Discounted Cash Flow (DCF) Analysis Levered

TrueBlue, Inc. (TBI)

$19.51

-0.33 (-1.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.68 | 19.51 | 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 2,508.772,499.212,368.781,846.362,173.622,119.662,067.042,015.731,965.691,916.90
Revenue (%)
Operating Cash Flow 99.85125.6993.53152.5320.4493.9491.6189.3387.1284.95
Operating Cash Flow (%)
Capital Expenditure -21.96-17.05-28.12-27.07-35.01-24.68-24.06-23.47-22.88-22.32
Capital Expenditure (%)
Free Cash Flow 77.89108.6465.41125.46-14.5769.2667.5465.8764.2362.64

Weighted Average Cost Of Capital

Share price $ 19.51
Beta 1.546
Diluted Shares Outstanding 35.37
Cost of Debt
Tax Rate 16.54
After-tax Cost of Debt 4.17%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.993
Total Debt 67.02
Total Equity 689.97
Total Capital 757
Debt Weighting 8.85
Equity Weighting 91.15
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 2,508.772,499.212,368.781,846.362,173.622,119.662,067.042,015.731,965.691,916.90
Operating Cash Flow 99.85125.6993.53152.5320.4493.9491.6189.3387.1284.95
Capital Expenditure -21.96-17.05-28.12-27.07-35.01-24.68-24.06-23.47-22.88-22.32
Free Cash Flow 77.89108.6465.41125.46-14.5769.2667.5465.8764.2362.64
WACC
PV LFCF 62.7455.4348.9643.2538.21
SUM PV LFCF 248.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.39
Free cash flow (t + 1) 63.89
Terminal Value 761.51
Present Value of Terminal Value 464.54

Intrinsic Value

Enterprise Value 713.14
Net Debt 17.13
Equity Value 696.02
Shares Outstanding 35.37
Equity Value Per Share 19.68