Discounted Cash Flow (DCF) Analysis Unlevered

John B. Sanfilippo & Son, Inc. (JBSS)

$73.23

-0.42 (-0.57%)
All numbers are in Millions, Currency in USD
Stock DCF: 165.25 | 73.23 | undervalue

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 846.63888.93876.20880.09858.48861.81865.16868.52871.89875.27
Revenue (%)
EBITDA 72.6168.2472.5392.6599.5780.4280.7381.0481.3681.67
EBITDA (%)
EBIT 57.0552.8155.4974.7281.2663.7263.9764.2164.4664.71
EBIT (%)
Depreciation 15.5615.4317.0517.9318.3116.7016.7716.8316.9016.96
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 1.951.451.591.540.671.431.431.441.441.45
Total Cash (%)
Account Receivables 64.8365.4360.9756.9566.3362.3562.5962.8463.0863.32
Account Receivables (%)
Inventories 182.42174.36157.02172.07148165.25165.89166.53167.18167.83
Inventories (%)
Accounts Payable 50.0560.3442.5536.3248.8647.1847.3747.5547.7347.92
Accounts Payable (%)
Capital Expenditure -10.88-13.23-15.08-15.02-25.18-15.74-15.80-15.87-15.93-15.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 73.23
Beta 0.279
Diluted Shares Outstanding 11.56
Cost of Debt
Tax Rate 25.15
After-tax Cost of Debt 4.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.210
Total Debt 26.58
Total Equity 846.49
Total Capital 873.07
Debt Weighting 3.04
Equity Weighting 96.96
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 846.63888.93876.20880.09858.48861.81865.16868.52871.89875.27
EBITDA 72.6168.2472.5392.6599.5780.4280.7381.0481.3681.67
EBIT 57.0552.8155.4974.7281.2663.7263.9764.2164.4664.71
Tax Rate 33.27%34.14%24.72%25.58%25.15%28.58%28.58%28.58%28.58%28.58%
EBIAT 38.0734.7841.7755.6060.8245.5145.6945.8646.0446.22
Depreciation 15.5615.4317.0517.9318.3116.7016.7716.8316.9016.96
Accounts Receivable --0.604.454.02-9.383.98-0.24-0.24-0.24-0.24
Inventories -8.0617.34-15.0424.07-17.25-0.64-0.64-0.65-0.65
Accounts Payable -10.29-17.79-6.2312.54-1.680.180.180.180.19
Capital Expenditure -10.88-13.23-15.07-15.02-25.18-15.74-15.80-15.87-15.93-15.99
UFCF 42.7454.7447.7441.2681.1831.5245.9546.1346.3146.48
WACC
PV UFCF 30.2542.3140.7639.2637.82
SUM PV UFCF 190.40

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.21
Free cash flow (t + 1) 47.41
Terminal Value 2,145.45
Present Value of Terminal Value 1,745.71

Intrinsic Value

Enterprise Value 1,936.11
Net Debt 25.91
Equity Value 1,910.20
Shares Outstanding 11.56
Equity Value Per Share 165.25