Discounted Cash Flow (DCF) Analysis Levered
Village Farms International, Inc. (VFF)
$2.71
+0.10 (+3.83%)
All numbers are in Millions, Currency in USD
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 | 158.41 | 150 | 144.57 | 170.09 | 268.02 | 312.45 | 364.24 | 424.61 | 494.99 | 577.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 3.28 | -2.26 | -14.39 | 5.68 | -39.57 | -13 | -15.16 | -17.67 | -20.60 | -24.02 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1.70 | -3.09 | -2.29 | -3.51 | -21.66 | -9.29 | -10.82 | -12.62 | -14.71 | -17.15 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 1.59 | -5.35 | -16.67 | 2.17 | -61.22 | -22.29 | -25.98 | -30.29 | -35.31 | -41.16 |
Weighted Average Cost Of Capital
| Share price | $ 2.71 |
|---|---|
| Beta | 3.289 |
| Diluted Shares Outstanding | 82.16 |
| Cost of Debt | |
| Tax Rate | 26.44 |
| After-tax Cost of Debt | 2.70% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 18.415 |
| Total Debt | 77.27 |
| Total Equity | 222.66 |
| Total Capital | 299.92 |
| Debt Weighting | 25.76 |
| Equity Weighting | 74.24 |
| 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 | 158.41 | 150 | 144.57 | 170.09 | 268.02 | 312.45 | 364.24 | 424.61 | 494.99 | 577.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 3.28 | -2.26 | -14.39 | 5.68 | -39.57 | -13 | -15.16 | -17.67 | -20.60 | -24.02 |
| Capital Expenditure | -1.70 | -3.09 | -2.29 | -3.51 | -21.66 | -9.29 | -10.82 | -12.62 | -14.71 | -17.15 |
| Free Cash Flow | 1.59 | -5.35 | -16.67 | 2.17 | -61.22 | -22.29 | -25.98 | -30.29 | -35.31 | -41.16 |
| WACC | ||||||||||
| PV LFCF | -19.49 | -19.86 | -20.25 | -20.64 | -21.04 | |||||
| SUM PV LFCF | -101.28 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.37 |
| Free cash flow (t + 1) | -41.99 |
| Terminal Value | -339.44 |
| Present Value of Terminal Value | -173.46 |
Intrinsic Value
| Enterprise Value | -274.73 |
|---|---|
| Net Debt | 23.85 |
| Equity Value | -298.59 |
| Shares Outstanding | 82.16 |
| Equity Value Per Share | -3.63 |