Discounted Cash Flow (DCF) Analysis Levered
WSP Global Inc. (WSP.TO)
$156.38
-0.11 (-0.07%)
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 | 6,942.20 | 7,908.10 | 8,916.10 | 8,803.90 | 10,279.10 | 11,362.46 | 12,560 | 13,883.75 | 15,347.01 | 16,964.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 395.40 | 669.70 | 814.30 | 1,125.10 | 1,060.10 | 1,054.20 | 1,165.31 | 1,288.13 | 1,423.89 | 1,573.96 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -104.10 | -126.80 | -149 | -93.10 | -121.20 | -159.32 | -176.11 | -194.67 | -215.19 | -237.86 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 291.30 | 542.90 | 665.30 | 1,032 | 938.90 | 894.89 | 989.20 | 1,093.46 | 1,208.70 | 1,336.09 |
Weighted Average Cost Of Capital
| Share price | $ 156.38 |
|---|---|
| Beta | 0.988 |
| Diluted Shares Outstanding | 116.90 |
| Cost of Debt | |
| Tax Rate | 26.59 |
| After-tax Cost of Debt | 2.11% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.504 |
| Total Debt | 2,797 |
| Total Equity | 18,281.09 |
| Total Capital | 21,078.09 |
| Debt Weighting | 13.27 |
| Equity Weighting | 86.73 |
| 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 | 6,942.20 | 7,908.10 | 8,916.10 | 8,803.90 | 10,279.10 | 11,362.46 | 12,560 | 13,883.75 | 15,347.01 | 16,964.50 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 395.40 | 669.70 | 814.30 | 1,125.10 | 1,060.10 | 1,054.20 | 1,165.31 | 1,288.13 | 1,423.89 | 1,573.96 |
| Capital Expenditure | -104.10 | -126.80 | -149 | -93.10 | -121.20 | -159.32 | -176.11 | -194.67 | -215.19 | -237.86 |
| Free Cash Flow | 291.30 | 542.90 | 665.30 | 1,032 | 938.90 | 894.89 | 989.20 | 1,093.46 | 1,208.70 | 1,336.09 |
| WACC | ||||||||||
| PV LFCF | 837.99 | 867.41 | 897.86 | 929.39 | 962.02 | |||||
| SUM PV LFCF | 4,494.67 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.79 |
| Free cash flow (t + 1) | 1,362.82 |
| Terminal Value | 28,451.27 |
| Present Value of Terminal Value | 20,485.60 |
Intrinsic Value
| Enterprise Value | 24,980.28 |
|---|---|
| Net Debt | 1,869.60 |
| Equity Value | 23,110.68 |
| Shares Outstanding | 116.90 |
| Equity Value Per Share | 197.69 |