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
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 | 74.90 | 71 | 62.55 | 60.87 | 73.24 | 73.33 | 73.43 | 73.52 | 73.62 | 73.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 19.87 | -9.76 | 7.59 | 17.11 | 6.75 | 9.13 | 9.14 | 9.15 | 9.16 | 9.18 |
| 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 | -25.47 | 13.83 | 2.73 | -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 | 74.90 | 71 | 62.55 | 60.87 | 73.24 | 73.33 | 73.43 | 73.52 | 73.62 | 73.71 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 19.87 | -9.76 | 7.59 | 17.11 | 6.75 | 9.13 | 9.14 | 9.15 | 9.16 | 9.18 |
| 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 | -25.47 | 13.83 | 2.73 | -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 |