Discounted Cash Flow (DCF) Analysis Levered

Canfor Corporation (CFP.TO)

$19.53

-0.34 (-1.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 96.08 | 19.53 | 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 4,658.805,044.404,658.305,454.407,684.908,810.8610,101.7911,581.8613,278.7815,224.33
Revenue (%)
Operating Cash Flow 610.10536.10200.701,073.601,914.901,279.911,467.441,682.441,928.952,211.57
Operating Cash Flow (%)
Capital Expenditure -252.10-401.40-302.80-201.50-428.20-513.41-588.63-674.88-773.76-887.12
Capital Expenditure (%)
Free Cash Flow 358134.70-102.10872.101,486.70766.50878.811,007.561,155.191,324.44

Weighted Average Cost Of Capital

Share price $ 19.53
Beta 1.923
Diluted Shares Outstanding 124.91
Cost of Debt
Tax Rate 29.27
After-tax Cost of Debt 6.34%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.042
Total Debt 335.80
Total Equity 2,439.48
Total Capital 2,775.28
Debt Weighting 12.10
Equity Weighting 87.90
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 4,658.805,044.404,658.305,454.407,684.908,810.8610,101.7911,581.8613,278.7815,224.33
Operating Cash Flow 610.10536.10200.701,073.601,914.901,279.911,467.441,682.441,928.952,211.57
Capital Expenditure -252.10-401.40-302.80-201.50-428.20-513.41-588.63-674.88-773.76-887.12
Free Cash Flow 358134.70-102.10872.101,486.70766.50878.811,007.561,155.191,324.44
WACC
PV LFCF 682.97697.71712.76728.14743.85
SUM PV LFCF 3,565.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.23
Free cash flow (t + 1) 1,350.93
Terminal Value 13,205.58
Present Value of Terminal Value 7,416.73

Intrinsic Value

Enterprise Value 10,982.18
Net Debt -1,019
Equity Value 12,001.18
Shares Outstanding 124.91
Equity Value Per Share 96.08