Discounted Cash Flow (DCF) Analysis Levered

Chemtrade Logistics Income Fund (CHE-UN.TO)

$7.11

+0.21 (+3.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 5.24 | 7.11 | overvalue

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 1,469.141,595.751,532.861,379.641,368.481,347.511,326.871,306.551,286.531,266.82
Revenue (%)
Operating Cash Flow 151.30244.46139.48261.95219.04187.87184.99182.16179.37176.62
Operating Cash Flow (%)
Capital Expenditure -74.94-92.37-96.30-77.09-86.14-78.30-77.10-75.92-74.76-73.61
Capital Expenditure (%)
Free Cash Flow 76.35152.1043.18184.87132.90109.57107.89106.24104.61103.01

Weighted Average Cost Of Capital

Share price $ 7.11
Beta 1.459
Diluted Shares Outstanding 92.69
Cost of Debt
Tax Rate -6.80
After-tax Cost of Debt 6.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.850
Total Debt 1,191.78
Total Equity 659
Total Capital 1,850.78
Debt Weighting 64.39
Equity Weighting 35.61
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 1,469.141,595.751,532.861,379.641,368.481,347.511,326.871,306.551,286.531,266.82
Operating Cash Flow 151.30244.46139.48261.95219.04187.87184.99182.16179.37176.62
Capital Expenditure -74.94-92.37-96.30-77.09-86.14-78.30-77.10-75.92-74.76-73.61
Free Cash Flow 76.35152.1043.18184.87132.90109.57107.89106.24104.61103.01
WACC
PV LFCF 101.6192.7984.7477.3870.66
SUM PV LFCF 427.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.83
Free cash flow (t + 1) 105.07
Terminal Value 1,802.21
Present Value of Terminal Value 1,236.26

Intrinsic Value

Enterprise Value 1,663.44
Net Debt 1,177.87
Equity Value 485.57
Shares Outstanding 92.69
Equity Value Per Share 5.24