Discounted Cash Flow (DCF) Analysis Levered

Wajax Corporation (WJX.TO)

$32.78

+0.31 (+0.95%)
All numbers are in Millions, Currency in USD
Stock DCF: 27.27 | 32.78 | 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 1,481.601,553.051,422.651,637.281,962.822,116.882,283.042,462.232,655.502,863.93
Revenue (%)
Operating Cash Flow -2.93-9.67118.81190.1569.1395.96103.50111.62120.38129.83
Operating Cash Flow (%)
Capital Expenditure -10.36-11.29-10.69-7.34-10.02-13.28-14.32-15.45-16.66-17.97
Capital Expenditure (%)
Free Cash Flow -13.29-20.96108.12182.8159.1282.6889.1796.17103.72111.86

Weighted Average Cost Of Capital

Share price $ 32.78
Beta 1.886
Diluted Shares Outstanding 22.20
Cost of Debt
Tax Rate 24.98
After-tax Cost of Debt 4.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.187
Total Debt 303.04
Total Equity 727.61
Total Capital 1,030.65
Debt Weighting 29.40
Equity Weighting 70.60
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 1,481.601,553.051,422.651,637.281,962.822,116.882,283.042,462.232,655.502,863.93
Operating Cash Flow -2.93-9.67118.81190.1569.1395.96103.50111.62120.38129.83
Capital Expenditure -10.36-11.29-10.69-7.34-10.02-13.28-14.32-15.45-16.66-17.97
Free Cash Flow -13.29-20.96108.12182.8159.1282.6889.1796.17103.72111.86
WACC
PV LFCF 45.1744.0542.9541.8940.84
SUM PV LFCF 355.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 10.60
Free cash flow (t + 1) 112.98
Terminal Value 1,176.89
Present Value of Terminal Value 711.15

Intrinsic Value

Enterprise Value 1,066.81
Net Debt 461.49
Equity Value 605.32
Shares Outstanding 22.20
Equity Value Per Share 27.27