Discounted Cash Flow (DCF) Analysis Levered

Pine Cliff Energy Ltd. (PNE.TO)

$1.69

-0.06 (-3.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.44 | 1.69 | 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 120.98107.39105.01107.32167.72186.59207.60230.96256.96285.89
Revenue (%)
Operating Cash Flow 25.018.6215.548.7949.4830.3033.7137.5041.7246.42
Operating Cash Flow (%)
Capital Expenditure -13.40-10.73-16.78-7.47-21.46-21.20-23.59-26.24-29.20-32.49
Capital Expenditure (%)
Free Cash Flow 11.61-2.12-1.251.3128.029.0910.1211.2612.5213.93

Weighted Average Cost Of Capital

Share price $ 1.69
Beta 1.017
Diluted Shares Outstanding 330.28
Cost of Debt
Tax Rate -164.53
After-tax Cost of Debt 11.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.498
Total Debt 45.57
Total Equity 558.18
Total Capital 603.75
Debt Weighting 7.55
Equity Weighting 92.45
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 120.98107.39105.01107.32167.72186.59207.60230.96256.96285.89
Operating Cash Flow 25.018.6215.548.7949.4830.3033.7137.5041.7246.42
Capital Expenditure -13.40-10.73-16.78-7.47-21.46-21.20-23.59-26.24-29.20-32.49
Free Cash Flow 11.61-2.12-1.251.3128.029.0910.1211.2612.5213.93
WACC
PV LFCF 8.378.568.778.979.19
SUM PV LFCF 43.86

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.69
Free cash flow (t + 1) 14.21
Terminal Value 212.43
Present Value of Terminal Value 140.04

Intrinsic Value

Enterprise Value 183.90
Net Debt 38.70
Equity Value 145.20
Shares Outstanding 330.28
Equity Value Per Share 0.44