Discounted Cash Flow (DCF) Analysis Levered
Innergex Renewable Energy Inc. (INE.TO)
$14.33
-0.28 (-1.92%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 576.62 | 557.04 | 613.21 | 747.21 | 870.49 | 968.51 | 1,077.57 | 1,198.90 | 1,333.90 | 1,484.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 209.39 | 240.07 | 235.11 | 265.50 | 430.24 | 392.65 | 436.86 | 486.05 | 540.78 | 601.68 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -185.79 | -847.73 | -518.60 | -250.62 | -151.33 | -619.66 | -689.43 | -767.06 | -853.44 | -949.53 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 23.60 | -607.66 | -283.49 | 14.88 | 278.91 | -227.01 | -252.57 | -281.01 | -312.65 | -347.86 |
Weighted Average Cost Of Capital
| Share price | $ 14.33 |
|---|---|
| Beta | 0.356 |
| Diluted Shares Outstanding | 201.84 |
| Cost of Debt | |
| Tax Rate | 16.45 |
| After-tax Cost of Debt | 3.99% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.182 |
| Total Debt | 6,025.04 |
| Total Equity | 2,892.31 |
| Total Capital | 8,917.35 |
| Debt Weighting | 67.57 |
| Equity Weighting | 32.43 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 576.62 | 557.04 | 613.21 | 747.21 | 870.49 | 968.51 | 1,077.57 | 1,198.90 | 1,333.90 | 1,484.10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 209.39 | 240.07 | 235.11 | 265.50 | 430.24 | 392.65 | 436.86 | 486.05 | 540.78 | 601.68 |
| Capital Expenditure | -185.79 | -847.73 | -518.60 | -250.62 | -151.33 | -619.66 | -689.43 | -767.06 | -853.44 | -949.53 |
| Free Cash Flow | 23.60 | -607.66 | -283.49 | 14.88 | 278.91 | -227.01 | -252.57 | -281.01 | -312.65 | -347.86 |
| WACC | ||||||||||
| PV LFCF | -217.48 | -231.82 | -247.10 | -263.39 | -280.75 | |||||
| SUM PV LFCF | -1,240.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.38 |
| Free cash flow (t + 1) | -354.81 |
| Terminal Value | -14,908.18 |
| Present Value of Terminal Value | -12,032.01 |
Intrinsic Value
| Enterprise Value | -13,272.54 |
|---|---|
| Net Debt | 5,862.07 |
| Equity Value | -19,134.61 |
| Shares Outstanding | 201.84 |
| Equity Value Per Share | -94.80 |