Discounted Cash Flow (DCF) Analysis Levered

GLG Life Tech Corporation (GLG.TO)

$0.055

0.00 (0.00%)

All numbers are in Millions, Currency in USD

Stock DCF: -2.76 | 0.055 | 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	19.39	16.58	10.15	15.29	10.88	10.02	9.23	8.50	7.84	7.22
Revenue (%)
Operating Cash Flow	-3.46	1.25	-0.75	-8.33	0.22	-1.40	-1.29	-1.19	-1.10	-1.01
Operating Cash Flow (%)
Capital Expenditure	-0.34	-0.66	-0.14	-0.01	-0.13	-0.17	-0.15	-0.14	-0.13	-0.12
Capital Expenditure (%)
Free Cash Flow	-3.80	0.60	-0.89	-8.34	0.09	-1.57	-1.45	-1.33	-1.23	-1.13

Weighted Average Cost Of Capital

Share price	$ 0.055
Beta	1.972
Diluted Shares Outstanding	38.39
Cost of Debt
Tax Rate	0.69
After-tax Cost of Debt	21.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity	12.787
Total Debt	99.85
Total Equity	2.11
Total Capital	101.96
Debt Weighting	97.93
Equity Weighting	2.07
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	19.39	16.58	10.15	15.29	10.88	10.02	9.23	8.50	7.84	7.22
Operating Cash Flow	-3.46	1.25	-0.75	-8.33	0.22	-1.40	-1.29	-1.19	-1.10	-1.01
Capital Expenditure	-0.34	-0.66	-0.14	-0.01	-0.13	-0.17	-0.15	-0.14	-0.13	-0.12
Free Cash Flow	-3.80	0.60	-0.89	-8.34	0.09	-1.57	-1.45	-1.33	-1.23	-1.13
WACC
PV LFCF						-1.30	-0.99	-0.75	-0.57	-0.43
SUM PV LFCF										-4.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	21.15
Free cash flow (t + 1)	-1.15
Terminal Value	-6.03
Present Value of Terminal Value	-2.31

Intrinsic Value

Enterprise Value	-6.35
Net Debt	99.61
Equity Value	-105.95
Shares Outstanding	38.39
Equity Value Per Share	-2.76