Discounted Cash Flow (DCF) Analysis Unlevered
TrueBlue, Inc. (TBI)
$19.09
-0.30 (-1.55%)
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 | 2,508.77 | 2,499.21 | 2,368.78 | 1,846.36 | 2,173.62 | 2,119.66 | 2,067.04 | 2,015.73 | 1,965.69 | 1,916.90 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 129.16 | 121.59 | 110.38 | -139.61 | 106.81 | 50.98 | 49.72 | 48.48 | 47.28 | 46.10 |
EBITDA (%) | ||||||||||
EBIT | 83.04 | 80.54 | 72.83 | -171.64 | 79.26 | 16.78 | 16.36 | 15.95 | 15.56 | 15.17 |
EBIT (%) | ||||||||||
Depreciation | 46.11 | 41.05 | 37.55 | 32.03 | 27.56 | 34.20 | 33.36 | 32.53 | 31.72 | 30.93 |
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 | 28.78 | 46.99 | 37.61 | 62.51 | 49.90 | 43.65 | 42.56 | 41.51 | 40.48 | 39.47 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 378.89 | 360.70 | 353.41 | 290.24 | 363.56 | 326.01 | 317.91 | 310.02 | 302.33 | 294.82 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 55.09 | 69.81 | 68.41 | 62.20 | 77.17 | 62.73 | 61.17 | 59.65 | 58.17 | 56.73 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -21.96 | -17.05 | -28.12 | -27.07 | -35.01 | -24.68 | -24.06 | -23.47 | -22.88 | -22.32 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 19.09 |
---|---|
Beta | 1.465 |
Diluted Shares Outstanding | 35.43 |
Cost of Debt | |
Tax Rate | 16.54 |
After-tax Cost of Debt | 6.74% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 10.434 |
Total Debt | 67.02 |
Total Equity | 676.44 |
Total Capital | 743.46 |
Debt Weighting | 9.02 |
Equity Weighting | 90.98 |
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 | 2,508.77 | 2,499.21 | 2,368.78 | 1,846.36 | 2,173.62 | 2,119.66 | 2,067.04 | 2,015.73 | 1,965.69 | 1,916.90 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 129.16 | 121.59 | 110.38 | -139.61 | 106.81 | 50.98 | 49.72 | 48.48 | 47.28 | 46.10 |
EBIT | 83.04 | 80.54 | 72.83 | -171.64 | 79.26 | 16.78 | 16.36 | 15.95 | 15.56 | 15.17 |
Tax Rate | 28.49% | 13.10% | 9.95% | 18.13% | 16.54% | 17.24% | 17.24% | 17.24% | 17.24% | 17.24% |
EBIAT | 59.38 | 70 | 65.58 | -140.51 | 66.15 | 13.88 | 13.54 | 13.20 | 12.88 | 12.56 |
Depreciation | 46.11 | 41.05 | 37.55 | 32.03 | 27.56 | 34.20 | 33.36 | 32.53 | 31.72 | 30.93 |
Accounts Receivable | - | 18.20 | 7.29 | 63.17 | -73.32 | 37.56 | 8.09 | 7.89 | 7.70 | 7.50 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 14.72 | -1.41 | -6.21 | 14.97 | -14.45 | -1.56 | -1.52 | -1.48 | -1.44 |
Capital Expenditure | -21.96 | -17.05 | -28.12 | -27.07 | -35.01 | -24.68 | -24.06 | -23.47 | -22.88 | -22.32 |
UFCF | 83.54 | 126.91 | 80.89 | -78.59 | 0.35 | 46.52 | 29.37 | 28.64 | 27.93 | 27.23 |
WACC | ||||||||||
PV UFCF | 42.25 | 24.23 | 21.46 | 19 | 16.83 | |||||
SUM PV UFCF | 123.77 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.10 |
Free cash flow (t + 1) | 27.78 |
Terminal Value | 342.93 |
Present Value of Terminal Value | 211.97 |
Intrinsic Value
Enterprise Value | 335.74 |
---|---|
Net Debt | 17.13 |
Equity Value | 318.61 |
Shares Outstanding | 35.43 |
Equity Value Per Share | 8.99 |