What is Victoria's Secret & Co. worth?
With the base-case assumptions below, a discounted cash flow model on Victoria's Secret & Co.'s reported free cash flow gives $63.82 per share. The share price was $82.91 on September 25, 2026, 30% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 0.0% | 10.0% | $37.31 | -55% |
| Base | 5.0% | 9.0% | $63.82 | -23% |
| Bull | 10.0% | 8.0% | $113.31 | +37% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $82.79 | $88.56 | $95.61 | $104.43 | $115.77 |
| 8.0% | $68.65 | $72.39 | $76.81 | $82.12 | $88.61 |
| 9.0% | $58.31 | $60.87 | $63.82 | $67.26 | $71.34 |
| 10.0% | $50.42 | $52.24 | $54.31 | $56.67 | $59.39 |
| 11.0% | $44.22 | $45.56 | $47.05 | $48.73 | $50.63 |
Where the presets come from
Base: years 1 to 5 grow at Victoria's Secret & Co.'s revenue growth rate over the last 4 fiscal years (4.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions