Discounted Cash Flow (DCF) Analysis Levered

CIBT Education Group Inc. (MBA.TO)

$0.49

+0.01 (+2.08%)
All numbers are in Millions, Currency in USD
Stock DCF: 44.96 | 0.49 | undervalue

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 74.907162.5560.8773.2473.3373.4373.5273.6273.71
Revenue (%)
Operating Cash Flow 19.87-9.767.5917.116.759.139.149.159.169.18
Operating Cash Flow (%)
Capital Expenditure -43.58-11.99-33.06-3.27-4.02-20.36-20.38-20.41-20.43-20.46
Capital Expenditure (%)
Free Cash Flow -23.71-21.75-25.4713.832.73-11.23-11.24-11.26-11.27-11.29

Weighted Average Cost Of Capital

Share price $ 0.49
Beta 1.190
Diluted Shares Outstanding 74.24
Cost of Debt
Tax Rate 73.08
After-tax Cost of Debt 0.69%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.149
Total Debt 265.56
Total Equity 36.38
Total Capital 301.94
Debt Weighting 87.95
Equity Weighting 12.05
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 74.907162.5560.8773.2473.3373.4373.5273.6273.71
Operating Cash Flow 19.87-9.767.5917.116.759.139.149.159.169.18
Capital Expenditure -43.58-11.99-33.06-3.27-4.02-20.36-20.38-20.41-20.43-20.46
Free Cash Flow -23.71-21.75-25.4713.832.73-11.23-11.24-11.26-11.27-11.29
WACC
PV LFCF -10.85-10.68-10.52-10.36-10.19
SUM PV LFCF -53.51

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.71
Free cash flow (t + 1) -11.51
Terminal Value 3,969.65
Present Value of Terminal Value 3,646.99

Intrinsic Value

Enterprise Value 3,593.48
Net Debt 255.84
Equity Value 3,337.64
Shares Outstanding 74.24
Equity Value Per Share 44.96