Discounted Cash Flow (DCF) Analysis Unlevered
Bengal Energy Ltd. (BNG.TO)
$0.025
+0.01 (+-%)
All numbers are in Millions, Currency in USD
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 | 11.21 | 8.10 | 5.23 | 7.65 | 8.15 | 7.94 | 7.73 | 7.53 | 7.33 | 7.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 4.02 | 0.87 | -0.53 | 1.29 | 1.73 | 1.19 | 1.15 | 1.12 | 1.09 | 1.07 |
| EBITDA (%) | ||||||||||
| EBIT | -0.27 | -1.20 | -1.88 | -0.38 | 0.49 | -0.83 | -0.80 | -0.78 | -0.76 | -0.74 |
| EBIT (%) | ||||||||||
| Depreciation | 4.29 | 2.08 | 1.35 | 1.67 | 1.24 | 2.01 | 1.96 | 1.91 | 1.86 | 1.81 |
| 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 | 2.89 | 1 | 4.53 | 5.41 | 0.79 | 3.26 | 3.17 | 3.09 | 3.01 | 2.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.97 | 1.64 | 1.22 | 2.65 | 1.08 | 1.87 | 1.82 | 1.78 | 1.73 | 1.69 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.53 | 0.42 | 1.43 | 2.37 | 2.39 | 1.69 | 1.65 | 1.60 | 1.56 | 1.52 |
| 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 | $ 0.025 |
|---|---|
| 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 | 17.543 |
| Total Debt | 0.03 |
| Total Equity | 12.15 |
| Total Capital | 12.19 |
| Debt Weighting | 0.26 |
| Equity Weighting | 99.74 |
| 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 | 11.21 | 8.10 | 5.23 | 7.65 | 8.15 | 7.94 | 7.73 | 7.53 | 7.33 | 7.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 4.02 | 0.87 | -0.53 | 1.29 | 1.73 | 1.19 | 1.15 | 1.12 | 1.09 | 1.07 |
| EBIT | -0.27 | -1.20 | -1.88 | -0.38 | 0.49 | -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 | -0.38 | 0.49 | -0.83 | -0.80 | -0.78 | -0.76 | -0.74 |
| Depreciation | 4.29 | 2.08 | 1.35 | 1.67 | 1.24 | 2.01 | 1.96 | 1.91 | 1.86 | 1.81 |
| Accounts Receivable | - | 1.33 | 0.41 | -1.42 | 1.56 | -0.79 | 0.05 | 0.05 | 0.05 | 0.05 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.11 | 1.02 | 0.94 | 0.02 | -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 | -1.24 | -1.03 | -0.85 | -0.70 | |||||
| SUM PV UFCF | -6.58 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 17.64 |
| Free cash flow (t + 1) | -1.61 |
| Terminal Value | -10.32 |
| Present Value of Terminal Value | -4.58 |
Intrinsic Value
| Enterprise Value | -11.16 |
|---|---|
| Net Debt | -0.76 |
| Equity Value | -10.40 |
| Shares Outstanding | 486.17 |
| Equity Value Per Share | -0.02 |