Discounted Cash Flow (DCF) Analysis Levered

True North Commercial Real Estate I... (TNT-UN.TO)

$2.56

-0.01 (-0.39%)

All numbers are in Millions, Currency in USD

Stock DCF: 104.57 | 2.56 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	87.07	106.46	130.16	159.15	194.59	237.92	290.91	355.69	434.89	531.74
Revenue (%)
Operating Cash Flow	-	58.59	91.38	77.31	103.27	134.96	165.01	201.76	246.69	301.62
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	134.96	165.01	201.76	246.69	301.62

Weighted Average Cost Of Capital

Share price	$ 2.56
Beta	1.332
Diluted Shares Outstanding	86.35
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	3.35%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.033
Total Debt	861.09
Total Equity	221.05
Total Capital	1,082.13
Debt Weighting	79.57
Equity Weighting	20.43
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Projected	2021 Projected	2022 Projected	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	87.07	106.46	130.16	159.15	194.59	237.92	290.91	355.69	434.89	531.74
Operating Cash Flow	-	58.59	91.38	77.31	103.27	134.96	165.01	201.76	246.69	301.62
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	134.96	165.01	201.76	246.69	301.62
WACC
PV LFCF			-	-	-	128.88	150.47	175.69	205.13	239.51
SUM PV LFCF										899.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	4.72
Free cash flow (t + 1)	307.66
Terminal Value	11,310.92
Present Value of Terminal Value	8,981.52

Intrinsic Value

Enterprise Value	9,881.20
Net Debt	851.59
Equity Value	9,029.61
Shares Outstanding	86.35
Equity Value Per Share	104.57