Discounted Cash Flow (DCF) Analysis Unlevered

Altus Group Limited (AIF.TO)

$46.79

+0.27 (+0.58%)
All numbers are in Millions, Currency in USD
Stock DCF: 38.40 | 46.79 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 478.14510.43567.41561.16625.39669.57716.88767.53821.76879.82
Revenue (%)
EBITDA 181.2638.0585.0580.2387.49118.70127.09136.07145.68155.98
EBITDA (%)
EBIT 144.52-11.0633.7838.4540.9163.4867.9772.7777.9183.42
EBIT (%)
Depreciation 36.7449.1151.2741.7846.5855.2259.1263.3067.7772.56
Depreciation (%)

Balance Sheet Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Total Cash 28.0748.7460.2669.6451.2762.4766.8871.6176.6782.08
Total Cash (%)
Account Receivables 140.15160.32184.36196.46226.60220.23235.79252.45270.28289.38
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 8.2011.179.947.6010.6211.6612.4813.3714.3115.32
Accounts Payable (%)
Capital Expenditure -12.41-12.37-5.94-4.35-10.63-11.44-12.25-13.11-14.04-15.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 46.79
Beta 0.865
Diluted Shares Outstanding 42.90
Cost of Debt
Tax Rate 24.89
After-tax Cost of Debt 1.38%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.850
Total Debt 358.06
Total Equity 2,007.25
Total Capital 2,365.31
Debt Weighting 15.14
Equity Weighting 84.86
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 478.14510.43567.41561.16625.39669.57716.88767.53821.76879.82
EBITDA 181.2638.0585.0580.2387.49118.70127.09136.07145.68155.98
EBIT 144.52-11.0633.7838.4540.9163.4867.9772.7777.9183.42
Tax Rate 21.07%-3.61%27.66%42.93%24.89%22.59%22.59%22.59%22.59%22.59%
EBIAT 114.07-11.4624.4421.9430.7349.1452.6256.3360.3164.57
Depreciation 36.7449.1151.2741.7846.5855.2259.1263.3067.7772.56
Accounts Receivable --20.17-24.04-12.10-30.146.37-15.56-16.66-17.84-19.10
Inventories ----------
Accounts Payable -2.96-1.23-2.343.031.040.820.880.941.01
Capital Expenditure -12.41-12.37-5.94-4.35-10.63-11.44-12.25-13.11-14.04-15.03
UFCF 138.408.0844.5044.9339.57100.3384.7590.7497.15104.02
WACC
PV UFCF 93.8874.2174.3474.4874.62
SUM PV UFCF 391.52

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.87
Free cash flow (t + 1) 106.10
Terminal Value 2,178.60
Present Value of Terminal Value 1,562.78

Intrinsic Value

Enterprise Value 1,954.31
Net Debt 306.79
Equity Value 1,647.52
Shares Outstanding 42.90
Equity Value Per Share 38.40