All Figures in Millions except Ratios

Let's do a simple valuation of Kohls. Create a free cash flow valuation that shows the following:

a) Historical data for the last two years (October 2020 and October 2021) and five-year projections for:

- Revenue

Oct '20 = 16,646, Oct '21 = 19,075

- EBIT

Oct '20 = 121, Oct '21 = 1,582

- Net Working Capital

Oct '20 = 2,253, Oct '21 = 1,949

- CAPEX

Oct '20 = -441, Oct '21 = -496

- Depreciation

Oct '20 = 1,035, Oct '21 = 994

Project NWC and CAPEX as a percentage of revenue and depreciation as a percentage of CAPEX.

b) You will forecast these using numbers that you think are reasonable and use them to project free cash flow.

c) You will use these free cash flows and any other information that you think is needed to estimate a per share intrinsic equity value for Kohls.

Below, next to each item, give a one sentence justification for your forecast or number used. Don't worry too much if you don't get the current stock price - you can use reasonable DCF inputs in a model this simple, but still be quite different.

Revenue: WRITE HERE

EBIT and EBIT Margins: WRITE HERE

Net Working Capital: WRITE HERE

CAPEX: WRITE HERE

Depreciation: WRITE HERE

Discount Rate: WRITE HERE