Discounted Cash Flow (DCF) Analysis Levered

Logistec Corporation (LGT-B.TO)

$40.55

+1.50 (+3.84%)

All numbers are in Millions, Currency in USD

Stock DCF: 162.87 | 40.55 | 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	475.74	584.88	639.94	604.70	743.70	836.36	940.56	1,057.74	1,189.52	1,337.71
Revenue (%)
Operating Cash Flow	43.80	59.09	71.28	108.45	79.59	98.83	111.14	124.99	140.56	158.07
Operating Cash Flow (%)
Capital Expenditure	-22.01	-16.34	-35.10	-23.62	-44.42	-38.11	-42.86	-48.20	-54.20	-60.96
Capital Expenditure (%)
Free Cash Flow	21.79	42.75	36.19	84.83	35.16	60.72	68.28	76.79	86.36	97.12

Weighted Average Cost Of Capital

Share price	$ 40.55
Beta	0.987
Diluted Shares Outstanding	13.12
Cost of Debt
Tax Rate	19.13
After-tax Cost of Debt	2.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.499
Total Debt	344.98
Total Equity	531.87
Total Capital	876.85
Debt Weighting	39.34
Equity Weighting	60.66
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	475.74	584.88	639.94	604.70	743.70	836.36	940.56	1,057.74	1,189.52	1,337.71
Operating Cash Flow	43.80	59.09	71.28	108.45	79.59	98.83	111.14	124.99	140.56	158.07
Capital Expenditure	-22.01	-16.34	-35.10	-23.62	-44.42	-38.11	-42.86	-48.20	-54.20	-60.96
Free Cash Flow	21.79	42.75	36.19	84.83	35.16	60.72	68.28	76.79	86.36	97.12
WACC
PV LFCF						57.52	61.27	65.27	69.52	74.06
SUM PV LFCF										327.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.57
Free cash flow (t + 1)	99.06
Terminal Value	2,774.76
Present Value of Terminal Value	2,116.04

Intrinsic Value

Enterprise Value	2,443.67
Net Debt	307.45
Equity Value	2,136.23
Shares Outstanding	13.12
Equity Value Per Share	162.87