.25-21.41#N/A N/A

    International Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    MC FPLVMH Moet Hennessy Louis Vuitton SEFRANCE 194120.9723.8221.8813.5112.533.371.9626.074.7820.9030.97
    CDI FPChristian Dior SEFRANCE 87971.9526.1223.867.957.371.581.6826.384.9219.9031.11
    KER FPKeringFRANCE 74223.1419.9517.6813.1812.024.232.2633.235.7130.0537.90
    RMS FPHermes InternationalFRANCE 72580.2743.0939.2324.7622.759.830.9237.619.8124.4821.01
    6758 JPSony CorpJAPAN 59252.846.4211.63-4.910.760.75----10.17
    ADS GRadidas AGGERMANY 50878.7123.7821.1013.7512.461.951.6413.756.1827.989.50
    LULU USLululemon Athletica IncCANADA 23095.6138.0338.7622.0323.114.060.0025.1913.2331.8031.50
    6752 JPPanasonic CorpJAPAN 22398.219.8010.484.394.570.313.138.251.2813.72-15.11
    2313 HKShenzhou International Group Holdings LtdCHINA 19833.2024.6920.8518.7415.955.572.1228.535.2222.5124.77
    2020 HKANTA Sports Products LtdCHINA 19511.1025.5921.1417.0414.124.471.4624.606.7829.2382.94
    GRMN USGarmin LtdSWITZERLAND 16271.8022.8521.7514.7614.054.612.6226.043.6516.6141.24
    TTAN INTitan Co LtdINDIA 14420.6567.8753.5347.9937.845.110.4310.8816.3826.2447.24
    1928 JPSekisui House LtdJAPAN 11067.738.728.966.766.920.644.869.780.9510.8114.50
    BRBY LNBurberry Group PLCBRITAIN 10653.0724.7024.1113.4612.883.042.1520.815.7922.8818.03
    066570 KSLG Electronics IncSOUTH KOREA 10542.019.287.734.233.880.190.957.720.859.3621.80
    ELUXB SSElectrolux ABSWEDEN 7879.6514.2212.107.146.350.583.688.362.9719.8937.47
    GIL CNGildan Activewear IncCANADA 7792.1218.8616.5813.6112.572.561.3820.303.9720.5928.11
    1169 HKHaier Electronics Group Co LtdHONG KONG 7647.3512.1210.766.525.810.572.075.891.8217.8028.06
    7731 JPNikon CorpJAPAN 5556.3110.5413.693.083.700.863.8815.051.019.85-16.24
    021240 KSCoway Co LtdSOUTH KOREA 5497.7115.9114.558.377.812.174.2528.205.0333.853.00
    1476 TTEclat Textile Co LtdTAIWAN 3912.5625.1422.0317.4115.534.002.6922.796.5427.0529.22
    PIKK RMPIK Group PJSCRUSSIA 3745.807.005.895.654.651.176.4021.092.8131.857.67
    9904 TTPou Chen CorpTAIWAN 3570.099.458.828.597.790.353.898.631.228.8627.11
    3998 HKBosideng International Holdings LtdHONG KONG 3011.1824.0218.9813.3710.531.982.9513.861.987.58109.46
    9921 TTGiant Manufacturing Co LtdTAIWAN 2631.8226.0721.2715.2012.961.252.389.113.6115.1374.64
    1434 TTFormosa Taffeta Co LtdTAIWAN 2007.4314.1514.7413.3612.801.335.4811.710.735.4012.40
    ARCLK TIArcelik ASTURKEY 1942.3410.057.555.224.350.353.4010.441.2512.5611.02
    CYRE3 BZCyrela Brazil Realty SA Empreendimentos e ParticipacoesBRAZIL 1696.2922.0910.7214.779.111.917.3415.291.295.9918.75
    9914 TTMerida Industry Co LtdTAIWAN 1648.4021.9819.0321.9719.431.752.747.783.6116.2549.86
    MRVE3 BZMRV Engenharia e Participacoes SABRAZIL 1624.898.137.156.736.081.096.9917.811.2415.7424.06