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 87.07106.46130.16159.15194.59237.92290.91355.69434.89531.74
Revenue (%)
Operating Cash Flow -58.5991.3877.31103.27134.96165.01201.76246.69301.62
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----134.96165.01201.76246.69301.62

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 87.07106.46130.16159.15194.59237.92290.91355.69434.89531.74
Operating Cash Flow -58.5991.3877.31103.27134.96165.01201.76246.69301.62
Capital Expenditure ----------
Free Cash Flow -----134.96165.01201.76246.69301.62
WACC
PV LFCF ---128.88150.47175.69205.13239.51
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