Discounted Cash Flow (DCF) Analysis Levered

FirstService Corporation (FSV.TO)

$162.8

-0.21 (-0.13%)
All numbers are in Millions, Currency in USD
Stock DCF: 103.48 | 162.8 | 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 1,705.461,931.472,407.412,772.423,249.073,819.684,490.495,279.116,206.247,296.18
Revenue (%)
Operating Cash Flow 115.6399.46107.81291.76167.27245.07288.11338.71398.19468.12
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 79.3858.8661.18252.35109.06173.43203.89239.70281.79331.28

Weighted Average Cost Of Capital

Share price $ 162.8
Beta 0.955
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 8.214
Total Debt 823.19
Total Equity 7,228.48
Total Capital 8,051.67
Debt Weighting 10.22
Equity Weighting 89.78
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 1,705.461,931.472,407.412,772.423,249.073,819.684,490.495,279.116,206.247,296.18
Operating Cash Flow 115.6399.46107.81291.76167.27245.07288.11338.71398.19468.12
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 79.3858.8661.18252.35109.06173.43203.89239.70281.79331.28
WACC
PV LFCF 161.33176.43192.95211.01230.76
SUM PV LFCF 972.47

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.50
Free cash flow (t + 1) 337.91
Terminal Value 6,143.73
Present Value of Terminal Value 4,279.47

Intrinsic Value

Enterprise Value 5,251.94
Net Debt 657.52
Equity Value 4,594.42
Shares Outstanding 44.40
Equity Value Per Share 103.48