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 1,022.881,190.571,223.872,007.692,0462,481.513,009.733,650.384,427.405,369.81
Revenue (%)
Operating Cash Flow 244.0642.15365.251,095.68263.25618.82750.54910.301,104.061,339.07
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 236.9637.77358.891,088.57248.59605.65734.57890.931,080.571,310.58

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 1,022.881,190.571,223.872,007.692,0462,481.513,009.733,650.384,427.405,369.81
Operating Cash Flow 244.0642.15365.251,095.68263.25618.82750.54910.301,104.061,339.07
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 236.9637.77358.891,088.57248.59605.65734.57890.931,080.571,310.58
WACC
PV LFCF 423.13469.18520.25576.88639.68
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