$220.22
+3.0%FirstCash Holdings, Inc, together with its subsidiaries, operates retail pawn stores in the United States, Mexico, and rest of Latin America. Its pawn stores lend money on the collateral of pledged personal property, including jewelry, electronics, tools, appliances, sporting goods, and musical instruments; and retails merchandise acquired through collateral forfeitures on forfeited pawn loans and over-the-counter purchases of merchandise directly from customers. The company is also involved in melting scrap jewelry, as well as sells gold, silver, and diamonds in commodity markets. As of December 31, 2021, it operated 1,081 stores in the United States and the District of Columbia; 1,656 stores in Mexico; 60 stores in Guatemala; 13 stores in El Salvador; and 15 stores in Colombia. The company was incorporated in 1988 and is headquartered in Fort Worth, Texas.
Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation
Base year metrics used for projections
Forecast period and terminal assumptions
Calculation flow from present value to intrinsic value per share
Operating Cash Flow - Maintenance CapEx = Owner Earnings
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $582.7M | $579.5M | $576.3M | $573.1M | $570.0M | $566.9M | $563.7M | $560.6M | $557.6M | $554.5M |
| Maintenance CapEx | -$23.2M | -$23.1M | -$23.0M | -$22.9M | -$22.7M | -$22.6M | -$22.5M | -$22.4M | -$22.2M | -$22.1M |
| Owner Earnings | $559.5M | $556.4M | $553.3M | $550.3M | $547.3M | $544.3M | $541.3M | $538.3M | $535.3M | $532.4M |
| Discount Factor | 0.926 | 0.857 | 0.794 | 0.735 | 0.681 | 0.630 | 0.583 | 0.540 | 0.500 | 0.463 |
| Present Value | $518.0M | $477.0M | $439.3M | $404.5M | $372.5M | $343.0M | $315.8M | $290.8M | $267.8M | $246.6M |
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