Stock valuation with covid numbers
Hey guys, first timer here also big noob so sorry if this is obvious.
I'm trying to do a valuation of a company(TJX) and do my first dcf, but i'm unsure as to how I should utilize fy21 statements for it. Like tax rates for wacc, some of the competitor tax rates were high relative to prior years and some are much lower, even negative for some quarters, for other companies. Also, how tf do you project capex
If yall could drop some advice i'll give u a banana split.
Don’t worry about competitor tax rates. Don’t even worry about what their effective tax rate was, which is what they actually paid in taxes. Just use their marginal tax rate, which is what they will pay on future taxes. You seem like you doing a more introductory model, so I would just leave out DTA/DTL stuff for now. You can find the marginal tax rate in the 10k. For CapEx, base it as a % of revenue using historical figures.
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