Discounted Cash Flow (DCF) Analysis Levered

BlackBerry Limited (BB.TO)

$3.8

+0.17 (+4.68%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.18 | 3.8 | 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 9041,040893718656611.19569.44530.55494.31460.54
Revenue (%)
Operating Cash Flow 1002682-28-263-25.97-24.20-22.54-21-19.57
Operating Cash Flow (%)
Capital Expenditure -49-44-44-39-41-32.10-29.91-27.86-25.96-24.19
Capital Expenditure (%)
Free Cash Flow 51-1838-67-304-58.07-54.10-50.41-46.97-43.76

Weighted Average Cost Of Capital

Share price $ 3.8
Beta 1.101
Diluted Shares Outstanding 639.49
Cost of Debt
Tax Rate -1.94
After-tax Cost of Debt 5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.459
Total Debt 419
Total Equity 2,430.05
Total Capital 2,849.05
Debt Weighting 14.71
Equity Weighting 85.29
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 9041,040893718656611.19569.44530.55494.31460.54
Operating Cash Flow 1002682-28-263-25.97-24.20-22.54-21-19.57
Capital Expenditure -49-44-44-39-41-32.10-29.91-27.86-25.96-24.19
Free Cash Flow 51-1838-67-304-58.07-54.10-50.41-46.97-43.76
WACC
PV LFCF -53.37-45.71-39.14-33.52-28.70
SUM PV LFCF -200.44

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.80
Free cash flow (t + 1) -44.63
Terminal Value -656.37
Present Value of Terminal Value -430.53

Intrinsic Value

Enterprise Value -630.97
Net Debt 124
Equity Value -754.97
Shares Outstanding 639.49
Equity Value Per Share -1.18