Discounted Cash Flow (DCF) Analysis Unlevered

Boralex Inc. (BLX.TO)

$38.42

-0.62 (-1.59%)
All numbers are in Millions, Currency in USD
Stock DCF: 95.02 | 38.42 | 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 419479574633691783.58888.571,007.631,142.641,295.73
Revenue (%)
EBITDA 284297381404455510.63579.05656.63744.61844.38
EBITDA (%)
EBIT 1126682167158163.05184.90209.67237.77269.62
EBIT (%)
Depreciation 172231299237297347.58394.15446.96506.85574.76
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 115157170275259267.62303.48344.14390.25442.53
Total Cash (%)
Account Receivables 134142153157148210.79239.03271.06307.37348.56
Account Receivables (%)
Inventories 1112.5815.0716.6218.1420.5723.3326.453034.02
Inventories (%)
Accounts Payable 414836161145113.61128.84146.10165.67187.87
Accounts Payable (%)
Capital Expenditure -271-282-177-156-179-321.17-364.20-413-468.33-531.08
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 38.42
Beta 0.404
Diluted Shares Outstanding 102.77
Cost of Debt
Tax Rate 61.36
After-tax Cost of Debt 1.22%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.439
Total Debt 3,909
Total Equity 3,948.60
Total Capital 7,857.60
Debt Weighting 49.75
Equity Weighting 50.25
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 419479574633691783.58888.571,007.631,142.641,295.73
EBITDA 284297381404455510.63579.05656.63744.61844.38
EBIT 1126682167158163.05184.90209.67237.77269.62
Tax Rate 34.20%40.00%18.75%16.67%61.36%34.20%34.20%34.20%34.20%34.20%
EBIAT 73.7039.6066.62139.1761.05107.30121.67137.97156.46177.42
Depreciation 172231299237297347.58394.15446.96506.85574.76
Accounts Receivable --8-11-49-62.79-28.24-32.03-36.32-41.18
Inventories --1.58-2.49-1.55-1.52-2.43-2.76-3.13-3.54-4.02
Accounts Payable -7-12125-16-31.3915.2217.2619.5822.20
Capital Expenditure -271-282-177-156-179-321.17-364.20-413-468.33-531.08
UFCF -25.30-13.98163.13339.62170.5237.10135.85154.05174.69198.09
WACC
PV UFCF 35.90127.21139.59153.17168.08
SUM PV UFCF 623.96

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.34
Free cash flow (t + 1) 202.05
Terminal Value 15,078.68
Present Value of Terminal Value 12,794.43

Intrinsic Value

Enterprise Value 13,418.39
Net Debt 3,653
Equity Value 9,765.39
Shares Outstanding 102.77
Equity Value Per Share 95.02