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
Stock DCF: -28.80 | 1.38 | 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 677.16922.07741.19650.84848.11921.621,001.511,088.311,182.651,285.15
Revenue (%)
Operating Cash Flow -43.87-7.4718.95-1.4336.71-1.15-1.25-1.35-1.47-1.60
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 677.16922.07741.19650.84848.11921.621,001.511,088.311,182.651,285.15
Operating Cash Flow -43.87-7.4718.95-1.4336.71-1.15-1.25-1.35-1.47-1.60
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