Discounted Cash Flow (DCF) Analysis Unlevered

Bird Construction Inc. (BDT.TO)

$7.18

-0.20 (-2.71%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.94 | 7.18 | 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 1,418.441,381.781,376.411,504.432,220.032,519.142,858.563,243.703,680.744,176.66
Revenue (%)
EBITDA 30.7011.053378.8098.8975.8486.0697.66110.81125.74
EBITDA (%)
EBIT 18.71-0.1917.1957.0964.3546.5952.8759.9968.0877.25
EBIT (%)
Depreciation 11.9911.2415.8121.7034.5429.2533.1937.6642.7448.50
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 133.05160.62180.33212.07125.68271.38307.95349.44396.52449.94
Total Cash (%)
Account Receivables 484.52378.76532.93598.70664.13856.51971.911,102.861,251.451,420.06
Account Receivables (%)
Inventories 0.510.840.558.049.415.526.267.108.069.15
Inventories (%)
Accounts Payable 388.52383.61419.92490.47514.33712.57808.58917.521,041.141,181.42
Accounts Payable (%)
Capital Expenditure -14.57-14.61-14.43-14.23-11.76-23.22-26.35-29.90-33.93-38.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.18
Beta 1.292
Diluted Shares Outstanding 45.33
Cost of Debt
Tax Rate 25.76
After-tax Cost of Debt 3.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.804
Total Debt 158.04
Total Equity 325.50
Total Capital 483.54
Debt Weighting 32.68
Equity Weighting 67.32
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 1,418.441,381.781,376.411,504.432,220.032,519.142,858.563,243.703,680.744,176.66
EBITDA 30.7011.053378.8098.8975.8486.0697.66110.81125.74
EBIT 18.71-0.1917.1957.0964.3546.5952.8759.9968.0877.25
Tax Rate 31.21%62.12%20.70%26.80%25.76%33.32%33.32%33.32%33.32%33.32%
EBIAT 12.87-0.0713.6341.7947.7731.0735.2540.0145.4051.51
Depreciation 11.9911.2415.8121.7034.5429.2533.1937.6642.7448.50
Accounts Receivable -105.76-154.17-65.77-65.43-192.38-115.40-130.95-148.59-168.61
Inventories --0.330.29-7.49-1.373.89-0.74-0.84-0.96-1.09
Accounts Payable --4.9236.3270.5523.86198.2496.01108.94123.62140.28
Capital Expenditure -14.57-14.61-14.43-14.23-11.76-23.22-26.35-29.90-33.93-38.50
UFCF 10.2997.07-102.5546.5627.6146.8521.9624.9228.2832.09
WACC
PV UFCF 43.5318.9619.9921.0722.22
SUM PV UFCF 125.77

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.63
Free cash flow (t + 1) 32.73
Terminal Value 581.35
Present Value of Terminal Value 402.51

Intrinsic Value

Enterprise Value 528.27
Net Debt 32.36
Equity Value 495.91
Shares Outstanding 45.33
Equity Value Per Share 10.94