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
Stock DCF: 197.69 | 156.38 | undervalue

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 6,942.207,908.108,916.108,803.9010,279.1011,362.4612,56013,883.7515,347.0116,964.50
Revenue (%)
Operating Cash Flow 395.40669.70814.301,125.101,060.101,054.201,165.311,288.131,423.891,573.96
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 291.30542.90665.301,032938.90894.89989.201,093.461,208.701,336.09

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 6,942.207,908.108,916.108,803.9010,279.1011,362.4612,56013,883.7515,347.0116,964.50
Operating Cash Flow 395.40669.70814.301,125.101,060.101,054.201,165.311,288.131,423.891,573.96
Capital Expenditure -104.10-126.80-149-93.10-121.20-159.32-176.11-194.67-215.19-237.86
Free Cash Flow 291.30542.90665.301,032938.90894.89989.201,093.461,208.701,336.09
WACC
PV LFCF 837.99867.41897.86929.39962.02
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