Discounted Cash Flow (DCF) Analysis Levered
Innergex Renewable Energy Inc. (INE.TO)
$15.72
-0.27 (-1.69%)
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 | 400.26 | 576.62 | 557.04 | 613.21 | 747.21 | 882.83 | 1,043.06 | 1,232.37 | 1,456.05 | 1,720.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 192.45 | 209.39 | 240.07 | 235.11 | 265.50 | 355.54 | 420.07 | 496.31 | 586.39 | 692.82 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -135.66 | -185.79 | -847.73 | -518.60 | -250.62 | -593.98 | -701.79 | -829.17 | -979.66 | -1,157.47 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 56.80 | 23.60 | -607.66 | -283.49 | 14.88 | -238.45 | -281.72 | -332.86 | -393.27 | -464.65 |
Weighted Average Cost Of Capital
| Share price | $ 15.72 |
|---|---|
| Beta | 0.372 |
| Diluted Shares Outstanding | 180.86 |
| Cost of Debt | |
| Tax Rate | 9.37 |
| After-tax Cost of Debt | 4.19% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.394 |
| Total Debt | 5,081.54 |
| Total Equity | 2,843.07 |
| Total Capital | 7,924.61 |
| Debt Weighting | 64.12 |
| Equity Weighting | 35.88 |
| 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 | 400.26 | 576.62 | 557.04 | 613.21 | 747.21 | 882.83 | 1,043.06 | 1,232.37 | 1,456.05 | 1,720.32 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 192.45 | 209.39 | 240.07 | 235.11 | 265.50 | 355.54 | 420.07 | 496.31 | 586.39 | 692.82 |
| Capital Expenditure | -135.66 | -185.79 | -847.73 | -518.60 | -250.62 | -593.98 | -701.79 | -829.17 | -979.66 | -1,157.47 |
| Free Cash Flow | 56.80 | 23.60 | -607.66 | -283.49 | 14.88 | -238.45 | -281.72 | -332.86 | -393.27 | -464.65 |
| WACC | ||||||||||
| PV LFCF | -208.23 | -235.16 | -265.57 | -299.92 | -338.70 | |||||
| SUM PV LFCF | -1,474.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.62 |
| Free cash flow (t + 1) | -473.94 |
| Terminal Value | -18,089.31 |
| Present Value of Terminal Value | -14,432.73 |
Intrinsic Value
| Enterprise Value | -15,907.71 |
|---|---|
| Net Debt | 4,915.28 |
| Equity Value | -20,822.98 |
| Shares Outstanding | 180.86 |
| Equity Value Per Share | -115.14 |