Discounted Cash Flow (DCF) Analysis Levered

Boralex Inc. (BLX.TO)

$28.06

-0.72 (-2.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 2,041.74 | 28.06 | undervalue

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 5746336918361,0221,182.131,367.361,581.601,829.422,116.06
Revenue (%)
Operating Cash Flow 294362345513496634.17733.54848.47981.411,135.19
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 117206166257216304.58352.30407.50471.35545.21

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 5746336918361,0221,182.131,367.361,581.601,829.422,116.06
Operating Cash Flow 294362345513496634.17733.54848.47981.411,135.19
Capital Expenditure -177-156-179-256-280-329.59-381.23-440.96-510.06-589.98
Free Cash Flow 117206166257216304.58352.30407.50471.35545.21
WACC
PV LFCF 292.81325.60362.06402.61447.69
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