Discounted Cash Flow (DCF) Analysis Levered
Element Fleet Management Corp. (EFN.TO)
$19.33
-0.21 (-1.07%)
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 | 1,735.55 | 1,768.27 | 2,018.07 | 1,770.32 | 1,662.49 | 1,652.69 | 1,642.96 | 1,633.28 | 1,623.66 | 1,614.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 60.54 | -269.91 | 1,038.92 | 2,784.81 | 2,512.10 | 1,150.66 | 1,143.88 | 1,137.14 | 1,130.45 | 1,123.79 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -57.71 | -46.18 | -48.52 | -100.38 | -86.27 | -63.46 | -63.09 | -62.72 | -62.35 | -61.98 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 2.83 | -316.08 | 990.40 | 2,684.43 | 2,425.83 | 1,087.19 | 1,080.79 | 1,074.42 | 1,068.10 | 1,061.81 |
Weighted Average Cost Of Capital
| Share price | $ 19.33 |
|---|---|
| Beta | 0.948 |
| Diluted Shares Outstanding | 439.49 |
| Cost of Debt | |
| Tax Rate | 22.21 |
| After-tax Cost of Debt | 0.03% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.002 |
| Total Debt | 8,204.16 |
| Total Equity | 8,495.31 |
| Total Capital | 16,699.47 |
| Debt Weighting | 49.13 |
| Equity Weighting | 50.87 |
| 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 | 1,735.55 | 1,768.27 | 2,018.07 | 1,770.32 | 1,662.49 | 1,652.69 | 1,642.96 | 1,633.28 | 1,623.66 | 1,614.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 60.54 | -269.91 | 1,038.92 | 2,784.81 | 2,512.10 | 1,150.66 | 1,143.88 | 1,137.14 | 1,130.45 | 1,123.79 |
| Capital Expenditure | -57.71 | -46.18 | -48.52 | -100.38 | -86.27 | -63.46 | -63.09 | -62.72 | -62.35 | -61.98 |
| Free Cash Flow | 2.83 | -316.08 | 990.40 | 2,684.43 | 2,425.83 | 1,087.19 | 1,080.79 | 1,074.42 | 1,068.10 | 1,061.81 |
| WACC | ||||||||||
| PV LFCF | 1,044.47 | 997.52 | 952.68 | 909.86 | 868.96 | |||||
| SUM PV LFCF | 4,773.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.09 |
| Free cash flow (t + 1) | 1,083.04 |
| Terminal Value | 51,820.17 |
| Present Value of Terminal Value | 42,408.59 |
Intrinsic Value
| Enterprise Value | 47,182.09 |
|---|---|
| Net Debt | 8,158.89 |
| Equity Value | 39,023.20 |
| Shares Outstanding | 439.49 |
| Equity Value Per Share | 88.79 |