Discounted Cash Flow (DCF) Analysis Levered
Hardwoods Distribution Inc. (HDI.TO)
$34
+0.01 (+0.03%)
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 | 824.68 | 832.78 | 897.15 | 976.59 | 1,616.20 | 1,951.80 | 2,357.09 | 2,846.54 | 3,437.63 | 4,151.45 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
Operating Cash Flow | 14.24 | 2.95 | 71.05 | 64.19 | -65.42 | 48.89 | 59.04 | 71.31 | 86.11 | 103.99 |
Operating Cash Flow (%) | ||||||||||
Capital Expenditure | -2.06 | -3.20 | -2.76 | -2.45 | -7.47 | -6.45 | -7.79 | -9.41 | -11.37 | -13.73 |
Capital Expenditure (%) | ||||||||||
Free Cash Flow | 12.18 | -0.25 | 68.29 | 61.75 | -72.88 | 42.44 | 51.25 | 61.89 | 74.74 | 90.27 |
Weighted Average Cost Of Capital
Share price | $ 34 |
---|---|
Beta | 1.759 |
Diluted Shares Outstanding | 21.60 |
Cost of Debt | |
Tax Rate | 25.07 |
After-tax Cost of Debt | 1.39% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 11.130 |
Total Debt | 570.59 |
Total Equity | 734.54 |
Total Capital | 1,305.13 |
Debt Weighting | 43.72 |
Equity Weighting | 56.28 |
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 | 824.68 | 832.78 | 897.15 | 976.59 | 1,616.20 | 1,951.80 | 2,357.09 | 2,846.54 | 3,437.63 | 4,151.45 |
---|---|---|---|---|---|---|---|---|---|---|
Operating Cash Flow | 14.24 | 2.95 | 71.05 | 64.19 | -65.42 | 48.89 | 59.04 | 71.31 | 86.11 | 103.99 |
Capital Expenditure | -2.06 | -3.20 | -2.76 | -2.45 | -7.47 | -6.45 | -7.79 | -9.41 | -11.37 | -13.73 |
Free Cash Flow | 12.18 | -0.25 | 68.29 | 61.75 | -72.88 | 42.44 | 51.25 | 61.89 | 74.74 | 90.27 |
WACC | ||||||||||
PV LFCF | 39.71 | 44.87 | 50.71 | 57.30 | 64.75 | |||||
SUM PV LFCF | 257.34 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.87 |
Free cash flow (t + 1) | 92.07 |
Terminal Value | 1,890.57 |
Present Value of Terminal Value | 1,356.17 |
Intrinsic Value
Enterprise Value | 1,613.51 |
---|---|
Net Debt | 562.83 |
Equity Value | 1,050.68 |
Shares Outstanding | 21.60 |
Equity Value Per Share | 48.63 |