Discounted Cash Flow (DCF) Analysis Unlevered

Automotive Properties Real Estate I... (APR-UN.TO)

$13.14

-0.11 (-0.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 54.95 | 13.14 | undervalue

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 41.8048.2567.5875.1278.2292.06108.34127.51150.07176.61
Revenue (%)
EBITDA 34.0749.6512.4542.6910171.5784.2499.14116.68137.32
EBITDA (%)
EBIT -----71.5784.2499.14116.68137.32
EBIT (%)
Depreciation ----------
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 0.230.2945.270.310.4712.7314.9817.6320.7524.43
Total Cash (%)
Account Receivables ---2.022.112.482.923.444.044.76
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.993.063.334.872.834.815.666.677.859.23
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.14
Beta 1.258
Diluted Shares Outstanding 37.70
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 3.70%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.551
Total Debt 420.58
Total Equity 495.34
Total Capital 915.92
Debt Weighting 45.92
Equity Weighting 54.08
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 41.8048.2567.5875.1278.2292.06108.34127.51150.07176.61
EBITDA 34.0749.6512.4542.6910171.5784.2499.14116.68137.32
EBIT -----71.5784.2499.14116.68137.32
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----71.5784.2499.14116.68137.32
Depreciation ----------
Accounts Receivable -----0.08-0.37-0.44-0.52-0.61-0.72
Inventories ----------
Accounts Payable -1.060.281.54-2.041.980.8511.181.39
Capital Expenditure ----------
UFCF -----73.1884.6599.62117.25137.99
WACC
PV UFCF 68.4874.1381.6489.9299.03
SUM PV UFCF 413.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.86
Free cash flow (t + 1) 140.75
Terminal Value 2,896.10
Present Value of Terminal Value 2,078.44

Intrinsic Value

Enterprise Value 2,491.65
Net Debt 420.11
Equity Value 2,071.54
Shares Outstanding 37.70
Equity Value Per Share 54.95