Discounted Cash Flow (DCF) Analysis Levered

AirBoss of America Corp. (BOS.TO)

$6.29

-0.23 (-3.53%)

All numbers are in Millions, Currency in USD

Stock DCF: 2.69 | 6.29 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	316.60	328.13	501.57	586.86	477.16	542.54	616.88	701.40	797.51	906.79
Revenue (%)
Operating Cash Flow	19.87	11.71	104.40	2.02	-30.77	26.64	30.29	34.44	39.16	44.53
Operating Cash Flow (%)
Capital Expenditure	-8.23	-19.48	-14.93	-17.99	-10.19	-18.14	-20.63	-23.45	-26.66	-30.32
Capital Expenditure (%)
Free Cash Flow	11.63	-7.78	89.47	-15.97	-40.97	8.50	9.67	10.99	12.50	14.21

Weighted Average Cost Of Capital

Share price	$ 6.29
Beta	1.905
Diluted Shares Outstanding	27.07
Cost of Debt
Tax Rate	21.08
After-tax Cost of Debt	3.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.629
Total Debt	143.69
Total Equity	170.28
Total Capital	313.97
Debt Weighting	45.77
Equity Weighting	54.23
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	316.60	328.13	501.57	586.86	477.16	542.54	616.88	701.40	797.51	906.79
Operating Cash Flow	19.87	11.71	104.40	2.02	-30.77	26.64	30.29	34.44	39.16	44.53
Capital Expenditure	-8.23	-19.48	-14.93	-17.99	-10.19	-18.14	-20.63	-23.45	-26.66	-30.32
Free Cash Flow	11.63	-7.78	89.47	-15.97	-40.97	8.50	9.67	10.99	12.50	14.21
WACC
PV LFCF						7.85	8.24	8.65	9.09	9.54
SUM PV LFCF										43.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.29
Free cash flow (t + 1)	14.49
Terminal Value	230.41
Present Value of Terminal Value	154.72

Intrinsic Value

Enterprise Value	198.10
Net Debt	125.14
Equity Value	72.96
Shares Outstanding	27.07
Equity Value Per Share	2.69