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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
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 17,249.4915,762.5917,899.9918,354.6519,064.9822,098.2223,302.5724,572.5625,911.7627,323.9528,813.11
Revenue (%)
EBITDA 917.67929.991,079.371,218.751,157.241,294.961,391.161,466.981,546.931,631.241,720.14
EBITDA (%)
EBIT 500.24442.93549.53521.27396.55521.52624.51658.54694.44732.28772.19
EBIT (%)
Depreciation 417.44487.06529.84697.48760.69773.44766.65808.44852.50898.96947.95
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1,010.821,000.92914.69912.231,189.651,257.391,328.251,400.641,476.971,557.471,642.35
Total Cash (%)
Account Receivables 1,169.521,208.991,467.801,360.081,397.461,692.721,750.021,845.401,945.972,052.032,163.86
Account Receivables (%)
Inventories 2,118.242,008.152,507.792,455.852,941.733,458.373,243.723,420.503,606.923,803.494,010.78
Inventories (%)
Accounts Payable 3,191.163,061.093,664.133,593.844,257.214,943.374,763.055,022.635,296.365,585.025,889.40
Accounts Payable (%)
Capital Expenditure -721.03-463.42-946.91-897.54-541.45-687.25-901.81-950.96-1,002.79-1,057.44-1,115.07
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 27.34
Diluted Shares Outstanding 175.04
Cost of Debt
Tax Rate 76.80
After-tax Cost of Debt -3.79
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.39
Total Debt 2,493.50
Total Equity 4,785.70
Total Capital 7,279.20
Debt Weighting 34.26
Equity Weighting 65.74
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 17,249.4915,762.5917,899.9918,354.6519,064.9822,098.2223,302.5724,572.5625,911.7627,323.9528,813.11
EBITDA 917.67929.991,079.371,218.751,157.241,294.961,391.161,466.981,546.931,631.241,720.14
EBIT 500.24442.93549.53521.27396.55521.52624.51658.54694.44732.28772.19
Tax Rate 2.01%23.40%32.61%34.21%50.00%76.80%36.51%36.51%36.51%36.51%36.51%
EBIAT 490.17339.29370.31342.92198.29120.97396.52418.13440.92464.95490.29
Depreciation 417.44487.06529.84697.48760.69773.44766.65808.44852.50898.96947.95
Accounts Receivable --39.47-258.81107.72-37.38-295.26-57.30-95.38-100.57-106.06-111.84
Inventories -110.08-499.6451.94-485.87-516.64214.65-176.78-186.42-196.58-207.29
Accounts Payable --130.06603.03-70.29663.37686.16-180.33259.59273.73288.65304.38
Capital Expenditure --257.61483.49-49.37-356.10145.81214.5549.1551.8354.6557.63
UFCF 907.60509.291,228.231,080.40743.00914.471,354.761,263.151,331.991,404.581,481.13
WACC
PV UFCF 1,287.181,140.271,142.441,144.611,146.79
SUM PV UFCF 8,815.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.25
Free cash flow (t + 1) 1,540.38
Terminal Value 123,230.01
Present Value of Terminal Value 95,412.65

Intrinsic Value

Enterprise Value 104,228.44
Net Debt 1,236.11
Equity Value 102,992.32
Shares Outstanding 175.04
Equity Value Per Share 588.38