Discounted Cash Flow (DCF) Analysis Levered

AirBoss of America Corp. (BOS.TO)

$8.44

-0.47 (-5.27%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.34 | 8.44 | undervalue

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 289.86316.60328.13501.57586.86708.24854.721,031.501,244.841,502.31
Revenue (%)
Operating Cash Flow 5.8119.8711.71104.402.0246.7556.4268.0982.1899.17
Operating Cash Flow (%)
Capital Expenditure -7.29-8.23-19.48-14.93-17.99-24.22-29.23-35.27-42.57-51.37
Capital Expenditure (%)
Free Cash Flow -1.4811.63-7.7889.47-15.9722.5327.1932.8239.6147.80

Weighted Average Cost Of Capital

Share price $ 8.44
Beta 1.796
Diluted Shares Outstanding 28.30
Cost of Debt
Tax Rate 14.36
After-tax Cost of Debt 4.44%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.358
Total Debt 80.61
Total Equity 238.84
Total Capital 319.45
Debt Weighting 25.23
Equity Weighting 74.77
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 289.86316.60328.13501.57586.86708.24854.721,031.501,244.841,502.31
Operating Cash Flow 5.8119.8711.71104.402.0246.7556.4268.0982.1899.17
Capital Expenditure -7.29-8.23-19.48-14.93-17.99-24.22-29.23-35.27-42.57-51.37
Free Cash Flow -1.4811.63-7.7889.47-15.9722.5327.1932.8239.6147.80
WACC
PV LFCF 12.4713.6414.9216.3117.84
SUM PV LFCF 123.06

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.36
Free cash flow (t + 1) 48.75
Terminal Value 583.19
Present Value of Terminal Value 356.25

Intrinsic Value

Enterprise Value 479.31
Net Debt 73.48
Equity Value 405.83
Shares Outstanding 28.30
Equity Value Per Share 14.34