DCF Tool

JOUT

Johnson Outdoors Inc – Sporting and Athletic Goods Manufacturing
johnson outdoors turns ideas into adventure with innovative, market-leading outdoor recreational products. the company’s unique network model combines the strength and efficiency of a large organization with the creativity and agility of its entrepreneurial beginnings. founded in 1970 by samuel c. johnson, the company has delivered double-digit compound annual revenue growth over its history, evolving from a single brand into a nearly $400 million global enterprise with nearly 1,300 employees across 16 countries. johnson outdoors designs, manufacturers and markets many of the world’s best known outdoor recreation brands. the company’s award-winning innovation is fueled by a unique passion for the outdoors, coupled with sophisticated market research and cutting-edge technology, to advance a continuous pipeline of successful new products across four categories: marine electronics, watercraft, outdoor gear and diving. new products have represented a third or more of total company revenu
Analysis Results
Intrinsic Value $1,120.59
Latest Price $52.39
Relative Value 95% 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 41.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 41.5%, 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 220 203
2024 312 264
2025 441 344
2026 624 448
2027 883 584
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 13600 million. This corresponds to a present value of 8290 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1840 million. Adding in the terminal value gives a total present value of 10100 million.

There are presently 9.04 million outstanding shares, so the intrinsic value per share is 1120.59.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 480,316,000
Current Cash 129,803,000
Current Liabilities 114,713,000
Current Debt 0
Non-Cash Working Capital (NCWC) 235,800,000
Change in NCWC 122,554,000
EBIT 66,310,000
Tax Provision 14,397,000
Depreciation and Amortization 14,234,000
Capital Expenditure -31,690,000
Unlevered Free Cash Flow 155,196,461
Current Assets 491,264,000
Current Cash 240,448,000
Current Liabilities 137,570,000
Current Debt 0
Non-Cash Working Capital (NCWC) 113,246,000
Change in NCWC 42,752,000
EBIT 111,283,000
Tax Provision 29,541,000
Depreciation and Amortization 13,401,000
Capital Expenditure -21,409,000
Unlevered Free Cash Flow 116,914,771
Current Assets 388,538,000
Current Cash 212,437,000
Current Liabilities 105,607,000
Current Debt 0
Non-Cash Working Capital (NCWC) 70,494,000
Change in NCWC 8,214,000
EBIT 71,070,000
Tax Provision 18,469,000
Depreciation and Amortization 14,926,000
Capital Expenditure -15,600,000
Unlevered Free Cash Flow 60,800,553
Current Assets 322,528,000
Current Cash 172,382,000
Current Liabilities 87,866,000
Current Debt 0
Non-Cash Working Capital (NCWC) 62,280,000
Change in NCWC 19,961,000
EBIT 63,774,000
Tax Provision 15,094,000
Depreciation and Amortization 13,964,000
Capital Expenditure -16,786,000
Unlevered Free Cash Flow 66,439,264
Current Assets 285,694,000
Current Cash 150,591,000
Current Liabilities 92,784,000
Current Debt 0
Non-Cash Working Capital (NCWC) 42,319,000
Change in NCWC -4,036,000
EBIT 63,021,000
Tax Provision 27,437,000
Depreciation and Amortization 13,105,000
Capital Expenditure -19,152,000
Unlevered Free Cash Flow 27,549,529
Current Assets 240,849,000
Current Cash 110,417,000
Current Liabilities 84,077,000
Current Debt 0
Non-Cash Working Capital (NCWC) 46,355,000
Change in NCWC -1,046,000
EBIT 45,591,000
Tax Provision 13,053,000
Depreciation and Amortization 13,080,000
Capital Expenditure -11,613,000
Unlevered Free Cash Flow 33,668,101
Current Assets 201,968,000
Current Cash 87,294,000
Current Liabilities 67,654,000
Current Debt 381,000
Non-Cash Working Capital (NCWC) 47,401,000
Change in NCWC -23,624,000
EBIT 29,091,000
Tax Provision 10,154,000
Depreciation and Amortization 11,833,000
Capital Expenditure -11,702,000
Unlevered Free Cash Flow -6,889,423
Current Assets 209,370,000
Current Cash 69,159,000
Current Liabilities 69,554,000
Current Debt 368,000
Non-Cash Working Capital (NCWC) 71,025,000
Change in NCWC 4,140,000
EBIT 17,853,000
Tax Provision 5,137,000
Depreciation and Amortization 11,702,000
Capital Expenditure -10,409,000
Unlevered Free Cash Flow 17,464,197
Current Assets 197,550,000
Current Cash 70,793,000
Current Liabilities 60,232,000
Current Debt 360,000
Non-Cash Working Capital (NCWC) 66,885,000
Change in NCWC -3,160,000
EBIT 25,166,000
Tax Provision 8,299,000
Depreciation and Amortization 10,743,000
Capital Expenditure -13,263,000
Unlevered Free Cash Flow 7,498,132
Current Assets 188,572,000
Current Cash 55,694,000
Current Liabilities 63,372,000
Current Debt 539,000
Non-Cash Working Capital (NCWC) 70,045,000
Change in NCWC 4,438,000
EBIT 25,591,000
Tax Provision 5,333,000
Depreciation and Amortization 9,755,000
Capital Expenditure -16,333,000
Unlevered Free Cash Flow 17,916,660
Current Assets 182,952,000
Current Cash 58,904,000
Current Liabilities 58,967,000
Current Debt 526,000
Non-Cash Working Capital (NCWC) 65,607,000
Change in NCWC -4,818,000
EBIT 17,913,000
Tax Provision 9,792,000
Depreciation and Amortization 11,530,000
Capital Expenditure -12,032,000
Unlevered Free Cash Flow 3,790,224

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