Discounted Cash Flow (DCF) Analysis Levered

Lassonde Industries Inc. (LAS-A.TO)

$111.5

-3.66 (-3.18%)

All numbers are in Millions, Currency in USD

Stock DCF: 1,164.55 | 111.5 | undervalue

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	1,526.15	1,594	1,678.30	1,980.93	1,892.86	2,003.22	2,120.01	2,243.61	2,374.42	2,512.85
Revenue (%)
Operating Cash Flow	144.90	114.69	140.73	231.19	93.73	167.06	176.80	187.10	198.01	209.56
Operating Cash Flow (%)
Capital Expenditure	-37.98	-35.44	-39.91	-40.52	-37.64	-44.57	-47.17	-49.92	-52.83	-55.91
Capital Expenditure (%)
Free Cash Flow	106.91	79.24	100.82	190.67	56.09	122.49	129.63	137.18	145.18	153.65

Weighted Average Cost Of Capital

Share price	$ 111.5
Beta	-0.017
Diluted Shares Outstanding	6.93
Cost of Debt
Tax Rate	26.89
After-tax Cost of Debt	3.63%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.731
Total Debt	180.46
Total Equity	773.03
Total Capital	953.49
Debt Weighting	18.93
Equity Weighting	81.07
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	1,526.15	1,594	1,678.30	1,980.93	1,892.86	2,003.22	2,120.01	2,243.61	2,374.42	2,512.85
Operating Cash Flow	144.90	114.69	140.73	231.19	93.73	167.06	176.80	187.10	198.01	209.56
Capital Expenditure	-37.98	-35.44	-39.91	-40.52	-37.64	-44.57	-47.17	-49.92	-52.83	-55.91
Free Cash Flow	106.91	79.24	100.82	190.67	56.09	122.49	129.63	137.18	145.18	153.65
WACC
PV LFCF						113.88	116.21	118.58	121.01	123.48
SUM PV LFCF										615.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.71
Free cash flow (t + 1)	156.72
Terminal Value	9,164.89
Present Value of Terminal Value	7,638.78

Intrinsic Value

Enterprise Value	8,253.95
Net Debt	180.16
Equity Value	8,073.79
Shares Outstanding	6.93
Equity Value Per Share	1,164.55