Discounted Cash Flow (DCF) Analysis Levered

Ceres Global Ag Corp. (CRP.TO)

$2.52

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: 56.95 | 2.52 | 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	411.12	438.40	581.71	748.20	1,060.94	1,352.02	1,722.96	2,195.68	2,798.09	3,565.77
Revenue (%)
Operating Cash Flow	44.35	-24.25	7.86	-25.94	54.46	22.37	28.51	36.33	46.30	59.01
Operating Cash Flow (%)
Capital Expenditure	-1.34	-5.25	-1.79	-9.62	-3.21	-9.25	-11.79	-15.02	-19.14	-24.39
Capital Expenditure (%)
Free Cash Flow	43.01	-29.50	6.07	-35.55	51.25	13.13	16.73	21.32	27.16	34.62

Weighted Average Cost Of Capital

Share price	$ 2.52
Beta	0.026
Diluted Shares Outstanding	30.04
Cost of Debt
Tax Rate	-317.16
After-tax Cost of Debt	3.87%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.527
Total Debt	105.32
Total Equity	75.71
Total Capital	181.03
Debt Weighting	58.18
Equity Weighting	41.82
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	411.12	438.40	581.71	748.20	1,060.94	1,352.02	1,722.96	2,195.68	2,798.09	3,565.77
Operating Cash Flow	44.35	-24.25	7.86	-25.94	54.46	22.37	28.51	36.33	46.30	59.01
Capital Expenditure	-1.34	-5.25	-1.79	-9.62	-3.21	-9.25	-11.79	-15.02	-19.14	-24.39
Free Cash Flow	43.01	-29.50	6.07	-35.55	51.25	13.13	16.73	21.32	27.16	34.62
WACC
PV LFCF						12.65	15.55	19.10	23.46	28.82
SUM PV LFCF										99.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.73
Free cash flow (t + 1)	35.31
Terminal Value	2,041.01
Present Value of Terminal Value	1,699.51

Intrinsic Value

Enterprise Value	1,799.09
Net Debt	88.11
Equity Value	1,710.99
Shares Outstanding	30.04
Equity Value Per Share	56.95