Discounted Cash Flow (DCF) Analysis Levered

Enerflex Ltd. (EFX.TO)

$6.36

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.48 | 6.36 | undervalue

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 1,553.361,703.272,045.421,217.05960.16883.66813.26748.47688.84633.96
Revenue (%)
Operating Cash Flow 179.25242.8754.17220.25225.15123.70113.85104.7896.4388.75
Operating Cash Flow (%)
Capital Expenditure -57.65-132.24-263.39-133.75-57.34-73.02-67.20-61.84-56.92-52.38
Capital Expenditure (%)
Free Cash Flow 121.60110.62-209.2286.49167.8150.6946.6542.9339.5136.36

Weighted Average Cost Of Capital

Share price $ 6.36
Beta 1.402
Diluted Shares Outstanding 89.68
Cost of Debt
Tax Rate 148.44
After-tax Cost of Debt -2.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.443
Total Debt 388.44
Total Equity 570.36
Total Capital 958.79
Debt Weighting 40.51
Equity Weighting 59.49
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 1,553.361,703.272,045.421,217.05960.16883.66813.26748.47688.84633.96
Operating Cash Flow 179.25242.8754.17220.25225.15123.70113.85104.7896.4388.75
Capital Expenditure -57.65-132.24-263.39-133.75-57.34-73.02-67.20-61.84-56.92-52.38
Free Cash Flow 121.60110.62-209.2286.49167.8150.6946.6542.9339.5136.36
WACC
PV LFCF 38.7234.0729.9826.3823.21
SUM PV LFCF 190.70

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.59
Free cash flow (t + 1) 37.09
Terminal Value 1,432.05
Present Value of Terminal Value 1,144.21

Intrinsic Value

Enterprise Value 1,334.91
Net Debt 215.68
Equity Value 1,119.23
Shares Outstanding 89.68
Equity Value Per Share 12.48