Discounted Cash Flow (DCF) Analysis Unlevered

Andrew Peller Limited (ADW-A.TO)

$6.41

+0.19 (+3.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 13.36 | 6.41 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 363.90381.80382.31393.04373.94376.75379.58382.42385.29388.19
Revenue (%)
EBITDA 58.1050.1358.3363.7247.7755.2655.6856.0956.5256.94
EBITDA (%)
EBIT 46.4037.3640.5745.5626.4139.0339.3339.6239.9240.22
EBIT (%)
Depreciation 11.7012.7717.7518.1621.3516.2316.3516.4716.6016.72
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash ---2.741.301.971.981.992.012.02
Total Cash (%)
Account Receivables 31.4129.8035.3334.8729.9432.0632.3032.5532.7933.04
Account Receivables (%)
Inventories 162.06162.27172.73181.54199.09174.55175.86177.17178.50179.84
Inventories (%)
Accounts Payable 22.2135.3934.2524.8029.6729.0729.2829.5029.7329.95
Accounts Payable (%)
Capital Expenditure -20.37-23.39-23.31-36.54-22.90-25.05-25.24-25.42-25.62-25.81
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.41
Beta 0.654
Diluted Shares Outstanding 35.47
Cost of Debt
Tax Rate 26.98
After-tax Cost of Debt 3.27%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.935
Total Debt 208.33
Total Equity 227.37
Total Capital 435.70
Debt Weighting 47.81
Equity Weighting 52.19
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 363.90381.80382.31393.04373.94376.75379.58382.42385.29388.19
EBITDA 58.1050.1358.3363.7247.7755.2655.6856.0956.5256.94
EBIT 46.4037.3640.5745.5626.4139.0339.3339.6239.9240.22
Tax Rate 26.64%27.99%27.63%25.81%26.98%27.01%27.01%27.01%27.01%27.01%
EBIAT 34.0426.9129.3633.8019.2928.4928.7128.9229.1429.36
Depreciation 11.7012.7717.7518.1621.3516.2316.3516.4716.6016.72
Accounts Receivable -1.61-5.530.464.93-2.13-0.24-0.24-0.24-0.25
Inventories --0.22-10.46-8.81-17.5524.54-1.31-1.32-1.33-1.34
Accounts Payable -13.18-1.14-9.454.87-0.600.220.220.220.22
Capital Expenditure -20.37-23.39-23.31-36.54-22.90-25.05-25.24-25.42-25.62-25.81
UFCF 25.3730.866.68-2.381041.4818.4918.6318.7618.91
WACC
PV UFCF 39.6416.8816.2515.6415.06
SUM PV UFCF 103.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.66
Free cash flow (t + 1) 19.28
Terminal Value 724.95
Present Value of Terminal Value 577.31

Intrinsic Value

Enterprise Value 680.76
Net Debt 207.03
Equity Value 473.73
Shares Outstanding 35.47
Equity Value Per Share 13.36