Discounted Cash Flow (DCF) Analysis Levered

John B. Sanfilippo & Son, Inc. (JBSS)

$77.5

+1.26 (+1.65%)

All numbers are in Millions, Currency in USD

Stock DCF: 167.79 | 77.5 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	888.93	876.20	880.09	858.48	955.87	974.75	994	1,013.63	1,033.65	1,054.07
Revenue (%)
Operating Cash Flow	66.15	83.46	63.61	104.70	19.60	74.94	76.42	77.93	79.47	81.04
Operating Cash Flow (%)
Capital Expenditure	-13.23	-15.08	-15.02	-25.18	-17.75	-18.92	-19.29	-19.68	-20.06	-20.46
Capital Expenditure (%)
Free Cash Flow	52.92	68.38	48.59	79.52	1.85	56.02	57.13	58.26	59.41	60.58

Weighted Average Cost Of Capital

Share price	$ 77.5
Beta	0.247
Diluted Shares Outstanding	11.59
Cost of Debt
Tax Rate	24.37
After-tax Cost of Debt	12.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.766
Total Debt	12
Total Equity	898.53
Total Capital	910.53
Debt Weighting	1.32
Equity Weighting	98.68
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	888.93	876.20	880.09	858.48	955.87	974.75	994	1,013.63	1,033.65	1,054.07
Operating Cash Flow	66.15	83.46	63.61	104.70	19.60	74.94	76.42	77.93	79.47	81.04
Capital Expenditure	-13.23	-15.08	-15.02	-25.18	-17.75	-18.92	-19.29	-19.68	-20.06	-20.46
Free Cash Flow	52.92	68.38	48.59	79.52	1.85	56.02	57.13	58.26	59.41	60.58
WACC
PV LFCF						53.42	51.95	50.53	49.14	47.78
SUM PV LFCF										252.82

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.86
Free cash flow (t + 1)	61.79
Terminal Value	2,160.53
Present Value of Terminal Value	1,704.16

Intrinsic Value

Enterprise Value	1,956.99
Net Debt	11.58
Equity Value	1,945.40
Shares Outstanding	11.59
Equity Value Per Share	167.79