Discounted Cash Flow (DCF) Analysis Levered
Cineplex Inc. (CGX.TO)
$9.78
-0.12 (-1.21%)
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 | 1,614.82 | 1,665.15 | 418.26 | 656.67 | 1,268.56 | 1,517.25 | 1,814.69 | 2,170.44 | 2,595.93 | 3,104.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 208.65 | 321.66 | -106.31 | 61 | 107.15 | 74.52 | 89.13 | 106.60 | 127.50 | 152.49 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -115.60 | -154.23 | -82.42 | -32.83 | -74.22 | -142.55 | -170.49 | -203.91 | -243.89 | -291.70 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 93.06 | 167.43 | -188.73 | 28.18 | 32.93 | -68.03 | -81.36 | -97.31 | -116.39 | -139.21 |
Weighted Average Cost Of Capital
| Share price | $ 9.78 |
|---|---|
| Beta | 2.860 |
| Diluted Shares Outstanding | 92.37 |
| Cost of Debt | |
| Tax Rate | 91.37 |
| After-tax Cost of Debt | 0.55% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.138 |
| Total Debt | 1,925.53 |
| Total Equity | 903.43 |
| Total Capital | 2,828.95 |
| Debt Weighting | 68.06 |
| Equity Weighting | 31.94 |
| 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 | 1,614.82 | 1,665.15 | 418.26 | 656.67 | 1,268.56 | 1,517.25 | 1,814.69 | 2,170.44 | 2,595.93 | 3,104.83 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 208.65 | 321.66 | -106.31 | 61 | 107.15 | 74.52 | 89.13 | 106.60 | 127.50 | 152.49 |
| Capital Expenditure | -115.60 | -154.23 | -82.42 | -32.83 | -74.22 | -142.55 | -170.49 | -203.91 | -243.89 | -291.70 |
| Free Cash Flow | 93.06 | 167.43 | -188.73 | 28.18 | 32.93 | -68.03 | -81.36 | -97.31 | -116.39 | -139.21 |
| WACC | ||||||||||
| PV LFCF | -64.27 | -72.62 | -82.05 | -92.72 | -104.76 | |||||
| SUM PV LFCF | -416.42 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.85 |
| Free cash flow (t + 1) | -141.99 |
| Terminal Value | -3,688.08 |
| Present Value of Terminal Value | -2,775.53 |
Intrinsic Value
| Enterprise Value | -3,191.95 |
|---|---|
| Net Debt | 1,890.85 |
| Equity Value | -5,082.80 |
| Shares Outstanding | 92.37 |
| Equity Value Per Share | -55.02 |