Discounted Cash Flow (DCF) Analysis Levered
Aurora Cannabis Inc. (ACB)
$0.5337
-0.01 (-1.09%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 55.20 | 247.94 | 278.91 | 245.25 | 221.34 | 409.41 | 757.27 | 1,400.70 | 2,590.84 | 4,792.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -81.67 | -192.25 | -337.95 | -210.58 | -109.84 | -394.79 | -730.24 | -1,350.70 | -2,498.36 | -4,621.15 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -136.95 | -414.30 | -355.01 | -53.08 | -32.21 | -473.83 | -876.44 | -1,621.13 | -2,998.57 | -5,546.38 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -218.61 | -606.54 | -692.96 | -263.66 | -142.05 | -868.63 | -1,606.68 | -2,971.83 | -5,496.92 | -10,167.52 |
Weighted Average Cost Of Capital
| Share price | $ 0.5,337 |
|---|---|
| Beta | 3.000 |
| Diluted Shares Outstanding | 169.12 |
| Cost of Debt | |
| Tax Rate | 0.15 |
| After-tax Cost of Debt | 26.61% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.946 |
| Total Debt | 269.49 |
| Total Equity | 90.26 |
| Total Capital | 359.75 |
| Debt Weighting | 74.91 |
| Equity Weighting | 25.09 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 55.20 | 247.94 | 278.91 | 245.25 | 221.34 | 409.41 | 757.27 | 1,400.70 | 2,590.84 | 4,792.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -81.67 | -192.25 | -337.95 | -210.58 | -109.84 | -394.79 | -730.24 | -1,350.70 | -2,498.36 | -4,621.15 |
| Capital Expenditure | -136.95 | -414.30 | -355.01 | -53.08 | -32.21 | -473.83 | -876.44 | -1,621.13 | -2,998.57 | -5,546.38 |
| Free Cash Flow | -218.61 | -606.54 | -692.96 | -263.66 | -142.05 | -868.63 | -1,606.68 | -2,971.83 | -5,496.92 | -10,167.52 |
| WACC | ||||||||||
| PV LFCF | -698.03 | -1,037.55 | -1,542.21 | -2,292.34 | -3,407.34 | |||||
| SUM PV LFCF | -8,977.47 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 24.44 |
| Free cash flow (t + 1) | -10,370.87 |
| Terminal Value | -46,216.02 |
| Present Value of Terminal Value | -15,487.90 |
Intrinsic Value
| Enterprise Value | -24,465.37 |
|---|---|
| Net Debt | -168.32 |
| Equity Value | -24,297.05 |
| Shares Outstanding | 169.12 |
| Equity Value Per Share | -143.67 |