Discounted Cash Flow (DCF) Analysis Levered

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

$73.72

-0.20 (-0.27%)

All numbers are in Millions, Currency in USD

Stock DCF: 220.46 | 73.72 | undervalue

Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	846.63	888.93	876.20	880.09	858.48	861.81	865.16	868.52	871.89	875.27
Revenue (%)
Operating Cash Flow	52.67	66.15	83.46	63.61	104.70	73.45	73.73	74.02	74.30	74.59
Operating Cash Flow (%)
Capital Expenditure	-10.88	-13.23	-15.08	-15.02	-25.18	-15.74	-15.80	-15.87	-15.93	-15.99
Capital Expenditure (%)
Free Cash Flow	41.78	52.92	68.38	48.59	79.52	57.70	57.93	58.15	58.38	58.60

Weighted Average Cost Of Capital

Share price	$ 73.72
Beta	0.279
Diluted Shares Outstanding	11.56
Cost of Debt
Tax Rate	25.15
After-tax Cost of Debt	4.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity	4.114
Total Debt	26.58
Total Equity	852.15
Total Capital	878.73
Debt Weighting	3.02
Equity Weighting	96.98
Wacc

Build Up Free Cash Flow

Year A/P	2017 Actual	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected
Revenue	846.63	888.93	876.20	880.09	858.48	861.81	865.16	868.52	871.89	875.27
Operating Cash Flow	52.67	66.15	83.46	63.61	104.70	73.45	73.73	74.02	74.30	74.59
Capital Expenditure	-10.88	-13.23	-15.08	-15.02	-25.18	-15.74	-15.80	-15.87	-15.93	-15.99
Free Cash Flow	41.78	52.92	68.38	48.59	79.52	57.70	57.93	58.15	58.38	58.60
WACC
PV LFCF						53.24	51.33	49.50	47.73	46.02
SUM PV LFCF										258.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.11
Free cash flow (t + 1)	59.78
Terminal Value	2,832.99
Present Value of Terminal Value	2,316.24

Intrinsic Value

Enterprise Value	2,574.24
Net Debt	25.91
Equity Value	2,548.34
Shares Outstanding	11.56
Equity Value Per Share	220.46