Discounted Cash Flow (DCF) Analysis Unlevered
AirBoss of America Corp. (BOS.TO)
$4.67
-0.06 (-1.27%)
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 | 316.60 | 328.13 | 501.57 | 586.86 | 477.16 | 542.54 | 616.88 | 701.40 | 797.51 | 906.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 25.67 | 31.72 | 100.38 | 79.59 | -12.77 | 52.82 | 60.05 | 68.28 | 77.64 | 88.28 |
| EBITDA (%) | ||||||||||
| EBIT | 14.71 | 18.37 | 82.20 | 58.71 | -34.67 | 31.87 | 36.23 | 41.20 | 46.84 | 53.26 |
| EBIT (%) | ||||||||||
| Depreciation | 10.97 | 13.35 | 18.19 | 20.88 | 21.90 | 20.95 | 23.82 | 27.08 | 30.80 | 35.01 |
| 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 | 17.86 | 0.12 | 86.97 | 7.13 | 18.55 | 30.51 | 34.69 | 39.45 | 44.85 | 51 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 59.30 | 70.50 | 70.05 | 88.58 | 103.09 | 98.61 | 112.12 | 127.49 | 144.96 | 164.82 |
| Account Receivables (%) | ||||||||||
| Inventories | 39.69 | 42 | 45.53 | 122.15 | 92.83 | 81.03 | 92.14 | 104.76 | 119.12 | 135.44 |
| Inventories (%) | ||||||||||
| Accounts Payable | 41.56 | 43.59 | 74.30 | 103.03 | 85.24 | 83.16 | 94.56 | 107.52 | 122.25 | 139 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -8.23 | -19.48 | -14.93 | -17.99 | -10.19 | -18.14 | -20.63 | -23.45 | -26.66 | -30.32 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.67 |
|---|---|
| Beta | 1.843 |
| Diluted Shares Outstanding | 27.07 |
| Cost of Debt | |
| Tax Rate | 21.08 |
| After-tax Cost of Debt | 3.15% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 13.048 |
| Total Debt | 143.69 |
| Total Equity | 126.42 |
| Total Capital | 270.12 |
| Debt Weighting | 53.20 |
| Equity Weighting | 46.80 |
| 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 | 316.60 | 328.13 | 501.57 | 586.86 | 477.16 | 542.54 | 616.88 | 701.40 | 797.51 | 906.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 25.67 | 31.72 | 100.38 | 79.59 | -12.77 | 52.82 | 60.05 | 68.28 | 77.64 | 88.28 |
| EBIT | 14.71 | 18.37 | 82.20 | 58.71 | -34.67 | 31.87 | 36.23 | 41.20 | 46.84 | 53.26 |
| Tax Rate | 27.59% | 29.69% | 28.63% | 14.36% | 21.08% | 24.27% | 24.27% | 24.27% | 24.27% | 24.27% |
| EBIAT | 10.65 | 12.91 | 58.67 | 50.28 | -27.36 | 24.13 | 27.44 | 31.20 | 35.47 | 40.34 |
| Depreciation | 10.97 | 13.35 | 18.19 | 20.88 | 21.90 | 20.95 | 23.82 | 27.08 | 30.80 | 35.01 |
| Accounts Receivable | - | -11.21 | 0.45 | -18.52 | -14.52 | 4.48 | -13.51 | -15.36 | -17.47 | -19.86 |
| Inventories | - | -2.30 | -3.53 | -76.62 | 29.31 | 11.80 | -11.10 | -12.63 | -14.36 | -16.32 |
| Accounts Payable | - | 2.03 | 30.71 | 28.73 | -17.79 | -2.08 | 11.40 | 12.96 | 14.73 | 16.75 |
| Capital Expenditure | -8.23 | -19.48 | -14.93 | -17.99 | -10.19 | -18.14 | -20.63 | -23.45 | -26.66 | -30.32 |
| UFCF | 13.38 | -4.70 | 89.54 | -13.24 | -18.64 | 41.15 | 17.41 | 19.80 | 22.51 | 25.60 |
| WACC | ||||||||||
| PV UFCF | 38.18 | 14.99 | 15.81 | 16.68 | 17.60 | |||||
| SUM PV UFCF | 103.27 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.78 |
| Free cash flow (t + 1) | 26.11 |
| Terminal Value | 451.73 |
| Present Value of Terminal Value | 310.59 |
Intrinsic Value
| Enterprise Value | 413.86 |
|---|---|
| Net Debt | 125.14 |
| Equity Value | 288.71 |
| Shares Outstanding | 27.07 |
| Equity Value Per Share | 10.67 |