Discounted Cash Flow (DCF) Analysis Levered

CIBT Education Group Inc. (MBA.TO)

$0.52

-0.02 (-3.70%)
All numbers are in Millions, Currency in USD
Stock DCF: -12.40 | 0.52 | overvalue

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 53.6274.907162.5560.8763.8967.0770.4173.9177.58
Revenue (%)
Operating Cash Flow 1119.87-9.767.5917.119.409.8610.3510.8711.41
Operating Cash Flow (%)
Capital Expenditure -35.15-43.58-11.99-33.06-3.27-25.41-26.68-28-29.39-30.85
Capital Expenditure (%)
Free Cash Flow -24.15-23.71-21.75-25.4713.83-16.02-16.81-17.65-18.52-19.45

Weighted Average Cost Of Capital

Share price $ 0.52
Beta 1.057
Diluted Shares Outstanding 74.24
Cost of Debt
Tax Rate 17.61
After-tax Cost of Debt 4.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.680
Total Debt 260.43
Total Equity 38.60
Total Capital 299.03
Debt Weighting 87.09
Equity Weighting 12.91
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 53.6274.907162.5560.8763.8967.0770.4173.9177.58
Operating Cash Flow 1119.87-9.767.5917.119.409.8610.3510.8711.41
Capital Expenditure -35.15-43.58-11.99-33.06-3.27-25.41-26.68-28-29.39-30.85
Free Cash Flow -24.15-23.71-21.75-25.4713.83-16.02-16.81-17.65-18.52-19.45
WACC
PV LFCF -12.21-12.25-12.29-12.33-12.37
SUM PV LFCF -77.03

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.63
Free cash flow (t + 1) -19.83
Terminal Value -754.15
Present Value of Terminal Value -601.42

Intrinsic Value

Enterprise Value -678.46
Net Debt 242.09
Equity Value -920.54
Shares Outstanding 74.24
Equity Value Per Share -12.40