Discounted Cash Flow (DCF) Analysis Levered

Great Canadian Gaming Corporation (GC.TO)

$44.98

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -25.89 | 44.98 | overvalue

Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 566.40614.301,2211,355.60442.30498.55561.96633.42713.98804.78
Revenue (%)
Operating Cash Flow 177.50192.30422.30460.9090.40151.23170.46192.14216.57244.12
Operating Cash Flow (%)
Capital Expenditure -38.80-52.50-197.40-403-308.70-130.71-147.33-166.07-187.19-210.99
Capital Expenditure (%)
Free Cash Flow 138.70139.80224.9057.90-218.3020.5223.1326.0729.3933.13

Weighted Average Cost Of Capital

Share price $ 44.98
Beta 2.134
Diluted Shares Outstanding 55.31
Cost of Debt
Tax Rate 36.89
After-tax Cost of Debt 2.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.376
Total Debt 2,288.20
Total Equity 2,487.80
Total Capital 4,776
Debt Weighting 47.91
Equity Weighting 52.09
Wacc

Build Up Free Cash Flow

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 566.40614.301,2211,355.60442.30498.55561.96633.42713.98804.78
Operating Cash Flow 177.50192.30422.30460.9090.40151.23170.46192.14216.57244.12
Capital Expenditure -38.80-52.50-197.40-403-308.70-130.71-147.33-166.07-187.19-210.99
Free Cash Flow 138.70139.80224.9057.90-218.3020.5223.1326.0729.3933.13
WACC
PV LFCF 18.8519.5120.1920.9021.64
SUM PV LFCF 101.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.89
Free cash flow (t + 1) 33.79
Terminal Value 490.39
Present Value of Terminal Value 320.34

Intrinsic Value

Enterprise Value 421.42
Net Debt 1,853.40
Equity Value -1,431.98
Shares Outstanding 55.31
Equity Value Per Share -25.89