Discounted Cash Flow (DCF) Analysis Levered

Ag Growth International Inc. (AFN.TO)

$51.82

+1.07 (+2.11%)

All numbers are in Millions, Currency in USD

Stock DCF: -30.31 | 51.82 | 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	931.66	995.79	994.03	1,198.52	1,458.08	1,636.46	1,836.66	2,061.35	2,313.53	2,596.56
Revenue (%)
Operating Cash Flow	41.19	40.42	74.17	39.11	102.17	85.79	96.29	108.07	121.29	136.12
Operating Cash Flow (%)
Capital Expenditure	-43.95	-61.80	-40.13	-45.57	-52.30	-73.14	-82.09	-92.14	-103.41	-116.06
Capital Expenditure (%)
Free Cash Flow	-2.76	-21.38	34.04	-6.45	49.87	12.65	14.19	15.93	17.88	20.07

Weighted Average Cost Of Capital

Share price	$ 51.82
Beta	2.285
Diluted Shares Outstanding	21.88
Cost of Debt
Tax Rate	-11.63
After-tax Cost of Debt	6.66%
Risk-Free Rate
Market Risk Premium
Cost of Equity	14.476
Total Debt	916.32
Total Equity	1,133.65
Total Capital	2,049.97
Debt Weighting	44.70
Equity Weighting	55.30
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	931.66	995.79	994.03	1,198.52	1,458.08	1,636.46	1,836.66	2,061.35	2,313.53	2,596.56
Operating Cash Flow	41.19	40.42	74.17	39.11	102.17	85.79	96.29	108.07	121.29	136.12
Capital Expenditure	-43.95	-61.80	-40.13	-45.57	-52.30	-73.14	-82.09	-92.14	-103.41	-116.06
Free Cash Flow	-2.76	-21.38	34.04	-6.45	49.87	12.65	14.19	15.93	17.88	20.07
WACC
PV LFCF						11.40	11.52	11.66	11.79	11.92
SUM PV LFCF										58.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	10.98
Free cash flow (t + 1)	20.47
Terminal Value	227.94
Present Value of Terminal Value	135.39

Intrinsic Value

Enterprise Value	193.68
Net Debt	856.67
Equity Value	-662.99
Shares Outstanding	21.88
Equity Value Per Share	-30.31