Discounted Cash Flow (DCF) Analysis Levered

Currency Exchange International, Co... (CXI.TO)

$22.4

-0.01 (-0.04%)

All numbers are in Millions, Currency in USD

Stock DCF: 103.92 | 22.4 | 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	39.10	41.78	25.01	30.26	66.28	83.97	106.38	134.76	170.73	216.29
Revenue (%)
Operating Cash Flow	5.07	10.95	-0.94	7.64	25.52	16.65	21.10	26.73	33.86	42.90
Operating Cash Flow (%)
Capital Expenditure	-1.31	-1.73	-0.59	-0.39	-0.92	-2.11	-2.67	-3.39	-4.29	-5.43
Capital Expenditure (%)
Free Cash Flow	3.76	9.22	-1.53	7.25	24.60	14.55	18.43	23.34	29.57	37.46

Weighted Average Cost Of Capital

Share price	$ 22.4
Beta	0.701
Diluted Shares Outstanding	6.64
Cost of Debt
Tax Rate	17.09
After-tax Cost of Debt	10.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.003
Total Debt	10.46
Total Equity	148.63
Total Capital	159.09
Debt Weighting	6.58
Equity Weighting	93.42
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	39.10	41.78	25.01	30.26	66.28	83.97	106.38	134.76	170.73	216.29
Operating Cash Flow	5.07	10.95	-0.94	7.64	25.52	16.65	21.10	26.73	33.86	42.90
Capital Expenditure	-1.31	-1.73	-0.59	-0.39	-0.92	-2.11	-2.67	-3.39	-4.29	-5.43
Free Cash Flow	3.76	9.22	-1.53	7.25	24.60	14.55	18.43	23.34	29.57	37.46
WACC
PV LFCF						13.56	16.02	18.93	22.36	26.41
SUM PV LFCF										97.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	7.24
Free cash flow (t + 1)	38.21
Terminal Value	729.27
Present Value of Terminal Value	514.17

Intrinsic Value

Enterprise Value	611.45
Net Debt	-78.10
Equity Value	689.55
Shares Outstanding	6.64
Equity Value Per Share	103.92