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 |