Discounted Cash Flow (DCF) Analysis Unlevered

Jewett-Cameron Trading Company Ltd. (JCTCF)

$5.445

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 26.98 | 5.445 | undervalue

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 53.9245.4544.9557.5062.9066.1369.5273.0876.8380.76
Revenue (%)
EBITDA 4.583.134.134.672.064.7655.265.535.81
EBITDA (%)
EBIT 4.312.933.914.431.744.454.684.915.175.43
EBIT (%)
Depreciation 0.270.190.220.240.320.310.330.340.360.38
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 6.109.653.801.180.485.806.096.416.747.08
Total Cash (%)
Account Receivables 4.162.846.277.097.196.837.187.557.948.35
Account Receivables (%)
Inventories 9.806.389.2014.3920.6314.6115.3616.1516.9817.85
Inventories (%)
Accounts Payable 0.380.411.101.351.571.171.231.301.361.43
Accounts Payable (%)
Capital Expenditure -0.11-0.03-0.45-1.19-1.26-0.71-0.74-0.78-0.82-0.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.445
Beta 0.309
Diluted Shares Outstanding 3.49
Cost of Debt
Tax Rate 26.37
After-tax Cost of Debt 1.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.134
Total Debt 7
Total Equity 19.02
Total Capital 26.02
Debt Weighting 26.90
Equity Weighting 73.10
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 53.9245.4544.9557.5062.9066.1369.5273.0876.8380.76
EBITDA 4.583.134.134.672.064.7655.265.535.81
EBIT 4.312.933.914.431.744.454.684.915.175.43
Tax Rate 31.75%27.27%28.40%21.91%26.37%27.14%27.14%27.14%27.14%27.14%
EBIAT 2.942.132.803.461.283.243.413.583.763.96
Depreciation 0.270.190.220.240.320.310.330.340.360.38
Accounts Receivable -1.32-3.44-0.81-0.110.36-0.35-0.37-0.39-0.41
Inventories -3.43-2.82-5.19-6.246.02-0.75-0.79-0.83-0.87
Accounts Payable -0.030.690.250.22-0.390.060.060.070.07
Capital Expenditure -0.11-0.03-0.45-1.19-1.26-0.71-0.74-0.78-0.82-0.86
UFCF 3.107.07-3-3.24-5.798.831.952.052.152.26
WACC
PV UFCF 8.471.791.811.831.84
SUM PV UFCF 15.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.21
Free cash flow (t + 1) 2.31
Terminal Value 104.50
Present Value of Terminal Value 85.03

Intrinsic Value

Enterprise Value 100.77
Net Debt 6.52
Equity Value 94.26
Shares Outstanding 3.49
Equity Value Per Share 26.98