Discounted Cash Flow (DCF) Analysis Levered

Quebecor Inc. (QBR-B.TO)

$31.93

+0.19 (+0.60%)
All numbers are in Millions, Currency in USD
Stock DCF: 62.43 | 31.93 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,293.804,317.804,554.404,531.905,434.305,780.156,148.016,539.286,955.457,398.11
Revenue (%)
Operating Cash Flow 1,211.801,431.501,182.601,262.701,462.201,642.851,747.401,858.611,976.892,102.71
Operating Cash Flow (%)
Capital Expenditure -998.50-653.10-1,448-609.60-602.60-1,094.92-1,164.60-1,238.72-1,317.55-1,401.41
Capital Expenditure (%)
Free Cash Flow 213.30778.40-265.40653.10859.60547.93582.80619.89659.34701.30

Weighted Average Cost Of Capital

Share price $ 31.93
Beta 0.397
Diluted Shares Outstanding 236.20
Cost of Debt
Tax Rate 24.62
After-tax Cost of Debt 3.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.033
Total Debt 8,168.20
Total Equity 7,541.87
Total Capital 15,710.07
Debt Weighting 51.99
Equity Weighting 48.01
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,293.804,317.804,554.404,531.905,434.305,780.156,148.016,539.286,955.457,398.11
Operating Cash Flow 1,211.801,431.501,182.601,262.701,462.201,642.851,747.401,858.611,976.892,102.71
Capital Expenditure -998.50-653.10-1,448-609.60-602.60-1,094.92-1,164.60-1,238.72-1,317.55-1,401.41
Free Cash Flow 213.30778.40-265.40653.10859.60547.93582.80619.89659.34701.30
WACC
PV LFCF 522.83530.63538.55546.59554.75
SUM PV LFCF 2,693.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.80
Free cash flow (t + 1) 715.33
Terminal Value 25,547.34
Present Value of Terminal Value 20,208.74

Intrinsic Value

Enterprise Value 22,902.10
Net Debt 8,157.10
Equity Value 14,745
Shares Outstanding 236.20
Equity Value Per Share 62.43