Discounted Cash Flow (DCF) Analysis Levered
Quebecor Inc. (QBR-B.TO)
$32
+0.03 (+0.09%)
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 | 4,122.40 | 4,181 | 4,293.80 | 4,317.80 | 4,554.40 | 4,670.06 | 4,788.66 | 4,910.26 | 5,034.96 | 5,162.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 1,171.10 | 1,387.50 | 1,211.80 | 1,431.50 | 1,182.60 | 1,391.08 | 1,426.40 | 1,462.63 | 1,499.77 | 1,537.86 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -747.50 | -750.40 | -998.50 | -653.10 | -1,448 | -992.43 | -1,017.63 | -1,043.47 | -1,069.97 | -1,097.14 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 423.60 | 637.10 | 213.30 | 778.40 | -265.40 | 398.65 | 408.77 | 419.16 | 429.80 | 440.71 |
Weighted Average Cost Of Capital
| Share price | $ 32 |
|---|---|
| Beta | 0.370 |
| Diluted Shares Outstanding | 248.30 |
| Cost of Debt | |
| Tax Rate | 26.36 |
| After-tax Cost of Debt | 3.54% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.280 |
| Total Debt | 6,857.60 |
| Total Equity | 7,945.60 |
| Total Capital | 14,803.20 |
| Debt Weighting | 46.33 |
| Equity Weighting | 53.67 |
| 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 | 4,122.40 | 4,181 | 4,293.80 | 4,317.80 | 4,554.40 | 4,670.06 | 4,788.66 | 4,910.26 | 5,034.96 | 5,162.82 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,171.10 | 1,387.50 | 1,211.80 | 1,431.50 | 1,182.60 | 1,391.08 | 1,426.40 | 1,462.63 | 1,499.77 | 1,537.86 |
| Capital Expenditure | -747.50 | -750.40 | -998.50 | -653.10 | -1,448 | -992.43 | -1,017.63 | -1,043.47 | -1,069.97 | -1,097.14 |
| Free Cash Flow | 423.60 | 637.10 | 213.30 | 778.40 | -265.40 | 398.65 | 408.77 | 419.16 | 429.80 | 440.71 |
| WACC | ||||||||||
| PV LFCF | 365.20 | 358.41 | 351.76 | 345.22 | 338.81 | |||||
| SUM PV LFCF | 1,838.22 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.48 |
| Free cash flow (t + 1) | 449.53 |
| Terminal Value | 18,126.16 |
| Present Value of Terminal Value | 14,559.28 |
Intrinsic Value
| Enterprise Value | 16,397.51 |
|---|---|
| Net Debt | 6,792.90 |
| Equity Value | 9,604.61 |
| Shares Outstanding | 248.30 |
| Equity Value Per Share | 38.68 |