Discounted Cash Flow (DCF) Analysis Unlevered

J.B. Hunt Transport Services, Inc. (JBHT)

$175.46

+5.71 (+3.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 21.39 | 175.46 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 8,614.879,165.269,636.5712,168.3014,81417,019.2819,552.8422,463.5725,807.5929,649.43
Revenue (%)
EBITDA 1,117.141,234.721,240.981,603.121,977.142,241.032,574.642,957.923,398.253,904.13
EBITDA (%)
EBIT 681.25735.58713.601,046.021,332.621,393.221,600.621,838.902,112.642,427.14
EBIT (%)
Depreciation 435.89499.14527.38557.09644.52847.81974.021,119.021,285.601,476.98
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 7.6035313.30355.5551.93238.06273.49314.21360.98414.72
Total Cash (%)
Account Receivables 1,326.211,242.161,310.251,723.231,858.842,357.292,708.213,111.363,574.534,106.65
Account Receivables (%)
Inventories 21.9821.1123.8025.0340.6041.2647.4054.4662.5771.88
Inventories (%)
Accounts Payable 709.74602.60587.51772.74798.781,111.441,276.901,466.981,685.361,936.25
Accounts Payable (%)
Capital Expenditure -995.65-854.11-738.55-947.56-1,540.80-1,590.57-1,827.35-2,099.38-2,411.90-2,770.94
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 175.46
Beta 1.141
Diluted Shares Outstanding 105.28
Cost of Debt
Tax Rate 24.35
After-tax Cost of Debt 3.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.878
Total Debt 1,261.74
Total Equity 18,471.73
Total Capital 19,733.46
Debt Weighting 6.39
Equity Weighting 93.61
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 8,614.879,165.269,636.5712,168.3014,81417,019.2819,552.8422,463.5725,807.5929,649.43
EBITDA 1,117.141,234.721,240.981,603.121,977.142,241.032,574.642,957.923,398.253,904.13
EBIT 681.25735.58713.601,046.021,332.621,393.221,600.621,838.902,112.642,427.14
Tax Rate 23.60%24.17%24.02%23.90%24.35%24.01%24.01%24.01%24.01%24.01%
EBIAT 520.47557.79542.197961,008.121,058.721,216.331,397.401,605.421,844.41
Depreciation 435.89499.14527.38557.09644.52847.81974.021,119.021,285.601,476.98
Accounts Receivable -84.05-68.09-412.98-135.60-498.45-350.92-403.16-463.17-532.12
Inventories -0.87-2.70-1.23-15.57-0.66-6.14-7.06-8.11-9.31
Accounts Payable --107.14-15.09185.2326.04312.67165.45190.08218.38250.89
Capital Expenditure -995.65-854.12-738.54-947.56-1,540.80-1,590.57-1,827.35-2,099.38-2,411.90-2,770.94
UFCF -39.29180.60245.13176.55-13.29129.52171.40196.91226.23259.91
WACC
PV UFCF 119.37145.57154.12163.18172.77
SUM PV UFCF 755.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.51
Free cash flow (t + 1) 265.10
Terminal Value 4,072.26
Present Value of Terminal Value 2,706.99

Intrinsic Value

Enterprise Value 3,462
Net Debt 1,209.81
Equity Value 2,252.19
Shares Outstanding 105.28
Equity Value Per Share 21.39