Discounted Cash Flow (DCF) Analysis Levered
Flaherty & Crumrine Preferred Secur... (FFC)
$14.06
+0.22 (+1.59%)
All numbers are in Millions, Currency in USD
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 | -40.38 | 167.03 | 73.18 | 75.24 | -152.81 | 179.57 | -211.02 | 247.97 | -291.40 | 342.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 58.88 | 57.19 | 59.80 | -42.73 | 51.57 | -43.24 | 50.81 | -59.70 | 70.16 | -82.45 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | - | - | - | - | - | -43.24 | 50.81 | -59.70 | 70.16 | -82.45 |
Weighted Average Cost Of Capital
| Share price | $ 14.06 |
|---|---|
| Beta | 0.827 |
| Diluted Shares Outstanding | 47.43 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 4.16% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.059 |
| Total Debt | 502 |
| Total Equity | 666.92 |
| Total Capital | 1,168.92 |
| Debt Weighting | 42.95 |
| Equity Weighting | 57.05 |
| 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 | -40.38 | 167.03 | 73.18 | 75.24 | -152.81 | 179.57 | -211.02 | 247.97 | -291.40 | 342.43 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 58.88 | 57.19 | 59.80 | -42.73 | 51.57 | -43.24 | 50.81 | -59.70 | 70.16 | -82.45 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | -43.24 | 50.81 | -59.70 | 70.16 | -82.45 |
| WACC | ||||||||||
| PV LFCF | -40.64 | 44.90 | -49.59 | 54.78 | -60.52 | |||||
| SUM PV LFCF | -51.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.38 |
| Free cash flow (t + 1) | -84.10 |
| Terminal Value | -1,920.02 |
| Present Value of Terminal Value | -1,409.31 |
Intrinsic Value
| Enterprise Value | -1,460.38 |
|---|---|
| Net Debt | 502 |
| Equity Value | -1,962.38 |
| Shares Outstanding | 47.43 |
| Equity Value Per Share | -41.37 |