Discounted Cash Flow (DCF) Analysis Unlevered
Jewett-Cameron Trading Company Ltd. (JCTCF)
$5.65
-0.14 (-2.43%)
All numbers are in Millions, Currency in USD
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 | 53.92 | 45.45 | 44.95 | 57.50 | 62.90 | 66.13 | 69.52 | 73.08 | 76.83 | 80.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.58 | 3.13 | 4.13 | 4.67 | 2.06 | 4.76 | 5 | 5.26 | 5.53 | 5.81 |
| EBITDA (%) | ||||||||||
| EBIT | 4.31 | 2.93 | 3.91 | 4.43 | 1.74 | 4.45 | 4.68 | 4.91 | 5.17 | 5.43 |
| EBIT (%) | ||||||||||
| Depreciation | 0.27 | 0.19 | 0.22 | 0.24 | 0.32 | 0.31 | 0.33 | 0.34 | 0.36 | 0.38 |
| 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 | 6.10 | 9.65 | 3.80 | 1.18 | 0.48 | 5.80 | 6.09 | 6.41 | 6.74 | 7.08 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.16 | 2.84 | 6.27 | 7.09 | 7.19 | 6.83 | 7.18 | 7.55 | 7.94 | 8.35 |
| Account Receivables (%) | ||||||||||
| Inventories | 9.80 | 6.38 | 9.20 | 14.39 | 20.63 | 14.61 | 15.36 | 16.15 | 16.98 | 17.85 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.38 | 0.41 | 1.10 | 1.35 | 1.57 | 1.17 | 1.23 | 1.30 | 1.36 | 1.43 |
| 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 | $ 5.65 |
|---|---|
| Beta | 0.281 |
| 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 | 4.706 |
| Total Debt | 7 |
| Total Equity | 19.74 |
| Total Capital | 26.74 |
| Debt Weighting | 26.18 |
| Equity Weighting | 73.82 |
| 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 | 53.92 | 45.45 | 44.95 | 57.50 | 62.90 | 66.13 | 69.52 | 73.08 | 76.83 | 80.76 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.58 | 3.13 | 4.13 | 4.67 | 2.06 | 4.76 | 5 | 5.26 | 5.53 | 5.81 |
| EBIT | 4.31 | 2.93 | 3.91 | 4.43 | 1.74 | 4.45 | 4.68 | 4.91 | 5.17 | 5.43 |
| Tax Rate | 31.75% | 27.27% | 28.40% | 21.91% | 26.37% | 27.14% | 27.14% | 27.14% | 27.14% | 27.14% |
| EBIAT | 2.94 | 2.13 | 2.80 | 3.46 | 1.28 | 3.24 | 3.41 | 3.58 | 3.76 | 3.96 |
| Depreciation | 0.27 | 0.19 | 0.22 | 0.24 | 0.32 | 0.31 | 0.33 | 0.34 | 0.36 | 0.38 |
| Accounts Receivable | - | 1.32 | -3.44 | -0.81 | -0.11 | 0.36 | -0.35 | -0.37 | -0.39 | -0.41 |
| Inventories | - | 3.43 | -2.82 | -5.19 | -6.24 | 6.02 | -0.75 | -0.79 | -0.83 | -0.87 |
| Accounts Payable | - | 0.03 | 0.69 | 0.25 | 0.22 | -0.39 | 0.06 | 0.06 | 0.07 | 0.07 |
| Capital Expenditure | -0.11 | -0.03 | -0.45 | -1.19 | -1.26 | -0.71 | -0.74 | -0.78 | -0.82 | -0.86 |
| UFCF | 3.10 | 7.07 | -3 | -3.24 | -5.79 | 8.83 | 1.95 | 2.05 | 2.15 | 2.26 |
| WACC | ||||||||||
| PV UFCF | 8.49 | 1.80 | 1.83 | 1.85 | 1.87 | |||||
| SUM PV UFCF | 15.84 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.92 |
| Free cash flow (t + 1) | 2.31 |
| Terminal Value | 120.28 |
| Present Value of Terminal Value | 99.25 |
Intrinsic Value
| Enterprise Value | 115.08 |
|---|---|
| Net Debt | 6.52 |
| Equity Value | 108.57 |
| Shares Outstanding | 3.49 |
| Equity Value Per Share | 31.07 |