Discounted Cash Flow (DCF) Analysis Levered

Flaherty & Crumrine Preferred Secur... (FFC)

$14.85

+0.15 (+1.02%)
All numbers are in Millions, Currency in USD
Stock DCF: -9.91 | 14.85 | overvalue

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 147.76-40.38167.0373.1875.24-55.3640.73-29.9722.05-16.22
Revenue (%)
Operating Cash Flow 47.0558.8857.1959.80-42.736.07-4.463.28-2.421.78
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----6.07-4.463.28-2.421.78

Weighted Average Cost Of Capital

Share price $ 14.85
Beta 0.729
Diluted Shares Outstanding 44.34
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 0.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.245
Total Debt 502
Total Equity 658.45
Total Capital 1,160.45
Debt Weighting 43.26
Equity Weighting 56.74
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 147.76-40.38167.0373.1875.24-55.3640.73-29.9722.05-16.22
Operating Cash Flow 47.0558.8857.1959.80-42.736.07-4.463.28-2.421.78
Capital Expenditure ----------
Free Cash Flow -----6.07-4.463.28-2.421.78
WACC
PV LFCF 5.81-4.092.88-2.031.43
SUM PV LFCF 4

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.48
Free cash flow (t + 1) 1.81
Terminal Value 73.12
Present Value of Terminal Value 58.73

Intrinsic Value

Enterprise Value 62.73
Net Debt 502
Equity Value -439.27
Shares Outstanding 44.34
Equity Value Per Share -9.91