Discounted Cash Flow (DCF) Analysis Levered
Chorus Aviation Inc. (CHR.TO)
$3.07
+0.02 (+0.66%)
All numbers are in Millions, Currency in USD
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 | 1,355.14 | 1,451.19 | 1,366.45 | 948.72 | 1,023.27 | 968.37 | 916.41 | 867.23 | 820.70 | 776.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 271.22 | 240.04 | 261.71 | 156.64 | 184.97 | 174.87 | 165.49 | 156.61 | 148.21 | 140.25 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -564.70 | -326.71 | -875.70 | -406.14 | -74.71 | -345.47 | -326.94 | -309.39 | -292.79 | -277.08 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -293.48 | -86.68 | -613.99 | -249.50 | 110.26 | -170.60 | -161.44 | -152.78 | -144.58 | -136.83 |
Weighted Average Cost Of Capital
| Share price | $ 3.07 |
|---|---|
| Beta | 2.193 |
| Diluted Shares Outstanding | 161.59 |
| Cost of Debt | |
| Tax Rate | 26.52 |
| After-tax Cost of Debt | 3.73% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.198 |
| Total Debt | 1,913.81 |
| Total Equity | 496.07 |
| Total Capital | 2,409.88 |
| Debt Weighting | 79.42 |
| Equity Weighting | 20.58 |
| 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 | 1,355.14 | 1,451.19 | 1,366.45 | 948.72 | 1,023.27 | 968.37 | 916.41 | 867.23 | 820.70 | 776.66 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 271.22 | 240.04 | 261.71 | 156.64 | 184.97 | 174.87 | 165.49 | 156.61 | 148.21 | 140.25 |
| Capital Expenditure | -564.70 | -326.71 | -875.70 | -406.14 | -74.71 | -345.47 | -326.94 | -309.39 | -292.79 | -277.08 |
| Free Cash Flow | -293.48 | -86.68 | -613.99 | -249.50 | 110.26 | -170.60 | -161.44 | -152.78 | -144.58 | -136.83 |
| WACC | ||||||||||
| PV LFCF | -161.43 | -144.56 | -129.45 | -115.92 | -103.80 | |||||
| SUM PV LFCF | -655.15 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.68 |
| Free cash flow (t + 1) | -139.56 |
| Terminal Value | -3,792.45 |
| Present Value of Terminal Value | -2,877.10 |
Intrinsic Value
| Enterprise Value | -3,532.26 |
|---|---|
| Net Debt | 1,790.24 |
| Equity Value | -5,322.50 |
| Shares Outstanding | 161.59 |
| Equity Value Per Share | -32.94 |