Discounted Cash Flow (DCF) Analysis Levered
Element Fleet Management Corp. (EFN.TO)
$19.405
+0.08 (+0.39%)
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 | $ 19.405 |
|---|---|
| Beta | 0.887 |
| 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 | 7.824 |
| Total Debt | 8,204.16 |
| Total Equity | 8,528.27 |
| Total Capital | 16,732.43 |
| Debt Weighting | 49.03 |
| Equity Weighting | 50.97 |
| 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 | 1,045.38 | 999.25 | 955.16 | 913.01 | 872.73 | |||||
| SUM PV LFCF | 4,785.53 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.00 |
| Free cash flow (t + 1) | 1,083.04 |
| Terminal Value | 54,152.08 |
| Present Value of Terminal Value | 44,509.06 |
Intrinsic Value
| Enterprise Value | 49,294.59 |
|---|---|
| Net Debt | 8,158.89 |
| Equity Value | 41,135.70 |
| Shares Outstanding | 439.49 |
| Equity Value Per Share | 93.60 |