Discounted Cash Flow (DCF) Analysis Levered

Canaccord Genuity Group Inc. (CF.TO)

$7.83

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 150.90 | 7.83 | undervalue

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	1,022.88	1,190.57	1,223.87	2,007.69	2,046	2,481.51	3,009.73	3,650.38	4,427.40	5,369.81
Revenue (%)
Operating Cash Flow	244.06	42.15	365.25	1,095.68	263.25	618.82	750.54	910.30	1,104.06	1,339.07
Operating Cash Flow (%)
Capital Expenditure	-7.11	-4.38	-6.35	-7.12	-14.66	-13.17	-15.97	-19.37	-23.49	-28.49
Capital Expenditure (%)
Free Cash Flow	236.96	37.77	358.89	1,088.57	248.59	605.65	734.57	890.93	1,080.57	1,310.58

Weighted Average Cost Of Capital

Share price	$ 7.83
Beta	1.486
Diluted Shares Outstanding	109.43
Cost of Debt
Tax Rate	34.88
After-tax Cost of Debt	5.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.704
Total Debt	285.09
Total Equity	856.87
Total Capital	1,141.96
Debt Weighting	24.96
Equity Weighting	75.04
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	1,022.88	1,190.57	1,223.87	2,007.69	2,046	2,481.51	3,009.73	3,650.38	4,427.40	5,369.81
Operating Cash Flow	244.06	42.15	365.25	1,095.68	263.25	618.82	750.54	910.30	1,104.06	1,339.07
Capital Expenditure	-7.11	-4.38	-6.35	-7.12	-14.66	-13.17	-15.97	-19.37	-23.49	-28.49
Free Cash Flow	236.96	37.77	358.89	1,088.57	248.59	605.65	734.57	890.93	1,080.57	1,310.58
WACC
PV LFCF						423.13	469.18	520.25	576.88	639.68
SUM PV LFCF										3,440.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	9.38
Free cash flow (t + 1)	1,336.79
Terminal Value	18,113.69
Present Value of Terminal Value	11,569.57

Intrinsic Value

Enterprise Value	15,010.09
Net Debt	-1,503.17
Equity Value	16,513.27
Shares Outstanding	109.43
Equity Value Per Share	150.90