Enterprise Value to FCFF (EV/FCFF)
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Ulta Beauty Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
- Price to Operating Profit (P/OP) since 2008
- Price to Sales (P/S) since 2008
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Free Cash Flow to The Firm (FCFF)
Ulta Beauty Inc., FCFF calculation
US$ in thousands
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
- Net Cash Provided by Operating Activities
- The net cash provided by operating activities shows a generally increasing trend over the six-year period. Starting at 779,366 thousand US dollars in 2018, the amount grew steadily to 956,127 thousand in 2019 and further to 1,101,293 thousand in 2020. In 2021, there was a noticeable decline to 810,355 thousand, representing a temporary dip in operating cash flows. However, the figure rebounded significantly in 2022 to 1,059,265 thousand and surged further to 1,481,915 thousand in 2023, marking the highest level in the observed timeframe. This indicates a strong recovery and substantial improvement in operating cash generation in recent years.
- Free Cash Flow to the Firm (FCFF)
- FCFF exhibits growth over the period, though with some fluctuations. Beginning at 338,652 thousand US dollars in 2018, the value almost doubled in 2019 to 636,727 thousand, continuing to rise to 802,759 thousand in 2020. A slight decrease was observed in 2021 with a value of 663,806 thousand, followed by an increase to 888,700 thousand in 2022. The most significant rise occurred in 2023, with FCFF reaching 1,171,405 thousand. Despite minor declines during 2021, the overall pattern reflects enhanced free cash flow generation capacity, which likely supports strengthening firm valuation and financial flexibility.
Interest Paid, Net of Tax
Ulta Beauty Inc., interest paid, net of tax calculation
US$ in thousands
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
2 2023 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= × =
- Effective Income Tax Rate (EITR)
- The effective income tax rate shows a decreasing trend from 29.4% in February 2018 to 22.1% in February 2020. Following this decline, the rate stabilizes between 23.3% and 24.4% from 2019 to 2023, indicating relative consistency in the latter years after the initial drop.
- Cash Paid for Interest, Net of Tax
- There is no data available for the years prior to January 30, 2021. Starting from January 30, 2021, the cash paid for interest, net of tax, is reported at $5,317 thousand, which then significantly decreases to approximately $1,622 thousand in January 29, 2022, and remains nearly constant at $1,616 thousand in January 28, 2023. This suggests a notable reduction in interest expenses during the observed period, followed by stabilization.
Enterprise Value to FCFF Ratio, Current
Ulta Beauty Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Amazon.com Inc. | |
| Home Depot Inc. | |
| Lowe’s Cos. Inc. | |
| TJX Cos. Inc. | |
| EV/FCFF, Sector | |
| Consumer Discretionary Distribution & Retail | |
| EV/FCFF, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2023-01-28).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Ulta Beauty Inc., historical EV/FCFF calculation, comparison to benchmarks
| Jan 28, 2023 | Jan 29, 2022 | Jan 30, 2021 | Feb 1, 2020 | Feb 2, 2019 | Feb 3, 2018 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Enterprise value (EV)1 | |||||||
| Free cash flow to the firm (FCFF)2 | |||||||
| Valuation Ratio | |||||||
| EV/FCFF3 | |||||||
| Benchmarks | |||||||
| EV/FCFF, Competitors4 | |||||||
| Amazon.com Inc. | |||||||
| Home Depot Inc. | |||||||
| Lowe’s Cos. Inc. | |||||||
| TJX Cos. Inc. | |||||||
| EV/FCFF, Sector | |||||||
| Consumer Discretionary Distribution & Retail | |||||||
| EV/FCFF, Industry | |||||||
| Consumer Discretionary | |||||||
Based on: 10-K (reporting date: 2023-01-28), 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03).
3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value exhibited a fluctuating trend over the observed periods. Initially, it increased significantly from approximately $11.99 billion in early 2018 to about $20.01 billion in early 2019. This was followed by a sharp decrease to around $9.32 billion in early 2020. Subsequently, the value rose steadily to reach approximately $25.06 billion by early 2023, indicating overall growth with notable volatility, particularly between 2019 and 2020.
- Free Cash Flow to the Firm (FCFF)
- The free cash flow to the firm showed a consistent growth pattern throughout the periods analyzed. Starting at approximately $339 million in early 2018, FCFF nearly doubled by early 2019 and continued an upward trajectory with minor fluctuations, reaching about $1.17 billion by early 2023. The steady increase suggests improving cash generation capabilities over the years.
- EV to FCFF Ratio (EV/FCFF)
- This ratio demonstrated significant variability, influenced by changes in both enterprise value and free cash flow. The ratio declined sharply from 35.41 in early 2018 to 11.61 in early 2020, driven primarily by the combination of a lower enterprise value and increased free cash flow. Post-2020, the ratio rose again, stabilizing between approximately 21 and 24 by early 2023. The pattern suggests a period of enhanced valuation efficiency around 2020, followed by a normalization as EV increased more rapidly than the cash flow in subsequent years.