Discounted Cash Flow (DCF) Analysis Unlevered

Bengal Energy Ltd. (BNG.TO)

$0.02

-0.01 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.02 | 0.02 | 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 11.218.105.237.658.157.947.737.537.337.14
Revenue (%)
EBITDA 4.020.87-0.531.291.731.191.151.121.091.07
EBITDA (%)
EBIT -0.27-1.20-1.88-0.380.49-0.83-0.80-0.78-0.76-0.74
EBIT (%)
Depreciation 4.292.081.351.671.242.011.961.911.861.81
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 2.8914.535.410.793.263.173.093.012.93
Total Cash (%)
Account Receivables 2.971.641.222.651.081.871.821.781.731.69
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 1.530.421.432.372.391.691.651.601.561.52
Accounts Payable (%)
Capital Expenditure -3.42-2.01-1.19-3.09-5.49-2.95-2.87-2.80-2.72-2.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.02
Beta 2.846
Diluted Shares Outstanding 486.17
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 53.13%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.718
Total Debt 0.03
Total Equity 9.72
Total Capital 9.76
Debt Weighting 0.33
Equity Weighting 99.67
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 11.218.105.237.658.157.947.737.537.337.14
EBITDA 4.020.87-0.531.291.731.191.151.121.091.07
EBIT -0.27-1.20-1.88-0.380.49-0.83-0.80-0.78-0.76-0.74
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -0.27-1.20-1.88-0.380.49-0.83-0.80-0.78-0.76-0.74
Depreciation 4.292.081.351.671.242.011.961.911.861.81
Accounts Receivable -1.330.41-1.421.56-0.790.050.050.050.05
Inventories ----------
Accounts Payable --1.111.020.940.02-0.70-0.04-0.04-0.04-0.04
Capital Expenditure -3.42-2.01-1.19-3.09-5.49-2.95-2.87-2.80-2.72-2.65
UFCF 0.60-0.91-0.29-2.29-2.18-3.25-1.71-1.67-1.63-1.58
WACC
PV UFCF -2.76-1.23-1.02-0.84-0.70
SUM PV UFCF -6.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 17.83
Free cash flow (t + 1) -1.59
Terminal Value -9.18
Present Value of Terminal Value -4.04

Intrinsic Value

Enterprise Value -10.60
Net Debt -0.76
Equity Value -9.83
Shares Outstanding 486.17
Equity Value Per Share -0.02