Discounted Cash Flow (DCF) Analysis Levered

Altus Group Limited (AIF.TO)

$51.94

-0.21 (-0.40%)
All numbers are in Millions, Currency in USD
Stock DCF: 25.41 | 51.94 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 478.14510.43567.41561.16625.39669.57716.88767.53821.76879.82
Revenue (%)
Operating Cash Flow 57.8449.4952.4272.3056.3170.8775.8881.2486.9893.12
Operating Cash Flow (%)
Capital Expenditure -12.41-12.37-5.94-4.35-10.63-11.44-12.25-13.11-14.04-15.03
Capital Expenditure (%)
Free Cash Flow 45.4337.1246.4867.9545.6859.4363.6368.1272.9478.09

Weighted Average Cost Of Capital

Share price $ 51.94
Beta 0.907
Diluted Shares Outstanding 42.90
Cost of Debt
Tax Rate 24.89
After-tax Cost of Debt 1.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.971
Total Debt 358.06
Total Equity 2,228.18
Total Capital 2,586.24
Debt Weighting 13.84
Equity Weighting 86.16
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 478.14510.43567.41561.16625.39669.57716.88767.53821.76879.82
Operating Cash Flow 57.8449.4952.4272.3056.3170.8775.8881.2486.9893.12
Capital Expenditure -12.41-12.37-5.94-4.35-10.63-11.44-12.25-13.11-14.04-15.03
Free Cash Flow 45.4337.1246.4867.9545.6859.4363.6368.1272.9478.09
WACC
PV LFCF 39.4739.4739.4739.4739.48
SUM PV LFCF 277.58

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.06
Free cash flow (t + 1) 79.65
Terminal Value 1,574.16
Present Value of Terminal Value 1,119.21

Intrinsic Value

Enterprise Value 1,396.79
Net Debt 306.79
Equity Value 1,090
Shares Outstanding 42.90
Equity Value Per Share 25.41