Discounted Cash Flow (DCF) Analysis Levered
Maple Leaf Foods Inc. (MFI.TO)
$24.98
+0.44 (+1.79%)
All numbers are in Millions, Currency in USD
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 | 3,522.23 | 3,495.52 | 3,941.54 | 4,303.72 | 4,521.08 | 4,817.68 | 5,133.73 | 5,470.51 | 5,829.39 | 6,211.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 386.70 | 299.69 | 270.18 | 321.45 | 304.79 | 391.36 | 417.04 | 444.40 | 473.55 | 504.62 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -142.24 | -179.87 | -270.75 | -432.54 | -295.04 | -314.40 | -335.02 | -357 | -380.42 | -405.37 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 244.45 | 119.82 | -0.57 | -111.09 | 9.75 | 76.97 | 82.02 | 87.40 | 93.13 | 99.24 |
Weighted Average Cost Of Capital
| Share price | $ 24.98 |
|---|---|
| Beta | 0.569 |
| Diluted Shares Outstanding | 124.70 |
| Cost of Debt | |
| Tax Rate | 31.32 |
| After-tax Cost of Debt | 1.02% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.323 |
| Total Debt | 1,428.02 |
| Total Equity | 3,115.01 |
| Total Capital | 4,543.02 |
| Debt Weighting | 31.43 |
| Equity Weighting | 68.57 |
| 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 | 3,522.23 | 3,495.52 | 3,941.54 | 4,303.72 | 4,521.08 | 4,817.68 | 5,133.73 | 5,470.51 | 5,829.39 | 6,211.81 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 386.70 | 299.69 | 270.18 | 321.45 | 304.79 | 391.36 | 417.04 | 444.40 | 473.55 | 504.62 |
| Capital Expenditure | -142.24 | -179.87 | -270.75 | -432.54 | -295.04 | -314.40 | -335.02 | -357 | -380.42 | -405.37 |
| Free Cash Flow | 244.45 | 119.82 | -0.57 | -111.09 | 9.75 | 76.97 | 82.02 | 87.40 | 93.13 | 99.24 |
| WACC | ||||||||||
| PV LFCF | 73.55 | 74.89 | 76.26 | 77.65 | 79.07 | |||||
| SUM PV LFCF | 381.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.65 |
| Free cash flow (t + 1) | 101.23 |
| Terminal Value | 3,819.85 |
| Present Value of Terminal Value | 3,043.33 |
Intrinsic Value
| Enterprise Value | 3,424.75 |
|---|---|
| Net Debt | 1,265.98 |
| Equity Value | 2,158.76 |
| Shares Outstanding | 124.70 |
| Equity Value Per Share | 17.31 |