Discounted Cash Flow (DCF) Analysis Levered

Boralex Inc. (BLX.TO)

$42.31

-1.22 (-2.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 4.25 | 42.31 | 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 414471564619691785.83893.681,016.331,155.821,314.44
Revenue (%)
Operating Cash Flow 145202294362345374.76426.19484.69551.21626.85
Operating Cash Flow (%)
Capital Expenditure -271-282-177-156-179-326.63-371.45-422.43-480.41-546.34
Capital Expenditure (%)
Free Cash Flow -126-8011720616648.1454.7462.2670.8080.52

Weighted Average Cost Of Capital

Share price $ 42.31
Beta 0.481
Diluted Shares Outstanding 102.77
Cost of Debt
Tax Rate 61.36
After-tax Cost of Debt 1.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.096
Total Debt 3,909
Total Equity 4,348.40
Total Capital 8,257.40
Debt Weighting 47.34
Equity Weighting 52.66
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 414471564619691785.83893.681,016.331,155.821,314.44
Operating Cash Flow 145202294362345374.76426.19484.69551.21626.85
Capital Expenditure -271-282-177-156-179-326.63-371.45-422.43-480.41-546.34
Free Cash Flow -126-8011720616648.1454.7462.2670.8080.52
WACC
PV LFCF 38.5142.1946.2350.6655.50
SUM PV LFCF 280.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.79
Free cash flow (t + 1) 82.13
Terminal Value 4,588.07
Present Value of Terminal Value 3,809.36

Intrinsic Value

Enterprise Value 4,090.10
Net Debt 3,653
Equity Value 437.10
Shares Outstanding 102.77
Equity Value Per Share 4.25