Discounted Cash Flow (DCF) Analysis Unlevered

Bengal Energy Ltd. (BNG.TO)

$0.08

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.02 | 0.08 | 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 10.7111.218.105.237.657.417.196.976.756.54
Revenue (%)
EBITDA -9.280.02-0.256.150.710.550.540.520.500.49
EBITDA (%)
EBIT -11.32-1.43-1.654.82-0.72-0.83-0.81-0.78-0.76-0.74
EBIT (%)
Depreciation 2.041.461.401.331.431.391.341.301.261.22
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 3.902.8914.535.413.443.333.233.133.04
Total Cash (%)
Account Receivables 4.312.971.641.222.652.152.082.021.961.90
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.231.530.421.432.371.451.411.361.321.28
Accounts Payable (%)
Capital Expenditure -1.23-3.42-2.01-1.19-3.09-1.93-1.87-1.81-1.76-1.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.08
Beta 2.890
Diluted Shares Outstanding 133.07
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 20.59%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.490
Total Debt 0.07
Total Equity 10.65
Total Capital 10.71
Debt Weighting 0.63
Equity Weighting 99.37
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 10.7111.218.105.237.657.417.196.976.756.54
EBITDA -9.280.02-0.256.150.710.550.540.520.500.49
EBIT -11.32-1.43-1.654.82-0.72-0.83-0.81-0.78-0.76-0.74
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -11.32-1.43-1.654.82-0.72-0.83-0.81-0.78-0.76-0.74
Depreciation 2.041.461.401.331.431.391.341.301.261.22
Accounts Receivable -1.341.330.41-1.420.500.070.060.060.06
Inventories ----------
Accounts Payable --0.71-1.111.020.94-0.92-0.04-0.04-0.04-0.04
Capital Expenditure -1.23-3.42-2.01-1.19-3.09-1.93-1.87-1.81-1.76-1.70
UFCF -10.51-2.76-2.046.39-2.87-1.80-1.31-1.27-1.23-1.19
WACC
PV UFCF -1.54-0.97-0.80-0.67-0.56
SUM PV UFCF -4.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 16.52
Free cash flow (t + 1) -1.22
Terminal Value -8.39
Present Value of Terminal Value -3.91

Intrinsic Value

Enterprise Value -8.45
Net Debt -5.34
Equity Value -3.10
Shares Outstanding 133.07
Equity Value Per Share -0.02