Discounted Cash Flow (DCF) Analysis Unlevered

Boralex Inc. (BLX.TO)

$28.06

-0.72 (-2.50%)
All numbers are in Millions, Currency in USD
Stock DCF: 2,239.55 | 28.06 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 5746336918361,0221,182.131,367.361,581.601,829.422,116.06
Revenue (%)
EBITDA 445428472519593788.61912.171,055.091,220.411,411.63
EBITDA (%)
EBIT 146191175139300300.06347.08401.46464.36537.12
EBIT (%)
Depreciation 299237297380293488.54565.09653.63756.05874.51
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 170275259361478474.02548.30634.21733.58848.52
Total Cash (%)
Account Receivables 153157148234236293.07338.99392.11453.54524.61
Account Receivables (%)
Inventories 1523132216.7219.3422.3725.8729.93
Inventories (%)
Accounts Payable 361611455738149.48172.91200231.34267.58
Accounts Payable (%)
Capital Expenditure -177-156-179-256-280-329.59-381.23-440.96-510.06-589.98
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.06
Beta 0.412
Diluted Shares Outstanding 102.81
Cost of Debt
Tax Rate 49.35
After-tax Cost of Debt 2.21%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.301
Total Debt 3,619
Total Equity 2,884.95
Total Capital 6,503.95
Debt Weighting 55.64
Equity Weighting 44.36
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 5746336918361,0221,182.131,367.361,581.601,829.422,116.06
EBITDA 445428472519593788.61912.171,055.091,220.411,411.63
EBIT 146191175139300300.06347.08401.46464.36537.12
Tax Rate 10.42%16.67%40.91%55.56%49.35%34.58%34.58%34.58%34.58%34.58%
EBIAT 130.79159.17103.4161.78151.95196.30227.06262.64303.79351.39
Depreciation 299237297380293488.54565.09653.63756.05874.51
Accounts Receivable --49-86-2-57.07-45.92-53.11-61.44-71.06
Inventories -13-1-10-95.28-2.62-3.03-3.50-4.05
Accounts Payable -125-16-88-19111.4823.4227.0931.3436.25
Capital Expenditure -177-156-179-256-280-329.59-381.23-440.96-510.06-589.98
UFCF 252.79374.17213.411.78134.95414.95385.80446.25516.17597.05
WACC
PV UFCF 398.92356.56396.49440.89490.26
SUM PV UFCF 2,083.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.02
Free cash flow (t + 1) 619.74
Terminal Value 281,699.28
Present Value of Terminal Value 231,313.77

Intrinsic Value

Enterprise Value 233,396.88
Net Debt 3,141
Equity Value 230,255.88
Shares Outstanding 102.81
Equity Value Per Share 2,239.55