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Discounted Cash Flow (DCF) Analysis Unlevered


Jabil Inc.

Jabil Inc. (JBL)

Technology

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 17,249.4915,762.5917,899.9918,354.6519,064.9822,098.2225,284.7827,042.0728,921.5030,931.5433,081.28
Revenue (%)
EBITDA 917.67929.991,079.371,218.751,157.241,294.961,408.361,598.191,709.261,828.051,955.10
EBITDA (%)
EBIT 500.24442.93549.53521.27396.55521.52637.18716.61766.42819.69876.65
EBIT (%)
Depreciation 417.44487.06529.84697.48760.69773.44771.19881.57942.841,008.371,078.45
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1,010.821,000.92914.69912.231,189.651,257.391,163.101,500.831,605.141,716.701,836.01
Total Cash (%)
Account Receivables 1,169.521,208.991,467.801,360.081,397.461,692.722,745.932,160.662,310.832,471.432,643.19
Account Receivables (%)
Inventories 2,118.242,008.152,507.792,455.852,941.733,458.373,024.063,688.543,944.894,219.064,512.29
Inventories (%)
Accounts Payable 3,191.163,061.093,664.133,593.844,257.214,943.375,165.685,527.405,911.556,322.416,761.81
Accounts Payable (%)
Capital Expenditure -721.03-463.42-946.91-897.54-541.45-687.25-786.36-1,019.49-1,090.34-1,166.12-1,247.16
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.15
Diluted Shares Outstanding 155.61
Cost of Debt
Tax Rate 35.96
After-tax Cost of Debt -1.75
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.39
Total Debt 2,121.28
Total Equity 6,092.25
Total Capital 8,213.53
Debt Weighting 25.83
Equity Weighting 74.17
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 17,249.4915,762.5917,899.9918,354.6519,064.9822,098.2225,284.7827,042.0728,921.5030,931.5433,081.28
EBITDA 917.67929.991,079.371,218.751,157.241,294.961,408.361,598.191,709.261,828.051,955.10
EBIT 500.24442.93549.53521.27396.55521.52637.18716.61766.42819.69876.65
Tax Rate 2.01%23.40%32.61%34.21%50.00%76.80%35.96%36.43%36.43%36.43%36.43%
EBIAT 490.17339.29370.31342.92198.29120.97408.04455.56487.22521.09557.30
Depreciation 417.44487.06529.84697.48760.69773.44771.19881.57942.841,008.371,078.45
Accounts Receivable --39.47-258.81107.72-37.38-295.26-1,053.20585.27-150.17-160.60-171.76
Inventories -110.08-499.6451.94-485.87-516.64434.31-664.48-256.35-274.17-293.22
Accounts Payable --130.06603.03-70.29663.37686.16222.31361.72384.15410.85439.41
Capital Expenditure --257.61483.49-49.37-356.10145.8199.10233.1370.8575.7881.05
UFCF 907.60509.291,228.231,080.40743.00914.47881.741,852.771,478.551,581.311,691.21
WACC
PV UFCF 1,639.351,230.591,238.001,245.45
SUM PV UFCF 8,636.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.31
Free cash flow (t + 1) 1,758.86
Terminal Value 76,141.22
Present Value of Terminal Value 56,072.41

Intrinsic Value

Enterprise Value 64,708.43
Net Debt 958.18
Equity Value 63,750.24
Shares Outstanding 155.61
Equity Value Per Share 409.67