Discounted Cash Flow (DCF) Analysis Levered

Franco-Nevada Corporation (FNV.TO)

$196.65

+1.60 (+0.82%)
All numbers are in Millions, Currency in USD
Stock DCF: 51.33 | 196.65 | overvalue

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 653.20844.101,020.201,3001,315.701,574.631,884.532,255.412,699.283,230.51
Revenue (%)
Operating Cash Flow 474.80617.70803.90955.40999.501,178.221,410.101,687.612,019.742,417.23
Operating Cash Flow (%)
Capital Expenditure -989.60-445.20-312.60-760.50-141.50-957.81-1,146.32-1,371.92-1,641.91-1,965.05
Capital Expenditure (%)
Free Cash Flow -514.80172.50491.30194.90858220.40263.78315.69377.82452.18

Weighted Average Cost Of Capital

Share price $ 196.65
Beta 0.614
Diluted Shares Outstanding 190.55
Cost of Debt
Tax Rate 15.96
After-tax Cost of Debt 4.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.613
Total Debt -
Total Equity 37,471.12
Total Capital 37,471.12
Debt Weighting 0.00
Equity Weighting 100.00
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 653.20844.101,020.201,3001,315.701,574.631,884.532,255.412,699.283,230.51
Operating Cash Flow 474.80617.70803.90955.40999.501,178.221,410.101,687.612,019.742,417.23
Capital Expenditure -989.60-445.20-312.60-760.50-141.50-957.81-1,146.32-1,371.92-1,641.91-1,965.05
Free Cash Flow -514.80172.50491.30194.90858220.40263.78315.69377.82452.18
WACC
PV LFCF 206.74232.09260.54292.48328.34
SUM PV LFCF 1,320.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.61
Free cash flow (t + 1) 461.22
Terminal Value 10,004.87
Present Value of Terminal Value 7,264.77

Intrinsic Value

Enterprise Value 8,584.95
Net Debt -1,196.50
Equity Value 9,781.45
Shares Outstanding 190.55
Equity Value Per Share 51.33