Discounted Cash Flow (DCF) Analysis Unlevered

JELD-WEN Holding, Inc. (JELD)

$14.04

-0.03 (-0.21%)

All numbers are in Millions, Currency in USD

Stock DCF: 23.56 | 14.04 | 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	4,346.70	4,289.76	4,235.68	4,771.72	5,129.18	5,354.55	5,589.83	5,835.45	6,091.85	6,359.53
Revenue (%)
EBITDA	332.32	325.79	326.10	419.17	292.85	400.87	418.49	436.88	456.07	476.11
EBITDA (%)
EBIT	207.22	191.82	191.48	281.93	161.10	244.26	254.99	266.20	277.89	290.10
EBIT (%)
Depreciation	125.10	133.97	134.62	137.25	131.75	156.61	163.49	170.68	178.18	186.01
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	116.99	225.96	735.82	395.60	219.40	405.86	423.70	442.31	461.75	482.04
Total Cash (%)
Account Receivables	481.33	478.80	477.47	552.04	603.75	608.78	635.53	663.46	692.61	723.04
Account Receivables (%)
Inventories	513.24	505.08	512.23	615.97	666.46	659.43	688.41	718.66	750.24	783.20
Inventories (%)
Accounts Payable	250.28	294.95	269.89	418.77	320.68	364.47	380.49	397.20	414.66	432.88
Accounts Payable (%)
Capital Expenditure	-118.70	-136.19	-96.90	-99.69	-92.22	-129.37	-135.06	-140.99	-147.18	-153.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 14.04
Beta	2.260
Diluted Shares Outstanding	87.08
Cost of Debt
Tax Rate	42.14
After-tax Cost of Debt	2.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity	14.479
Total Debt	1,925.94
Total Equity	1,222.54
Total Capital	3,148.48
Debt Weighting	61.17
Equity Weighting	38.83
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	4,346.70	4,289.76	4,235.68	4,771.72	5,129.18	5,354.55	5,589.83	5,835.45	6,091.85	6,359.53
EBITDA	332.32	325.79	326.10	419.17	292.85	400.87	418.49	436.88	456.07	476.11
EBIT	207.22	191.82	191.48	281.93	161.10	244.26	254.99	266.20	277.89	290.10
Tax Rate	-6.48%	47.54%	21.50%	17.39%	42.14%	24.42%	24.42%	24.42%	24.42%	24.42%
EBIAT	220.64	100.62	150.30	232.90	93.20	184.61	192.72	201.19	210.03	219.26
Depreciation	125.10	133.97	134.62	137.25	131.75	156.61	163.49	170.68	178.18	186.01
Accounts Receivable	-	2.54	1.32	-74.57	-51.71	-5.04	-26.75	-27.93	-29.15	-30.43
Inventories	-	8.16	-7.15	-103.74	-50.48	7.02	-28.98	-30.25	-31.58	-32.97
Accounts Payable	-	44.67	-25.06	148.88	-98.09	43.79	16.01	16.72	17.45	18.22
Capital Expenditure	-118.70	-136.19	-96.90	-99.69	-92.22	-129.37	-135.06	-140.99	-147.18	-153.65
UFCF	227.04	153.77	157.14	241.02	-67.55	257.63	181.45	189.42	197.75	206.44
WACC
PV UFCF						240.48	158.10	154.06	150.13	146.29
SUM PV UFCF										849.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.13
Free cash flow (t + 1)	210.56
Terminal Value	4,104.56
Present Value of Terminal Value	2,908.78

Intrinsic Value

Enterprise Value	3,757.85
Net Debt	1,706.54
Equity Value	2,051.31
Shares Outstanding	87.08
Equity Value Per Share	23.56