Discounted Cash Flow (DCF) Analysis Unlevered

Bird Construction Inc. (BDT.TO)

$16.67

-0.03 (-0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.05 | 16.67 | overvalue

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 1,381.781,376.411,504.432,220.032,377.552,755.423,193.353,700.884,289.084,970.76
Revenue (%)
EBITDA 1233.0775.0198.84113.5296.35111.66129.41149.98173.82
EBITDA (%)
EBIT 0.7717.2553.3164.3077.0860.5770.2081.3594.28109.27
EBIT (%)
Depreciation 11.2415.8121.7034.5436.4435.7841.4748.0655.7064.55
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 160.62180.33212.07125.68111.63271.02314.09364.01421.86488.91
Total Cash (%)
Account Receivables 378.76532.93598.70664.13780.02929.401,077.111,248.301,446.701,676.62
Account Receivables (%)
Inventories 0.840.558.049.4110.388.249.5511.0712.8314.87
Inventories (%)
Accounts Payable 383.61419.92490.47514.33573.22761.32882.321,022.551,185.071,373.42
Accounts Payable (%)
Capital Expenditure -14.61-14.43-14.23-11.76-27.77-26.17-30.33-35.15-40.74-47.21
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.67
Beta 1.203
Diluted Shares Outstanding 53.70
Cost of Debt
Tax Rate 25.78
After-tax Cost of Debt 4.50%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.963
Total Debt 148.35
Total Equity 895.10
Total Capital 1,043.45
Debt Weighting 14.22
Equity Weighting 85.78
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 1,381.781,376.411,504.432,220.032,377.552,755.423,193.353,700.884,289.084,970.76
EBITDA 1233.0775.0198.84113.5296.35111.66129.41149.98173.82
EBIT 0.7717.2553.3164.3077.0860.5770.2081.3594.28109.27
Tax Rate 62.12%20.70%26.80%25.76%25.78%32.23%32.23%32.23%32.23%32.23%
EBIAT 0.2913.6839.0247.7457.2141.0547.5755.1363.8974.05
Depreciation 11.2415.8121.7034.5436.4435.7841.4748.0655.7064.55
Accounts Receivable --154.17-65.77-65.43-115.89-149.38-147.71-171.19-198.40-229.93
Inventories -0.29-7.49-1.37-0.982.14-1.31-1.52-1.76-2.04
Accounts Payable -36.3270.5523.8658.89188.10121140.23162.52188.35
Capital Expenditure -14.61-14.43-14.23-11.76-27.77-26.17-30.33-35.15-40.74-47.21
UFCF -3.09-102.5043.7827.587.9191.5230.6935.5641.2147.77
WACC
PV UFCF 83.8225.7427.3228.9930.77
SUM PV UFCF 196.64

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.19
Free cash flow (t + 1) 48.24
Terminal Value 589.05
Present Value of Terminal Value 379.52

Intrinsic Value

Enterprise Value 576.16
Net Debt 36.72
Equity Value 539.45
Shares Outstanding 53.70
Equity Value Per Share 10.05