Discounted Cash Flow (DCF) Analysis Unlevered
Bengal Energy Ltd. (BNG.TO)
$0.055
0.00 (0.00%)
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 | 10.71 | 11.21 | 8.10 | 5.23 | 7.65 | 7.41 | 7.19 | 6.97 | 6.75 | 6.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -9.28 | 0.02 | -0.25 | 6.15 | 0.71 | 0.55 | 0.54 | 0.52 | 0.50 | 0.49 |
| EBITDA (%) | ||||||||||
| EBIT | -11.32 | -1.43 | -1.65 | 4.82 | -0.72 | -0.83 | -0.81 | -0.78 | -0.76 | -0.74 |
| EBIT (%) | ||||||||||
| Depreciation | 2.04 | 1.46 | 1.40 | 1.33 | 1.43 | 1.39 | 1.34 | 1.30 | 1.26 | 1.22 |
| 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 | 3.90 | 2.89 | 1 | 4.53 | 5.41 | 3.44 | 3.33 | 3.23 | 3.13 | 3.04 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.31 | 2.97 | 1.64 | 1.22 | 2.65 | 2.15 | 2.08 | 2.02 | 1.96 | 1.90 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 2.23 | 1.53 | 0.42 | 1.43 | 2.37 | 1.45 | 1.41 | 1.36 | 1.32 | 1.28 |
| 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 | $ 0.055 |
|---|---|
| Beta | 2.746 |
| 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 | 16.573 |
| Total Debt | 0.07 |
| Total Equity | 7.32 |
| Total Capital | 7.39 |
| Debt Weighting | 0.92 |
| Equity Weighting | 99.08 |
| 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 | 10.71 | 11.21 | 8.10 | 5.23 | 7.65 | 7.41 | 7.19 | 6.97 | 6.75 | 6.54 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -9.28 | 0.02 | -0.25 | 6.15 | 0.71 | 0.55 | 0.54 | 0.52 | 0.50 | 0.49 |
| EBIT | -11.32 | -1.43 | -1.65 | 4.82 | -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 | -1.65 | 4.82 | -0.72 | -0.83 | -0.81 | -0.78 | -0.76 | -0.74 |
| Depreciation | 2.04 | 1.46 | 1.40 | 1.33 | 1.43 | 1.39 | 1.34 | 1.30 | 1.26 | 1.22 |
| Accounts Receivable | - | 1.34 | 1.33 | 0.41 | -1.42 | 0.50 | 0.07 | 0.06 | 0.06 | 0.06 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.71 | -1.11 | 1.02 | 0.94 | -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 | -2.04 | 6.39 | -2.87 | -1.80 | -1.31 | -1.27 | -1.23 | -1.19 |
| WACC | ||||||||||
| PV UFCF | -1.54 | -0.97 | -0.80 | -0.67 | -0.55 | |||||
| SUM PV UFCF | -4.53 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 16.61 |
| Free cash flow (t + 1) | -1.22 |
| Terminal Value | -8.34 |
| Present Value of Terminal Value | -3.87 |
Intrinsic Value
| Enterprise Value | -8.40 |
|---|---|
| Net Debt | -5.34 |
| Equity Value | -3.05 |
| Shares Outstanding | 133.07 |
| Equity Value Per Share | -0.02 |