Discounted Cash Flow (DCF) Analysis Unlevered

Jowell Global Ltd. (JWEL)

$2.5

+0.07 (+2.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 46.45 | 2.5 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 24.1961.7896.88170.91335.35658.021,291.122,533.384,970.86
Revenue (%)
EBITDA 1.991.715.30-5.4211.1421.8642.8984.15165.12
EBITDA (%)
EBIT 1.981.715.12-6.4910.4420.4940.2078.87154.76
EBIT (%)
Depreciation 000.181.070.701.372.695.2810.36
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 0.230.0118.2418.2525.5550.1298.35192.98378.65
Total Cash (%)
Account Receivables --0.995.457.0513.8427.1653.29104.57
Account Receivables (%)
Inventories 2.492.497.4012.3224.464894.18184.80362.61
Inventories (%)
Accounts Payable 1.702.915.697.3918.4036.1070.83138.99272.71
Accounts Payable (%)
Capital Expenditure -0.04-0.01-0.12-1.99-1.22-2.40-4.71-9.24-18.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.5
Beta 0.000
Diluted Shares Outstanding 24.86
Cost of Debt
Tax Rate 2.90
After-tax Cost of Debt 1.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 3.804
Total Debt 7.98
Total Equity 62.16
Total Capital 70.14
Debt Weighting 11.38
Equity Weighting 88.62
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 24.1961.7896.88170.91335.35658.021,291.122,533.384,970.86
EBITDA 1.991.715.30-5.4211.1421.8642.8984.15165.12
EBIT 1.981.715.12-6.4910.4420.4940.2078.87154.76
Tax Rate 25.52%25.05%29.93%2.90%20.85%20.85%20.85%20.85%20.85%
EBIAT 1.481.283.59-6.308.2616.2131.8262.43122.49
Depreciation 000.181.070.701.372.695.2810.36
Accounts Receivable ----4.46-1.61-6.79-13.32-26.13-51.28
Inventories -0.01-4.91-4.92-12.15-23.54-46.18-90.62-177.81
Accounts Payable -1.212.781.7011.0117.7034.7368.15133.72
Capital Expenditure -0.04-0.01-0.12-1.99-1.22-2.40-4.71-9.24-18.13
UFCF 1.442.491.52-14.904.992.565.039.8619.35
WACC
PV UFCF 4.992.484.698.9016.87
SUM PV UFCF 36.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.50
Free cash flow (t + 1) 19.74
Terminal Value 1,316.11
Present Value of Terminal Value 1,108.13

Intrinsic Value

Enterprise Value 1,144.77
Net Debt -10.27
Equity Value 1,155.04
Shares Outstanding 24.86
Equity Value Per Share 46.45