Discounted Cash Flow (DCF) Analysis Unlevered

TrueBlue, Inc. (TBI)

$19.61

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.06 | 19.61 | overvalue

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 2,508.772,499.212,368.781,846.362,173.622,119.662,067.042,015.731,965.691,916.90
Revenue (%)
EBITDA 129.16121.59110.38-139.61106.8150.9849.7248.4847.2846.10
EBITDA (%)
EBIT 83.0480.5472.83-171.6479.2616.7816.3615.9515.5615.17
EBIT (%)
Depreciation 46.1141.0537.5532.0327.5634.2033.3632.5331.7230.93
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 28.7846.9937.6162.5149.9043.6542.5641.5140.4839.47
Total Cash (%)
Account Receivables 378.89360.70353.41290.24363.56326.01317.91310.02302.33294.82
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 55.0969.8168.4162.2077.1762.7361.1759.6558.1756.73
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 $ 19.61
Beta 1.438
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 10.355
Total Debt 67.02
Total Equity 694.86
Total Capital 761.88
Debt Weighting 8.80
Equity Weighting 91.20
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 2,508.772,499.212,368.781,846.362,173.622,119.662,067.042,015.731,965.691,916.90
EBITDA 129.16121.59110.38-139.61106.8150.9849.7248.4847.2846.10
EBIT 83.0480.5472.83-171.6479.2616.7816.3615.9515.5615.17
Tax Rate 28.49%13.10%9.95%18.13%16.54%17.24%17.24%17.24%17.24%17.24%
EBIAT 59.387065.58-140.5166.1513.8813.5413.2012.8812.56
Depreciation 46.1141.0537.5532.0327.5634.2033.3632.5331.7230.93
Accounts Receivable -18.207.2963.17-73.3237.568.097.897.707.50
Inventories ----------
Accounts Payable -14.72-1.41-6.2114.97-14.45-1.56-1.52-1.48-1.44
Capital Expenditure -21.96-17.05-28.12-27.07-35.01-24.68-24.06-23.47-22.88-22.32
UFCF 83.54126.9180.89-78.590.3546.5229.3728.6427.9327.23
WACC
PV UFCF 42.2824.2521.4919.0516.88
SUM PV UFCF 123.95

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.04
Free cash flow (t + 1) 27.78
Terminal Value 345.49
Present Value of Terminal Value 214.13

Intrinsic Value

Enterprise Value 338.08
Net Debt 17.13
Equity Value 320.95
Shares Outstanding 35.43
Equity Value Per Share 9.06