Discounted Cash Flow (DCF) Analysis Levered
XL Fleet Corp. (XL)
$1.14
+0.27 (+-%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 10,484.91 | 11,144.49 | 11,845.57 | 12,590.75 | 13,382.81 | 14,224.70 | 15,119.54 | 16,070.69 | 17,081.66 | 18,156.24 | 19,298.41 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 915.34 | 33.32 | 534.77 | 568.41 | 604.17 | 642.18 | 682.57 | 725.51 | 771.15 | 819.66 | 871.23 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | - | - | - | -0.03 | -0.14 | -3.64 | -1.36 | -1.44 | -1.53 | -1.63 | -1.73 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | 915.34 | 33.32 | 534.77 | 568.38 | 604.02 | 638.53 | 681.22 | 724.07 | 769.62 | 818.04 | 869.50 |
Weighted Average Cost Of Capital
| Share price | $ 1.14 |
|---|---|
| Beta | 0.887 |
| Diluted Shares Outstanding | 131.37 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 0.85% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.803 |
| Total Debt | 4.60 |
| Total Equity | 149.76 |
| Total Capital | 154.35 |
| Debt Weighting | 2.98 |
| Equity Weighting | 97.02 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2016 Actual | 2017 Actual | 2018 Projected | 2019 Projected | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 10,484.91 | 11,144.49 | 11,845.57 | 12,590.75 | 13,382.81 | 14,224.70 | 15,119.54 | 16,070.69 | 17,081.66 | 18,156.24 | 19,298.41 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 915.34 | 33.32 | 534.77 | 568.41 | 604.17 | 642.18 | 682.57 | 725.51 | 771.15 | 819.66 | 871.23 |
| Capital Expenditure | - | - | - | -0.03 | -0.14 | -3.64 | -1.36 | -1.44 | -1.53 | -1.63 | -1.73 |
| Free Cash Flow | 915.34 | 33.32 | 534.77 | 568.38 | 604.02 | 638.53 | 681.22 | 724.07 | 769.62 | 818.04 | 869.50 |
| WACC | |||||||||||
| PV LFCF | 429.27 | 424.03 | 418.79 | 411.44 | 407.94 | 402.98 | 398.08 | 393.23 | 388.45 | ||
| SUM PV LFCF | 3,089.41 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.60 |
| Free cash flow (t + 1) | 886.89 |
| Terminal Value | 15,837.28 |
| Present Value of Terminal Value | 10,980.43 |
Intrinsic Value
| Enterprise Value | 14,069.84 |
|---|---|
| Net Debt | -347.08 |
| Equity Value | 14,416.92 |
| Shares Outstanding | 131.37 |
| Equity Value Per Share | 109.75 |