Discounted Cash Flow (DCF) Analysis Levered
The J. M. Smucker Company (SJM)
$154.69
+3.60 (+2.38%)
All numbers are in Millions, Currency in USD
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 | 7,357.10 | 7,838 | 7,801 | 8,002.70 | 7,998.90 | 8,170.93 | 8,346.65 | 8,526.16 | 8,709.53 | 8,896.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,218 | 1,141.20 | 1,254.80 | 1,565 | 1,136.30 | 1,323.07 | 1,351.52 | 1,380.59 | 1,410.28 | 1,440.61 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -321.90 | -359.80 | -269.30 | -306.70 | -417.50 | -350.86 | -358.40 | -366.11 | -373.98 | -382.03 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 896.10 | 781.40 | 985.50 | 1,258.30 | 718.80 | 972.21 | 993.12 | 1,014.48 | 1,036.30 | 1,058.58 |
Weighted Average Cost Of Capital
| Share price | $ 154.69 |
|---|---|
| Beta | 0.214 |
| Diluted Shares Outstanding | 108.40 |
| Cost of Debt | |
| Tax Rate | 25.14 |
| After-tax Cost of Debt | 2.61% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.388 |
| Total Debt | 4,606.90 |
| Total Equity | 16,768.40 |
| Total Capital | 21,375.30 |
| Debt Weighting | 21.55 |
| Equity Weighting | 78.45 |
| 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 | 7,357.10 | 7,838 | 7,801 | 8,002.70 | 7,998.90 | 8,170.93 | 8,346.65 | 8,526.16 | 8,709.53 | 8,896.84 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,218 | 1,141.20 | 1,254.80 | 1,565 | 1,136.30 | 1,323.07 | 1,351.52 | 1,380.59 | 1,410.28 | 1,440.61 |
| Capital Expenditure | -321.90 | -359.80 | -269.30 | -306.70 | -417.50 | -350.86 | -358.40 | -366.11 | -373.98 | -382.03 |
| Free Cash Flow | 896.10 | 781.40 | 985.50 | 1,258.30 | 718.80 | 972.21 | 993.12 | 1,014.48 | 1,036.30 | 1,058.58 |
| WACC | ||||||||||
| PV LFCF | 934.73 | 918.02 | 901.61 | 885.49 | 869.66 | |||||
| SUM PV LFCF | 4,509.51 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.01 |
| Free cash flow (t + 1) | 1,079.76 |
| Terminal Value | 53,719.18 |
| Present Value of Terminal Value | 44,132.03 |
Intrinsic Value
| Enterprise Value | 48,641.53 |
|---|---|
| Net Debt | 4,437 |
| Equity Value | 44,204.53 |
| Shares Outstanding | 108.40 |
| Equity Value Per Share | 407.79 |