Discounted Cash Flow (DCF) Analysis Levered
CAE Inc. (CAE.TO)
$27.92
-0.66 (-2.31%)
All numbers are in Millions, Currency in USD
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 | 2,830 | 3,304.10 | 3,623.20 | 2,981.90 | 3,371.30 | 3,554.78 | 3,748.24 | 3,952.23 | 4,167.32 | 4,394.12 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 403.30 | 530.40 | 545.10 | 366.60 | 418.20 | 498 | 525.11 | 553.69 | 583.82 | 615.59 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -188.70 | -338.40 | -384 | -163.60 | -362.80 | -311.08 | -328.02 | -345.87 | -364.69 | -384.54 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 214.60 | 192 | 161.10 | 203 | 55.40 | 186.92 | 197.09 | 207.82 | 219.13 | 231.06 |
Weighted Average Cost Of Capital
Share price | $ 27.92 |
---|---|
Beta | 2.007 |
Diluted Shares Outstanding | 312.90 |
Cost of Debt | |
Tax Rate | 7.75 |
After-tax Cost of Debt | 3.42% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 13.189 |
Total Debt | 3,046.20 |
Total Equity | 8,736.21 |
Total Capital | 11,782.41 |
Debt Weighting | 25.85 |
Equity Weighting | 74.15 |
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 | 2,830 | 3,304.10 | 3,623.20 | 2,981.90 | 3,371.30 | 3,554.78 | 3,748.24 | 3,952.23 | 4,167.32 | 4,394.12 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 403.30 | 530.40 | 545.10 | 366.60 | 418.20 | 498 | 525.11 | 553.69 | 583.82 | 615.59 |
Capital Expenditure | -188.70 | -338.40 | -384 | -163.60 | -362.80 | -311.08 | -328.02 | -345.87 | -364.69 | -384.54 |
Free Cash Flow | 214.60 | 192 | 161.10 | 203 | 55.40 | 186.92 | 197.09 | 207.82 | 219.13 | 231.06 |
WACC | ||||||||||
PV LFCF | 168.91 | 160.95 | 153.36 | 146.13 | 139.24 | |||||
SUM PV LFCF | 768.59 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 10.66 |
Free cash flow (t + 1) | 235.68 |
Terminal Value | 2,721.43 |
Present Value of Terminal Value | 1,640 |
Intrinsic Value
Enterprise Value | 2,408.59 |
---|---|
Net Debt | 2,700.10 |
Equity Value | -291.51 |
Shares Outstanding | 312.90 |
Equity Value Per Share | -0.93 |