Discounted Cash Flow (DCF) Analysis Unlevered

Jabil Inc. (JBL)

$82.33

-0.21 (-0.25%)

All numbers are in Millions, Currency in USD

Stock DCF: -8.51 | 82.33 | 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	22,095.42	25,282.32	27,266.44	29,285	33,478	37,159.93	41,246.80	45,783.15	50,818.40	56,407.44
Revenue (%)
EBITDA	1,294.90	1,408.90	1,226.33	1,948	2,307	2,190.48	2,431.39	2,698.80	2,995.61	3,325.07
EBITDA (%)
EBIT	521.19	637.07	431.75	1,072	1,382	1,059.11	1,175.60	1,304.89	1,448.40	1,607.70
EBIT (%)
Depreciation	773.70	771.83	794.58	876	925	1,131.37	1,255.80	1,393.91	1,547.21	1,717.37
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	1,257.95	1,163.34	1,393.56	1,567	1,478	1,870.72	2,076.47	2,304.84	2,558.33	2,839.69
Total Cash (%)
Account Receivables	1,693.27	3,657.17	3,952.44	4,139	5,191	4,924.70	5,466.32	6,067.51	6,734.82	7,475.52
Account Receivables (%)
Inventories	3,457.71	3,023	3,131.78	4,414	6,128	5,385.88	5,978.22	6,635.71	7,365.51	8,175.57
Inventories (%)
Accounts Payable	4,942.93	5,166.78	5,687.04	6,841	8,006	8,244.95	9,151.74	10,158.25	11,275.46	12,515.54
Accounts Payable (%)
Capital Expenditure	-1,036.65	-1,005.48	-983.03	-1,159	-1,385	-1,513.80	-1,680.29	-1,865.09	-2,070.21	-2,297.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 82.33
Beta	1.431
Diluted Shares Outstanding	144.40
Cost of Debt
Tax Rate	19.09
After-tax Cost of Debt	3.58%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.256
Total Debt	3,411
Total Equity	11,888.45
Total Capital	15,299.45
Debt Weighting	22.29
Equity Weighting	77.71
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	22,095.42	25,282.32	27,266.44	29,285	33,478	37,159.93	41,246.80	45,783.15	50,818.40	56,407.44
EBITDA	1,294.90	1,408.90	1,226.33	1,948	2,307	2,190.48	2,431.39	2,698.80	2,995.61	3,325.07
EBIT	521.19	637.07	431.75	1,072	1,382	1,059.11	1,175.60	1,304.89	1,448.40	1,607.70
Tax Rate	76.88%	36.30%	79.32%	26.27%	19.09%	47.57%	47.57%	47.57%	47.57%	47.57%
EBIAT	120.50	405.83	89.27	790.37	1,118.17	555.27	616.34	684.12	759.36	842.88
Depreciation	773.70	771.83	794.58	876	925	1,131.37	1,255.80	1,393.91	1,547.21	1,717.37
Accounts Receivable	-	-1,963.90	-295.28	-186.56	-1,052	266.30	-541.62	-601.19	-667.31	-740.70
Inventories	-	434.70	-108.78	-1,282.22	-1,714	742.12	-592.34	-657.49	-729.80	-810.06
Accounts Payable	-	223.85	520.26	1,153.96	1,165	238.95	906.78	1,006.51	1,117.21	1,240.08
Capital Expenditure	-1,036.65	-1,005.48	-983.03	-1,159	-1,385	-1,513.80	-1,680.29	-1,865.09	-2,070.21	-2,297.89
UFCF	-142.45	-1,133.16	17.02	192.56	-942.83	1,420.21	-35.33	-39.22	-43.53	-48.32
WACC
PV UFCF						1,305.70	-29.87	-30.48	-31.10	-31.74
SUM PV UFCF										1,182.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.77
Free cash flow (t + 1)	-49.29
Terminal Value	-728.05
Present Value of Terminal Value	-478.20

Intrinsic Value

Enterprise Value	704.31
Net Debt	1,933
Equity Value	-1,228.69
Shares Outstanding	144.40
Equity Value Per Share	-8.51