Discounted Cash Flow (DCF) Analysis Unlevered

The Joint Corp. (JYNT)

$9.89

+0.03 (+0.30%)
All numbers are in Millions, Currency in USD
Stock DCF: 13.52 | 9.89 | 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 31.7948.4558.6881.19101.91136.92183.95247.15332.05446.11
Revenue (%)
EBITDA 2.895.528.1212.1610.5416.3421.9529.4939.6253.23
EBITDA (%)
EBIT 1.343.625.396.072.908.5411.4715.4120.7127.82
EBIT (%)
Depreciation 1.561.902.736.097.647.8010.4814.0818.9125.41
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 8.728.4620.5519.539.7531.0841.7656.1175.38101.28
Total Cash (%)
Account Receivables 1.362.771.853.393.915.807.7910.4714.0718.90
Account Receivables (%)
Inventories 0.750.951.161.381.862.693.624.866.538.77
Inventories (%)
Accounts Payable 1.251.531.561.712.974.045.437.309.8013.17
Accounts Payable (%)
Capital Expenditure -1.39-4.17-4.20-8.38-8.77-10.69-14.37-19.30-25.93-34.84
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 9.89
Beta 1.622
Diluted Shares Outstanding 14.87
Cost of Debt
Tax Rate 39.43
After-tax Cost of Debt 2.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.815
Total Debt 26.06
Total Equity 147.05
Total Capital 173.10
Debt Weighting 15.05
Equity Weighting 84.95
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 31.7948.4558.6881.19101.91136.92183.95247.15332.05446.11
EBITDA 2.895.528.1212.1610.5416.3421.9529.4939.6253.23
EBIT 1.343.625.396.072.908.5411.4715.4120.7127.82
Tax Rate -17.52%1.44%-143.27%-27.39%39.43%-29.46%-29.46%-29.46%-29.46%-29.46%
EBIAT 1.573.5713.117.741.7511.0614.8519.9626.8136.02
Depreciation 1.561.902.736.097.647.8010.4814.0818.9125.41
Accounts Receivable --1.410.92-1.54-0.52-1.89-1.99-2.68-3.60-4.83
Inventories --0.20-0.21-0.22-0.48-0.83-0.92-1.24-1.67-2.24
Accounts Payable -0.270.040.141.261.081.391.872.513.37
Capital Expenditure -1.39-4.17-4.20-8.38-8.77-10.69-14.37-19.30-25.93-34.84
UFCF 1.74-0.0312.403.830.896.529.4412.6817.0322.88
WACC
PV UFCF 5.907.749.4211.4613.94
SUM PV UFCF 48.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.42
Free cash flow (t + 1) 23.34
Terminal Value 277.22
Present Value of Terminal Value 168.88

Intrinsic Value

Enterprise Value 217.34
Net Debt 16.31
Equity Value 201.03
Shares Outstanding 14.87
Equity Value Per Share 13.52