Discounted Cash Flow (DCF) Analysis Levered

Andrew Peller Limited (ADW-A.TO)

$6.41

+0.19 (+3.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.62 | 6.41 | overvalue

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 363.90381.80382.31393.04373.94376.75379.58382.42385.29388.19
Revenue (%)
Operating Cash Flow 21.7549.0431.5441.1215.5931.4231.6631.9032.1432.38
Operating Cash Flow (%)
Capital Expenditure -20.37-23.39-23.31-36.54-22.90-25.05-25.24-25.42-25.62-25.81
Capital Expenditure (%)
Free Cash Flow 1.3725.668.244.58-7.316.386.426.476.526.57

Weighted Average Cost Of Capital

Share price $ 6.41
Beta 0.654
Diluted Shares Outstanding 35.47
Cost of Debt
Tax Rate 26.98
After-tax Cost of Debt 3.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.935
Total Debt 208.33
Total Equity 227.37
Total Capital 435.70
Debt Weighting 47.81
Equity Weighting 52.19
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 363.90381.80382.31393.04373.94376.75379.58382.42385.29388.19
Operating Cash Flow 21.7549.0431.5441.1215.5931.4231.6631.9032.1432.38
Capital Expenditure -20.37-23.39-23.31-36.54-22.90-25.05-25.24-25.42-25.62-25.81
Free Cash Flow 1.3725.668.244.58-7.316.386.426.476.526.57
WACC
PV LFCF 6.095.865.655.435.23
SUM PV LFCF 28.27

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.66
Free cash flow (t + 1) 6.70
Terminal Value 251.93
Present Value of Terminal Value 200.62

Intrinsic Value

Enterprise Value 228.89
Net Debt 207.03
Equity Value 21.86
Shares Outstanding 35.47
Equity Value Per Share 0.62