DCF Tool

JBT

John Bean Technologies Corp – Food Product Machinery Manufacturing
jbt is a leading supplier of integrated food processing solutions. from single machines to complete processing lines, we enhance value and capture quality, nutrition and taste in food products. we market our solutions and services to multi-national and regional industrial food processing companies. our foodtech offerings include: • freezer solutions for the freezing and chilling of meat, seafood, poultry, ready-to-eat meals, fruits, vegetables, dairy and bakery products; • protein processing solutions that portion, coat, fry and cook poultry, meat, seafood, vegetable and bakery products; • in-container processing solutions for the filling, closing and sterilization of fruits, vegetables, soups, sauces, dairy and pet food products as well as ready-to-eat meals in a wide variety of modern packages; • fruit and juice processing solutions that extract, concentrate and aseptically process citrus, tomato and other fruits, vegetables and juices; and • automatic guided vehicles for mate
Analysis Results
Intrinsic Value $155.75
Latest Price $104.16
Relative Value 33% undervalued
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Cash Flow (Millions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 14.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.8%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 14.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 240 220
2024 275 232
2025 314 244
2026 360 257
2027 412 271
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 6190 million. This corresponds to a present value of 3730 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1220 million. Adding in the terminal value gives a total present value of 4960 million.

There are presently 31.8 million outstanding shares, so the intrinsic value per share is 155.75.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 869,600,000
Current Cash 73,100,000
Current Liabilities 621,200,000
Current Debt 600,000
Non-Cash Working Capital (NCWC) 175,900,000
Change in NCWC 85,900,000
EBIT 175,400,000
Tax Provision 23,500,000
Depreciation and Amortization 81,100,000
Capital Expenditure -87,600,000
Unlevered Free Cash Flow 228,069,130
Current Assets 718,700,000
Current Cash 78,800,000
Current Liabilities 549,900,000
Current Debt 0
Non-Cash Working Capital (NCWC) 90,000,000
Change in NCWC -23,500,000
EBIT 165,700,000
Tax Provision 34,300,000
Depreciation and Amortization 76,800,000
Capital Expenditure -54,100,000
Unlevered Free Cash Flow 127,679,895
Current Assets 616,100,000
Current Cash 47,500,000
Current Liabilities 457,500,000
Current Debt 2,400,000
Non-Cash Working Capital (NCWC) 113,500,000
Change in NCWC -81,600,000
EBIT 175,200,000
Tax Provision 36,700,000
Depreciation and Amortization 71,800,000
Capital Expenditure -34,300,000
Unlevered Free Cash Flow 86,908,659
Current Assets 708,200,000
Current Cash 39,500,000
Current Liabilities 474,500,000
Current Debt 900,000
Non-Cash Working Capital (NCWC) 195,100,000
Change in NCWC 104,400,000
EBIT 201,700,000
Tax Provision 37,600,000
Depreciation and Amortization 65,600,000
Capital Expenditure -37,900,000
Unlevered Free Cash Flow 288,360,095
Current Assets 618,500,000
Current Cash 43,000,000
Current Liabilities 485,300,000
Current Debt 500,000
Non-Cash Working Capital (NCWC) 90,700,000
Change in NCWC -33,000,000
EBIT 190,800,000
Tax Provision 24,600,000
Depreciation and Amortization 57,700,000
Capital Expenditure -39,800,000
Unlevered Free Cash Flow 139,314,883
Current Assets 588,600,000
Current Cash 34,000,000
Current Liabilities 441,400,000
Current Debt 10,500,000
Non-Cash Working Capital (NCWC) 123,700,000
Change in NCWC 57,800,000
EBIT 147,600,000
Tax Provision 50,100,000
Depreciation and Amortization 51,700,000
Capital Expenditure -37,900,000
Unlevered Free Cash Flow 163,263,842
Current Assets 485,000,000
Current Cash 33,200,000
Current Liabilities 393,000,000
Current Debt 7,100,000
Non-Cash Working Capital (NCWC) 65,900,000
Change in NCWC 57,800,000
EBIT 120,400,000
Tax Provision 26,000,000
Depreciation and Amortization 38,500,000
Capital Expenditure -37,100,000
Unlevered Free Cash Flow 146,297,872
Current Assets 396,200,000
Current Cash 37,200,000
Current Liabilities 353,100,000
Current Debt 2,200,000
Non-Cash Working Capital (NCWC) 8,100,000
Change in NCWC -64,300,000
EBIT 91,700,000
Tax Provision 26,200,000
Depreciation and Amortization 29,600,000
Capital Expenditure -37,700,000
Unlevered Free Cash Flow -9,927,980
Current Assets 387,900,000
Current Cash 33,300,000
Current Liabilities 286,400,000
Current Debt 4,200,000
Non-Cash Working Capital (NCWC) 72,400,000
Change in NCWC -23,500,000
EBIT 66,800,000
Tax Provision 13,900,000
Depreciation and Amortization 25,300,000
Capital Expenditure -36,700,000
Unlevered Free Cash Flow 11,127,740
Current Assets 396,600,000
Current Cash 29,400,000
Current Liabilities 277,600,000
Current Debt 6,300,000
Non-Cash Working Capital (NCWC) 95,900,000
Change in NCWC -7,400,000
EBIT 54,600,000
Tax Provision 13,800,000
Depreciation and Amortization 25,000,000
Capital Expenditure -29,200,000
Unlevered Free Cash Flow 27,236,820
Current Assets 451,100,000
Current Cash 99,000,000
Current Liabilities 250,800,000
Current Debt 2,000,000
Non-Cash Working Capital (NCWC) 103,300,000
Change in NCWC -7,100,000
EBIT 59,900,000
Tax Provision 16,900,000
Depreciation and Amortization 23,600,000
Capital Expenditure -24,700,000
Unlevered Free Cash Flow 32,953,518

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