Discounted Cash Flow (DCF) Analysis Unlevered
The Joint Corp. (JYNT)
$15.99
+0.24 (+1.52%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 25.16 | 31.79 | 48.45 | 58.68 | 81.19 | 109.25 | 147 | 197.79 | 266.13 | 358.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -1.22 | 1.77 | 5.27 | 8.15 | 12.03 | 8.80 | 11.85 | 15.94 | 21.45 | 28.86 |
| EBITDA (%) | ||||||||||
| EBIT | -3.24 | 0.22 | 3.37 | 5.41 | 5.94 | 2.47 | 3.32 | 4.47 | 6.02 | 8.09 |
| EBIT (%) | ||||||||||
| Depreciation | 2.02 | 1.56 | 1.90 | 2.73 | 6.09 | 6.33 | 8.52 | 11.47 | 15.43 | 20.76 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 4.22 | 8.72 | 8.46 | 20.55 | 19.53 | 26.37 | 35.49 | 47.75 | 64.25 | 86.45 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 1.31 | 1.36 | 2.77 | 1.85 | 3.39 | 4.93 | 6.63 | 8.92 | 12 | 16.15 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.07 | 1.25 | 1.53 | 1.56 | 1.71 | 3.52 | 4.73 | 6.37 | 8.57 | 11.53 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.45 | -1.39 | -4.17 | -4.20 | -8.38 | -7.04 | -9.47 | -12.75 | -17.15 | -23.08 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.99 |
|---|---|
| Beta | 1.296 |
| Diluted Shares Outstanding | 14.97 |
| Cost of Debt | |
| Tax Rate | -20.55 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.054 |
| Total Debt | 22.45 |
| Total Equity | 239.38 |
| Total Capital | 261.83 |
| Debt Weighting | 8.57 |
| Equity Weighting | 91.43 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 25.16 | 31.79 | 48.45 | 58.68 | 81.19 | 109.25 | 147 | 197.79 | 266.13 | 358.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -1.22 | 1.77 | 5.27 | 8.15 | 12.03 | 8.80 | 11.85 | 15.94 | 21.45 | 28.86 |
| EBIT | -3.24 | 0.22 | 3.37 | 5.41 | 5.94 | 2.47 | 3.32 | 4.47 | 6.02 | 8.09 |
| Tax Rate | -1.11% | -17.52% | 1.44% | -143.27% | -20.55% | -36.20% | -36.20% | -36.20% | -36.20% | -36.20% |
| EBIAT | -3.28 | 0.25 | 3.32 | 13.17 | 7.16 | 3.36 | 4.53 | 6.09 | 8.19 | 11.03 |
| Depreciation | 2.02 | 1.56 | 1.90 | 2.73 | 6.09 | 6.33 | 8.52 | 11.47 | 15.43 | 20.76 |
| Accounts Receivable | - | -0.05 | -1.41 | 0.92 | -1.54 | -1.54 | -1.70 | -2.29 | -3.08 | -4.15 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.18 | 0.27 | 0.04 | 0.14 | 1.81 | 1.22 | 1.64 | 2.20 | 2.96 |
| Capital Expenditure | -0.45 | -1.39 | -4.17 | -4.20 | -8.38 | -7.04 | -9.47 | -12.75 | -17.15 | -23.08 |
| UFCF | -1.71 | 0.55 | -0.08 | 12.67 | 3.47 | 2.93 | 3.09 | 4.16 | 5.59 | 7.53 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 7.68 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | 2.92 |
| Equity Value | - |
| Shares Outstanding | 14.97 |
| Equity Value Per Share | - |