Discounted Cash Flow (DCF) Analysis Levered

Points.com Inc. (PTS.TO)

$32.16

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 19.89 | 32.16 | 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 347.55376.25401.18217.39370.01406.34446.24490.06538.18591.03
Revenue (%)
Operating Cash Flow 16.7720.0224.36-5.0326.1317.0418.7120.5522.5724.79
Operating Cash Flow (%)
Capital Expenditure -2.73-2.27-2.38-2.29-1.78-2.86-3.14-3.45-3.79-4.16
Capital Expenditure (%)
Free Cash Flow 14.0317.7521.99-7.3124.3414.1815.5717.1018.7820.63

Weighted Average Cost Of Capital

Share price $ 32.16
Beta 1.820
Diluted Shares Outstanding 14.52
Cost of Debt
Tax Rate 4.44
After-tax Cost of Debt 29.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.449
Total Debt 1.16
Total Equity 467.11
Total Capital 468.27
Debt Weighting 0.25
Equity Weighting 99.75
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 347.55376.25401.18217.39370.01406.34446.24490.06538.18591.03
Operating Cash Flow 16.7720.0224.36-5.0326.1317.0418.7120.5522.5724.79
Capital Expenditure -2.73-2.27-2.38-2.29-1.78-2.86-3.14-3.45-3.79-4.16
Free Cash Flow 14.0317.7521.99-7.3124.3414.1815.5717.1018.7820.63
WACC
PV LFCF 12.7212.5312.3412.1611.97
SUM PV LFCF 61.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.49
Free cash flow (t + 1) 21.04
Terminal Value 221.70
Present Value of Terminal Value 128.70

Intrinsic Value

Enterprise Value 190.42
Net Debt -98.48
Equity Value 288.91
Shares Outstanding 14.52
Equity Value Per Share 19.89