Discounted Cash Flow (DCF) Analysis Levered
Boralex Inc. (BLX.TO)
$28.06
-0.72 (-2.50%)
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 | 574 | 633 | 691 | 836 | 1,022 | 1,182.13 | 1,367.36 | 1,581.60 | 1,829.42 | 2,116.06 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 294 | 362 | 345 | 513 | 496 | 634.17 | 733.54 | 848.47 | 981.41 | 1,135.19 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -177 | -156 | -179 | -256 | -280 | -329.59 | -381.23 | -440.96 | -510.06 | -589.98 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 117 | 206 | 166 | 257 | 216 | 304.58 | 352.30 | 407.50 | 471.35 | 545.21 |
Weighted Average Cost Of Capital
Share price | $ 28.06 |
---|---|
Beta | 0.412 |
Diluted Shares Outstanding | 102.81 |
Cost of Debt | |
Tax Rate | 49.35 |
After-tax Cost of Debt | 2.21% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 6.301 |
Total Debt | 3,619 |
Total Equity | 2,884.95 |
Total Capital | 6,503.95 |
Debt Weighting | 55.64 |
Equity Weighting | 44.36 |
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 | 574 | 633 | 691 | 836 | 1,022 | 1,182.13 | 1,367.36 | 1,581.60 | 1,829.42 | 2,116.06 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 294 | 362 | 345 | 513 | 496 | 634.17 | 733.54 | 848.47 | 981.41 | 1,135.19 |
Capital Expenditure | -177 | -156 | -179 | -256 | -280 | -329.59 | -381.23 | -440.96 | -510.06 | -589.98 |
Free Cash Flow | 117 | 206 | 166 | 257 | 216 | 304.58 | 352.30 | 407.50 | 471.35 | 545.21 |
WACC | ||||||||||
PV LFCF | 292.81 | 325.60 | 362.06 | 402.61 | 447.69 | |||||
SUM PV LFCF | 1,830.77 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.02 |
Free cash flow (t + 1) | 565.93 |
Terminal Value | 257,239.72 |
Present Value of Terminal Value | 211,229.11 |
Intrinsic Value
Enterprise Value | 213,059.88 |
---|---|
Net Debt | 3,141 |
Equity Value | 209,918.88 |
Shares Outstanding | 102.81 |
Equity Value Per Share | 2,041.74 |