Discounted Cash Flow (DCF) Analysis Levered

Corby Spirit and Wine Limited (CSW-A.TO)

$14.34

+0.31 (+2.21%)
All numbers are in Millions, Currency in USD
Stock DCF: 34.51 | 14.34 | 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 146.59149.94153.36159.78159.39162.78166.24169.78173.39177.08
Revenue (%)
Operating Cash Flow 31.313449.5440.9145.5242.4943.3944.3145.2546.22
Operating Cash Flow (%)
Capital Expenditure -4.96-5.25-3.27-3.34-59.69-15.81-16.15-16.49-16.84-17.20
Capital Expenditure (%)
Free Cash Flow 26.3528.7546.2737.57-14.1826.6827.2427.8228.4129.02

Weighted Average Cost Of Capital

Share price $ 14.34
Beta 0.257
Diluted Shares Outstanding 28.47
Cost of Debt
Tax Rate 28.64
After-tax Cost of Debt 1.18%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.904
Total Debt 3.70
Total Equity 408.24
Total Capital 411.95
Debt Weighting 0.90
Equity Weighting 99.10
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 146.59149.94153.36159.78159.39162.78166.24169.78173.39177.08
Operating Cash Flow 31.313449.5440.9145.5242.4943.3944.3145.2546.22
Capital Expenditure -4.96-5.25-3.27-3.34-59.69-15.81-16.15-16.49-16.84-17.20
Free Cash Flow 26.3528.7546.2737.57-14.1826.6827.2427.8228.4129.02
WACC
PV LFCF 25.4424.7724.1223.4922.88
SUM PV LFCF 120.71

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.87
Free cash flow (t + 1) 29.60
Terminal Value 1,031.35
Present Value of Terminal Value 813.11

Intrinsic Value

Enterprise Value 933.81
Net Debt -48.76
Equity Value 982.57
Shares Outstanding 28.47
Equity Value Per Share 34.51