Discounted Cash Flow (DCF) Analysis Levered
FirstService Corporation (FSV.TO)
$165.66
-4.60 (-2.70%)
All numbers are in Millions, Currency in USD
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 | 1,705.46 | 1,931.47 | 2,407.41 | 2,772.42 | 3,249.07 | 3,819.68 | 4,490.49 | 5,279.11 | 6,206.24 | 7,296.18 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 115.63 | 99.46 | 107.81 | 291.76 | 167.27 | 245.07 | 288.11 | 338.71 | 398.19 | 468.12 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -36.26 | -40.60 | -46.63 | -39.42 | -58.20 | -71.64 | -84.22 | -99.01 | -116.40 | -136.84 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 79.38 | 58.86 | 61.18 | 252.35 | 109.06 | 173.43 | 203.89 | 239.70 | 281.79 | 331.28 |
Weighted Average Cost Of Capital
Share price | $ 165.66 |
---|---|
Beta | 0.947 |
Diluted Shares Outstanding | 44.40 |
Cost of Debt | |
Tax Rate | 35.31 |
After-tax Cost of Debt | 1.26% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.268 |
Total Debt | 823.19 |
Total Equity | 7,355.47 |
Total Capital | 8,178.66 |
Debt Weighting | 10.07 |
Equity Weighting | 89.93 |
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 | 1,705.46 | 1,931.47 | 2,407.41 | 2,772.42 | 3,249.07 | 3,819.68 | 4,490.49 | 5,279.11 | 6,206.24 | 7,296.18 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 115.63 | 99.46 | 107.81 | 291.76 | 167.27 | 245.07 | 288.11 | 338.71 | 398.19 | 468.12 |
Capital Expenditure | -36.26 | -40.60 | -46.63 | -39.42 | -58.20 | -71.64 | -84.22 | -99.01 | -116.40 | -136.84 |
Free Cash Flow | 79.38 | 58.86 | 61.18 | 252.35 | 109.06 | 173.43 | 203.89 | 239.70 | 281.79 | 331.28 |
WACC | ||||||||||
PV LFCF | 162.60 | 179.22 | 197.54 | 217.73 | 239.99 | |||||
SUM PV LFCF | 997.08 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.66 |
Free cash flow (t + 1) | 337.91 |
Terminal Value | 7,251.19 |
Present Value of Terminal Value | 5,252.93 |
Intrinsic Value
Enterprise Value | 6,250.01 |
---|---|
Net Debt | 657.52 |
Equity Value | 5,592.48 |
Shares Outstanding | 44.40 |
Equity Value Per Share | 125.95 |