Discounted Cash Flow (DCF) Analysis Levered

Source Energy Services Ltd. (SHLE.TO)

$1.47

-0.09 (-5.77%)
All numbers are in Millions, Currency in USD
Stock DCF: -12.32 | 1.47 | 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 289.50415.03332.96249.88319.86341.16363.89388.12413.97441.55
Revenue (%)
Operating Cash Flow 6.4875.8435.7839.3714.0135.0737.4039.8942.5545.39
Operating Cash Flow (%)
Capital Expenditure -50.52-67.98-19.67-3.68-6.52-29.51-31.47-33.57-35.81-38.19
Capital Expenditure (%)
Free Cash Flow -44.047.8616.1135.697.495.565.936.326.747.19

Weighted Average Cost Of Capital

Share price $ 1.47
Beta 2.848
Diluted Shares Outstanding 13.55
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 13.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.138
Total Debt 221.47
Total Equity 19.91
Total Capital 241.38
Debt Weighting 91.75
Equity Weighting 8.25
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 289.50415.03332.96249.88319.86341.16363.89388.12413.97441.55
Operating Cash Flow 6.4875.8435.7839.3714.0135.0737.4039.8942.5545.39
Capital Expenditure -50.52-67.98-19.67-3.68-6.52-29.51-31.47-33.57-35.81-38.19
Free Cash Flow -44.047.8616.1135.697.495.565.936.326.747.19
WACC
PV LFCF 2.572.412.262.121.99
SUM PV LFCF 21.59

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.71
Free cash flow (t + 1) 7.34
Terminal Value 62.66
Present Value of Terminal Value 32.96

Intrinsic Value

Enterprise Value 54.56
Net Debt 221.47
Equity Value -166.91
Shares Outstanding 13.55
Equity Value Per Share -12.32