DCF Tool

TBI

TrueBlue Inc – Human Resources Consulting Services
trueblue (nyse: tbi) is a leading staffing, recruiting and workforce management company. the company fills individual positions on demand, staffs entire facilities, and manages outsourced recruiting processes and staffing vendor programs for a wide variety of clients. the company's specialized workforce solutions meet clients'‚Äč needs for a reliable, efficient workforce, and it services a wide variety of industries including construction, energy, manufacturing, financial services, pharmaceuticals, transportation, aviation and energy. trueblue assigns as many as 100,000 people to work each day, drawing from a data base of hundreds of thousands of candidates, and places more than 250,000 people in permanent positions each year.
Analysis Results
Intrinsic Value $25.74
Latest Price $14.43
Relative Value 44% undervalued
Thoughts on this result? Let us know.
Ad
Cash Flow (Millions)
Analysis Parameters
%
%
%
New Ticker
Ad
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 -3.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.2%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -3.6%, 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 63.1 58.4
2024 60.9 52.0
2025 58.7 46.4
2026 56.6 41.4
2027 54.6 36.9
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 902 million. This corresponds to a present value of 563 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 235 million. Adding in the terminal value gives a total present value of 798 million.

There are presently 31.0 million outstanding shares, so the intrinsic value per share is 25.74.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 430,212,000
Current Cash 72,054,000
Current Liabilities 242,875,000
Current Debt 0
Non-Cash Working Capital (NCWC) 115,283,000
Change in NCWC -21,348,000
EBIT 72,185,000
Tax Provision 11,143,000
Depreciation and Amortization 29,273,000
Capital Expenditure -30,626,000
Unlevered Free Cash Flow 38,527,839
Current Assets 445,073,000
Current Cash 49,896,000
Current Liabilities 258,546,000
Current Debt 0
Non-Cash Working Capital (NCWC) 136,631,000
Change in NCWC 89,220,000
EBIT 68,442,000
Tax Provision 12,216,000
Depreciation and Amortization 27,556,000
Capital Expenditure -35,006,000
Unlevered Free Cash Flow 138,890,571
Current Assets 378,885,000
Current Cash 62,507,000
Current Liabilities 268,967,000
Current Debt 0
Non-Cash Working Capital (NCWC) 47,411,000
Change in NCWC -105,908,000
EBIT 307,000
Tax Provision -31,421,000
Depreciation and Amortization 32,031,000
Capital Expenditure -27,066,000
Unlevered Free Cash Flow -100,636,000
Current Assets 421,733,000
Current Cash 37,608,000
Current Liabilities 230,806,000
Current Debt 0
Non-Cash Working Capital (NCWC) 153,319,000
Change in NCWC -3,994,000
EBIT 66,179,000
Tax Provision 6,971,000
Depreciation and Amortization 37,549,000
Capital Expenditure -28,119,000
Unlevered Free Cash Flow 65,028,657
Current Assets 429,827,000
Current Cash 46,988,000
Current Liabilities 225,526,000
Current Debt 0
Non-Cash Working Capital (NCWC) 157,313,000
Change in NCWC -29,767,000
EBIT 73,919,000
Tax Provision 9,909,000
Depreciation and Amortization 41,049,000
Capital Expenditure -17,054,000
Unlevered Free Cash Flow 58,466,398
Current Assets 428,279,000
Current Cash 28,780,000
Current Liabilities 212,419,000
Current Debt 0
Non-Cash Working Capital (NCWC) 187,080,000
Change in NCWC 45,382,000
EBIT 77,564,000
Tax Provision 22,094,000
Depreciation and Amortization 46,115,000
Capital Expenditure -21,958,000
Unlevered Free Cash Flow 125,005,011
Current Assets 427,803,000
Current Cash 34,970,000
Current Liabilities 251,135,000
Current Debt 0
Non-Cash Working Capital (NCWC) 141,698,000
Change in NCWC -150,903,000
EBIT 86,549,000
Tax Provision -5,089,000
Depreciation and Amortization 46,692,000
Capital Expenditure -29,042,000
Unlevered Free Cash Flow -46,704,000
Current Assets 550,358,000
Current Cash 29,781,000
Current Liabilities 227,976,000
Current Debt 0
Non-Cash Working Capital (NCWC) 292,601,000
Change in NCWC 85,190,000
EBIT 97,842,000
Tax Provision 25,200,000
Depreciation and Amortization 41,843,000
Capital Expenditure -18,394,000
Unlevered Free Cash Flow 180,916,509
Current Assets 415,807,000
Current Cash 21,166,000
Current Liabilities 187,230,000
Current Debt 0
Non-Cash Working Capital (NCWC) 207,411,000
Change in NCWC 109,110,000
EBIT 81,728,000
Tax Provision 16,169,000
Depreciation and Amortization 29,474,000
Capital Expenditure -16,918,000
Unlevered Free Cash Flow 187,247,916
Current Assets 356,458,000
Current Cash 136,748,000
Current Liabilities 121,409,000
Current Debt 0
Non-Cash Working Capital (NCWC) 98,301,000
Change in NCWC 24,204,000
EBIT 59,583,000
Tax Provision 16,013,000
Depreciation and Amortization 20,472,000
Capital Expenditure -13,003,000
Unlevered Free Cash Flow 75,598,803
Current Assets 317,166,000
Current Cash 129,513,000
Current Liabilities 113,556,000
Current Debt 0
Non-Cash Working Capital (NCWC) 74,097,000
Change in NCWC 15,082,000
EBIT 53,036,000
Tax Provision 20,976,000
Depreciation and Amortization 18,890,000
Capital Expenditure -17,826,000
Unlevered Free Cash Flow 48,808,716

This analysis is provided for informational purposes only and does not constitute financial or investing advice. For more information on the advantages and limitations of DCF analysis see background. This information is provided on an "as is" basis. No warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. By using this site you agree that under no circumstances shall Valuation Tools LLC be held liable for any loss or damage caused by information obtained from this website including any articles, data, videos, its social media accounts, or any other materials.