Discounted Cash Flow (DCF) Analysis Levered

Franco-Nevada Corporation (FNV.TO)

$181.33

+0.82 (+0.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.25 | 181.33 | 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 $ 181.33
Beta 0.595
Diluted Shares Outstanding 191.90
Cost of Debt
Tax Rate 15.96
After-tax Cost of Debt 4.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.382
Total Debt -
Total Equity 34,797.23
Total Capital 34,797.23
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 205.26228.77254.97284.18316.73
SUM PV LFCF 1,289.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.38
Free cash flow (t + 1) 461.22
Terminal Value 8,572.95
Present Value of Terminal Value 6,005

Intrinsic Value

Enterprise Value 7,294.92
Net Debt -1,196.50
Equity Value 8,491.42
Shares Outstanding 191.90
Equity Value Per Share 44.25