Discounted Cash Flow (DCF) Analysis Unlevered

Just Energy Group Inc. (JE)

$1.745

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 23.67 | 1.745 | 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 3,626.573,812.472,772.812,740.042,154.611,913.881,700.041,510.101,341.381,191.50
Revenue (%)
EBITDA 606.74-4.35-154.01-289.09805.65145.09128.88114.48101.6990.32
EBITDA (%)
EBIT 585.92-31.78-195.25-313.22785.89127.56113.31100.6589.4079.41
EBIT (%)
Depreciation 20.8127.4341.2424.1419.7617.5315.5713.8312.2810.91
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 48.869.9326.09215.99125.7562.2755.3149.1343.6438.77
Total Cash (%)
Account Receivables 705.64805.87412.94349.09469.01344.48305.99271.80241.44214.46
Account Receivables (%)
Inventories 11.817.909.416.384.244.984.433.933.493.10
Inventories (%)
Accounts Payable 255.50373.81532.05792.7253.87258.26229.40203.77181160.78
Accounts Payable (%)
Capital Expenditure -35.78-43.54-16.54-11.56-10.50-13.91-12.36-10.98-9.75-8.66
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.745
Beta 1.715
Diluted Shares Outstanding 34.57
Cost of Debt
Tax Rate 9.65
After-tax Cost of Debt 24.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.898
Total Debt 126.42
Total Equity 60.32
Total Capital 186.74
Debt Weighting 67.70
Equity Weighting 32.30
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 3,626.573,812.472,772.812,740.042,154.611,913.881,700.041,510.101,341.381,191.50
EBITDA 606.74-4.35-154.01-289.09805.65145.09128.88114.48101.6990.32
EBIT 585.92-31.78-195.25-313.22785.89127.56113.31100.6589.4079.41
Tax Rate 5.56%-25.61%-6.45%-0.42%9.65%-3.46%-3.46%-3.46%-3.46%-3.46%
EBIAT 553.36-39.92-207.83-314.55710.07131.97117.22104.1392.4982.16
Depreciation 20.8127.4341.2424.1419.7617.5315.5713.8312.2810.91
Accounts Receivable --100.24392.9363.85-119.92124.5338.4934.1930.3726.98
Inventories -3.91-1.523.032.15-0.750.560.490.440.39
Accounts Payable -118.31158.24260.66-738.84204.38-28.85-25.63-22.77-20.22
Capital Expenditure -35.78-43.54-16.54-11.55-10.50-13.91-12.36-10.98-9.75-8.66
UFCF 538.39-34.04366.5325.58-137.29463.75130.63116.03103.0791.55
WACC
PV UFCF 384.1889.6565.9748.5535.72
SUM PV UFCF 624.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 20.71
Free cash flow (t + 1) 93.38
Terminal Value 499.10
Present Value of Terminal Value 194.75

Intrinsic Value

Enterprise Value 818.82
Net Debt 0.66
Equity Value 818.16
Shares Outstanding 34.57
Equity Value Per Share 23.67