Discounted Cash Flow (DCF) Analysis Unlevered
AirBoss of America Corp. (BOS.TO)
$15.37
+1.91 (+14.19%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 289.86 | 316.60 | 328.13 | 501.57 | 586.86 | 708.24 | 854.72 | 1,031.50 | 1,244.84 | 1,502.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 27.65 | 25.67 | 31.72 | 77.82 | 79.59 | 79.88 | 96.40 | 116.34 | 140.40 | 169.44 |
| EBITDA (%) | ||||||||||
| EBIT | 16.97 | 14.71 | 18.37 | 59.64 | 58.71 | 53.81 | 64.94 | 78.38 | 94.59 | 114.15 |
| EBIT (%) | ||||||||||
| Depreciation | 10.68 | 10.97 | 13.35 | 18.19 | 20.88 | 26.07 | 31.46 | 37.96 | 45.82 | 55.29 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 17.75 | 17.86 | 0.12 | 86.97 | 7.13 | 43 | 51.89 | 62.62 | 75.58 | 91.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 52.88 | 59.30 | 70.50 | 70.05 | 88.58 | 123.97 | 149.61 | 180.55 | 217.89 | 262.96 |
| Account Receivables (%) | ||||||||||
| Inventories | 38.29 | 39.69 | 42 | 45.53 | 122.15 | 96.94 | 116.99 | 141.18 | 170.38 | 205.62 |
| Inventories (%) | ||||||||||
| Accounts Payable | 31.94 | 41.56 | 43.59 | 74.30 | 103.03 | 98.87 | 119.32 | 144 | 173.78 | 209.72 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -7.29 | -8.23 | -19.48 | -14.93 | -17.99 | -24.22 | -29.23 | -35.27 | -42.57 | -51.37 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 15.37 |
|---|---|
| Beta | 1.617 |
| Diluted Shares Outstanding | 28.30 |
| Cost of Debt | |
| Tax Rate | 14.36 |
| After-tax Cost of Debt | 4.44% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.474 |
| Total Debt | 80.61 |
| Total Equity | 434.94 |
| Total Capital | 515.55 |
| Debt Weighting | 15.64 |
| Equity Weighting | 84.36 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 289.86 | 316.60 | 328.13 | 501.57 | 586.86 | 708.24 | 854.72 | 1,031.50 | 1,244.84 | 1,502.31 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 27.65 | 25.67 | 31.72 | 77.82 | 79.59 | 79.88 | 96.40 | 116.34 | 140.40 | 169.44 |
| EBIT | 16.97 | 14.71 | 18.37 | 59.64 | 58.71 | 53.81 | 64.94 | 78.38 | 94.59 | 114.15 |
| Tax Rate | 12.29% | 27.59% | 29.69% | 57.25% | 14.36% | 28.23% | 28.23% | 28.23% | 28.23% | 28.23% |
| EBIAT | 14.88 | 10.65 | 12.91 | 25.50 | 50.28 | 38.62 | 46.61 | 56.25 | 67.88 | 81.92 |
| Depreciation | 10.68 | 10.97 | 13.35 | 18.19 | 20.88 | 26.07 | 31.46 | 37.96 | 45.82 | 55.29 |
| Accounts Receivable | - | -6.41 | -11.21 | 0.45 | -18.52 | -35.39 | -25.64 | -30.94 | -37.34 | -45.07 |
| Inventories | - | -1.40 | -2.30 | -3.53 | -76.62 | 25.21 | -20.05 | -24.20 | -29.20 | -35.24 |
| Accounts Payable | - | 9.62 | 2.03 | 30.71 | 28.73 | -4.16 | 20.45 | 24.68 | 29.78 | 35.94 |
| Capital Expenditure | -7.29 | -8.23 | -19.48 | -14.93 | -17.99 | -24.22 | -29.23 | -35.27 | -42.57 | -51.37 |
| UFCF | 18.27 | 15.19 | -4.70 | 56.37 | -13.24 | 26.13 | 23.60 | 28.48 | 34.37 | 41.48 |
| WACC | ||||||||||
| PV UFCF | 23.85 | 19.67 | 21.67 | 23.88 | 26.31 | |||||
| SUM PV UFCF | 115.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.53 |
| Free cash flow (t + 1) | 42.30 |
| Terminal Value | 561.82 |
| Present Value of Terminal Value | 356.39 |
Intrinsic Value
| Enterprise Value | 471.78 |
|---|---|
| Net Debt | 73.48 |
| Equity Value | 398.30 |
| Shares Outstanding | 28.30 |
| Equity Value Per Share | 14.08 |