Discounted Cash Flow (DCF) Analysis Levered
BlackBerry Limited (BB)
$5.12
+0.01 (+0.20%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 904 | 1,040 | 893 | 718 | 656 | 611.19 | 569.44 | 530.55 | 494.31 | 460.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 100 | 26 | 82 | -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 | -18 | 38 | -67 | -304 | -58.07 | -54.10 | -50.41 | -46.97 | -43.76 |
Weighted Average Cost Of Capital
| Share price | $ 5.12 |
|---|---|
| Beta | 1.161 |
| Diluted Shares Outstanding | 639.49 |
| Cost of Debt | |
| Tax Rate | -1.94 |
| After-tax Cost of Debt | 269.69% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.959 |
| Total Debt | 419 |
| Total Equity | 3,274.17 |
| Total Capital | 3,693.17 |
| Debt Weighting | 11.35 |
| Equity Weighting | 88.65 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Actual | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 904 | 1,040 | 893 | 718 | 656 | 611.19 | 569.44 | 530.55 | 494.31 | 460.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 100 | 26 | 82 | -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 | -18 | 38 | -67 | -304 | -58.07 | -54.10 | -50.41 | -46.97 | -43.76 |
| WACC | ||||||||||
| PV LFCF | -41.65 | -27.83 | -18.60 | -12.43 | -8.30 | |||||
| SUM PV LFCF | -108.81 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 39.43 |
| Free cash flow (t + 1) | -44.63 |
| Terminal Value | -119.24 |
| Present Value of Terminal Value | -22.63 |
Intrinsic Value
| Enterprise Value | -131.44 |
|---|---|
| Net Debt | 124 |
| Equity Value | -255.44 |
| Shares Outstanding | 639.49 |
| Equity Value Per Share | -0.40 |