Discounted Cash Flow (DCF) Analysis Levered
Noranda Income Fund (NIF-UN.TO)
$1.38
0.00 (0.00%)
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 | 677.16 | 922.07 | 741.19 | 650.84 | 848.11 | 921.62 | 1,001.51 | 1,088.31 | 1,182.65 | 1,285.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -43.87 | -7.47 | 18.95 | -1.43 | 36.71 | -1.15 | -1.25 | -1.35 | -1.47 | -1.60 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -16.24 | -19.55 | -21.81 | -28.26 | -47.01 | -31.97 | -34.75 | -37.76 | -41.03 | -44.59 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -60.11 | -27.02 | -2.86 | -29.69 | -10.29 | -33.12 | -35.99 | -39.11 | -42.50 | -46.19 |
Weighted Average Cost Of Capital
| Share price | $ 1.38 |
|---|---|
| Beta | 1.361 |
| Diluted Shares Outstanding | 49.99 |
| Cost of Debt | |
| Tax Rate | 28.06 |
| After-tax Cost of Debt | 2.88% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.060 |
| Total Debt | 141.68 |
| Total Equity | 68.99 |
| Total Capital | 210.67 |
| Debt Weighting | 67.25 |
| Equity Weighting | 32.75 |
| 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 | 677.16 | 922.07 | 741.19 | 650.84 | 848.11 | 921.62 | 1,001.51 | 1,088.31 | 1,182.65 | 1,285.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -43.87 | -7.47 | 18.95 | -1.43 | 36.71 | -1.15 | -1.25 | -1.35 | -1.47 | -1.60 |
| Capital Expenditure | -16.24 | -19.55 | -21.81 | -28.26 | -47.01 | -31.97 | -34.75 | -37.76 | -41.03 | -44.59 |
| Free Cash Flow | -60.11 | -27.02 | -2.86 | -29.69 | -10.29 | -33.12 | -35.99 | -39.11 | -42.50 | -46.19 |
| WACC | ||||||||||
| PV LFCF | -31.47 | -32.50 | -33.56 | -34.66 | -35.79 | |||||
| SUM PV LFCF | -168 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.23 |
| Free cash flow (t + 1) | -47.11 |
| Terminal Value | -1,458.48 |
| Present Value of Terminal Value | -1,130.33 |
Intrinsic Value
| Enterprise Value | -1,298.32 |
|---|---|
| Net Debt | 141.43 |
| Equity Value | -1,439.75 |
| Shares Outstanding | 49.99 |
| Equity Value Per Share | -28.80 |