Discounted Cash Flow (DCF) Analysis Levered
SunOpta Inc. (SOY.TO)
$9.26
+0.42 (+4.75%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,260.85 | 1,190.02 | 789.21 | 812.62 | 714.21 | 627.71 | 551.69 | 484.88 | 426.16 | 374.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -11.14 | 9.81 | 91.70 | -21.43 | 60.57 | 21.85 | 19.20 | 16.88 | 14.83 | 13.04 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -31.60 | -32.76 | -24.75 | -83.37 | -128.63 | -46.03 | -40.46 | -35.56 | -31.25 | -27.47 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -42.74 | -22.96 | 66.94 | -104.80 | -68.05 | -24.18 | -21.25 | -18.68 | -16.42 | -14.43 |
Weighted Average Cost Of Capital
| Share price | $ 9.26 |
|---|---|
| Beta | 1.481 |
| Diluted Shares Outstanding | 107.66 |
| Cost of Debt | |
| Tax Rate | 108.33 |
| After-tax Cost of Debt | -0.42% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.681 |
| Total Debt | 399.12 |
| Total Equity | 996.92 |
| Total Capital | 1,396.04 |
| Debt Weighting | 28.59 |
| Equity Weighting | 71.41 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,260.85 | 1,190.02 | 789.21 | 812.62 | 714.21 | 627.71 | 551.69 | 484.88 | 426.16 | 374.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -11.14 | 9.81 | 91.70 | -21.43 | 60.57 | 21.85 | 19.20 | 16.88 | 14.83 | 13.04 |
| Capital Expenditure | -31.60 | -32.76 | -24.75 | -83.37 | -128.63 | -46.03 | -40.46 | -35.56 | -31.25 | -27.47 |
| Free Cash Flow | -42.74 | -22.96 | 66.94 | -104.80 | -68.05 | -24.18 | -21.25 | -18.68 | -16.42 | -14.43 |
| WACC | ||||||||||
| PV LFCF | -68.05 | -22.49 | -18.39 | -15.03 | -12.29 | -10.05 | ||||
| SUM PV LFCF | -78.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.51 |
| Free cash flow (t + 1) | -14.72 |
| Terminal Value | -267.10 |
| Present Value of Terminal Value | -185.97 |
Intrinsic Value
| Enterprise Value | -264.21 |
|---|---|
| Net Debt | 398.44 |
| Equity Value | -662.65 |
| Shares Outstanding | 107.66 |
| Equity Value Per Share | -6.16 |