DCF valuation of Nike (Simplified)

Nike
Revenue Growth (5 year)	10.89%
year	0	1	2	3	4	5
growth rate		10.89%	10.89%	10.89%	10.89%	10.89%
revenue	33917.00	37610.56	41706.35	46248.17	51284.60	56869.49
operatingmargin	13.60%	13.60%	13.60%	13.60%	13.60%	13.60%
operating income (EBIT)	4612.71	5115.04	5672.06	6289.75	6974.71	7734.25
tax rate	20%	20%	20%	20%	20%	20%
tax adjusted EBIT	3690.17	4092.03	4537.65	5031.80	5579.76	6187.40
"+Depreciation and Amortization"	691.00	760.10	836.11	919.72	1011.69	1112.86
"-Capex"	1018.00	1119.80	1231.78	1354.96	1490.45	1639.50
"-working capital"	599.00	658.90	724.79	797.27	877.00	964.70
Free Cash flow	2764.17	3073.43	3417.19	3799.30	4224.01	4696.07
PV of free cash flow	2598.64	2889.38	3020.17	3156.79	3299.50	3448.57
Total PV of cash flows	18413.03444
WACC
Discount rate	6.37%
	Calculating the WACC
RFR	10 year US government bond	2.14%
beta	According to NASDAQ.com	0.75
Equity Market Risk Premium		5.75%
CAPM	6.45%	cost of equity
cost of debt
interest rate	3.70%	(annual report)
tax rate	14.88%
	3.15%	cost of debt
WACC	6.37%
Calculating the Perpetuity Value
Final Year FCF	4190
GDP growth rate	2.60%
Discount rate	6.37%
Perpetuity value	114030.24
Terminal Value	83738.32
Enterprise Value	102151.35
Fair Value of Nike
Enterprise value	102151.35
Debt	2055.00
Cash equivalents	5457.00
Fair Value	105553.35
calculating intrinsic value per share
Fair Value	105553.35
Shares Outstanding	1650.00
Intrinsic value per share	63.97
Current share value	51.42
Therefore UNDERVALUED
Upside	20%