Discounted Cash Flow (DCF) Analysis Unlevered

Daily Journal Corporation (DJCO)

$260.31

-2.29 (-0.87%)
All numbers are in Millions, Currency in USD
Stock DCF: 145.45 | 260.31 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 41.3840.7048.6549.9449.3951.7954.3056.9459.7162.61
Revenue (%)
EBITDA -1.96-6.92-29.935.30153.8624.7425.9527.2128.5329.91
EBITDA (%)
EBIT -3.18-10.59-30.524.78153.3823.1724.2925.4726.7128.01
EBIT (%)
Depreciation 1.223.680.590.520.481.581.651.731.821.91
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 247.40221.60205.21206.29360.17280.31293.92308.20323.17338.87
Total Cash (%)
Account Receivables 5.205.077.197.339.527.648.018.408.819.24
Account Receivables (%)
Inventories -0.050.040.040.040.050.050.050.050.06
Inventories (%)
Accounts Payable 32.824.523.934.244.134.334.554.775
Accounts Payable (%)
Capital Expenditure -0.03-0.21-0.16-0.18-0.03-0.14-0.15-0.15-0.16-0.17
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 260.31
Beta 0.801
Diluted Shares Outstanding 1.38
Cost of Debt
Tax Rate 26.23
After-tax Cost of Debt 0.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.609
Total Debt 33.58
Total Equity 359.42
Total Capital 393
Debt Weighting 8.54
Equity Weighting 91.46
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 41.3840.7048.6549.9449.3951.7954.3056.9459.7162.61
EBITDA -1.96-6.92-29.935.30153.8624.7425.9527.2128.5329.91
EBIT -3.18-10.59-30.524.78153.3823.1724.2925.4726.7128.01
Tax Rate 88.62%172.33%19.89%4.38%26.23%62.29%62.29%62.29%62.29%62.29%
EBIAT -0.367.66-24.454.57113.148.749.169.6110.0710.56
Depreciation 1.223.680.590.520.481.581.651.731.821.91
Accounts Receivable -0.13-2.12-0.14-2.201.88-0.37-0.39-0.41-0.43
Inventories --0.010-0.01-0-0-0-0-0
Accounts Payable --0.181.70-0.590.31-0.110.200.210.220.23
Capital Expenditure -0.03-0.21-0.17-0.18-0.03-0.14-0.15-0.15-0.16-0.17
UFCF 0.8311.07-24.444.18111.7011.9510.491111.5412.10
WACC
PV UFCF 11.169.168.988.808.62
SUM PV UFCF 46.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.02
Free cash flow (t + 1) 12.34
Terminal Value 245.82
Present Value of Terminal Value 175.10

Intrinsic Value

Enterprise Value 221.82
Net Debt 20.98
Equity Value 200.83
Shares Outstanding 1.38
Equity Value Per Share 145.45