Discounted Cash Flow (DCF) Analysis Levered

5N Plus Inc. (VNP.TO)

$3.255

+0.10 (+3.33%)

All numbers are in Millions, Currency in USD

Stock DCF: 0.22 | 3.255 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	218	195.97	177.19	209.99	264.22	280.51	297.79	316.15	335.63	356.31
Revenue (%)
Operating Cash Flow	2.20	2.68	36.81	10.27	23.74	20.77	22.05	23.41	24.85	26.38
Operating Cash Flow (%)
Capital Expenditure	-11.30	-10.26	-8.55	-5.93	-17.06	-13.76	-14.61	-15.51	-16.46	-17.48
Capital Expenditure (%)
Free Cash Flow	-9.10	-7.58	28.25	4.34	6.69	7.01	7.44	7.90	8.39	8.91

Weighted Average Cost Of Capital

Share price	$ 3.255
Beta	1.547
Diluted Shares Outstanding	82.79
Cost of Debt
Tax Rate	-25.76
After-tax Cost of Debt	3.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.997
Total Debt	151.40
Total Equity	269.47
Total Capital	420.87
Debt Weighting	35.97
Equity Weighting	64.03
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	218	195.97	177.19	209.99	264.22	280.51	297.79	316.15	335.63	356.31
Operating Cash Flow	2.20	2.68	36.81	10.27	23.74	20.77	22.05	23.41	24.85	26.38
Capital Expenditure	-11.30	-10.26	-8.55	-5.93	-17.06	-13.76	-14.61	-15.51	-16.46	-17.48
Free Cash Flow	-9.10	-7.58	28.25	4.34	6.69	7.01	7.44	7.90	8.39	8.91
WACC
PV LFCF						6.47	6.34	6.22	6.09	5.97
SUM PV LFCF										31.09

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.34
Free cash flow (t + 1)	9.09
Terminal Value	143.31
Present Value of Terminal Value	96.01

Intrinsic Value

Enterprise Value	127.10
Net Debt	108.71
Equity Value	18.39
Shares Outstanding	82.79
Equity Value Per Share	0.22