Discounted Cash Flow (DCF) Analysis Levered

Stingray Group Inc. (RAY-B.TO)

$7.26

-0.04 (-0.55%)
All numbers are in Millions, Currency in USD
Stock DCF: 28.73 | 7.26 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 212.65306.72249.47282.63323.94367.26416.36472.03535.14606.70
Revenue (%)
Operating Cash Flow 34.7588.14104.2583.6686.95105.26119.34135.29153.38173.89
Operating Cash Flow (%)
Capital Expenditure -20.56-14.38-13.43-17.05-15.46-22.43-25.43-28.83-32.69-37.06
Capital Expenditure (%)
Free Cash Flow 14.1973.7790.8166.6171.4982.8393.90106.46120.69136.83

Weighted Average Cost Of Capital

Share price $ 7.26
Beta 1.094
Diluted Shares Outstanding 69.77
Cost of Debt
Tax Rate 24.06
After-tax Cost of Debt 4.20%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.374
Total Debt 412.24
Total Equity 506.53
Total Capital 918.77
Debt Weighting 44.87
Equity Weighting 55.13
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 212.65306.72249.47282.63323.94367.26416.36472.03535.14606.70
Operating Cash Flow 34.7588.14104.2583.6686.95105.26119.34135.29153.38173.89
Capital Expenditure -20.56-14.38-13.43-17.05-15.46-22.43-25.43-28.83-32.69-37.06
Free Cash Flow 14.1973.7790.8166.6171.4982.8393.90106.46120.69136.83
WACC
PV LFCF 77.3881.9486.7891.9197.33
SUM PV LFCF 435.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.05
Free cash flow (t + 1) 139.57
Terminal Value 2,763.74
Present Value of Terminal Value 1,965.91

Intrinsic Value

Enterprise Value 2,401.25
Net Debt 396.79
Equity Value 2,004.46
Shares Outstanding 69.77
Equity Value Per Share 28.73