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
Stock DCF: 10.67 | 4.67 | undervalue

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 316.60328.13501.57586.86477.16542.54616.88701.40797.51906.79
Revenue (%)
EBITDA 25.6731.72100.3879.59-12.7752.8260.0568.2877.6488.28
EBITDA (%)
EBIT 14.7118.3782.2058.71-34.6731.8736.2341.2046.8453.26
EBIT (%)
Depreciation 10.9713.3518.1920.8821.9020.9523.8227.0830.8035.01
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 17.860.1286.977.1318.5530.5134.6939.4544.8551
Total Cash (%)
Account Receivables 59.3070.5070.0588.58103.0998.61112.12127.49144.96164.82
Account Receivables (%)
Inventories 39.694245.53122.1592.8381.0392.14104.76119.12135.44
Inventories (%)
Accounts Payable 41.5643.5974.30103.0385.2483.1694.56107.52122.25139
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 316.60328.13501.57586.86477.16542.54616.88701.40797.51906.79
EBITDA 25.6731.72100.3879.59-12.7752.8260.0568.2877.6488.28
EBIT 14.7118.3782.2058.71-34.6731.8736.2341.2046.8453.26
Tax Rate 27.59%29.69%28.63%14.36%21.08%24.27%24.27%24.27%24.27%24.27%
EBIAT 10.6512.9158.6750.28-27.3624.1327.4431.2035.4740.34
Depreciation 10.9713.3518.1920.8821.9020.9523.8227.0830.8035.01
Accounts Receivable --11.210.45-18.52-14.524.48-13.51-15.36-17.47-19.86
Inventories --2.30-3.53-76.6229.3111.80-11.10-12.63-14.36-16.32
Accounts Payable -2.0330.7128.73-17.79-2.0811.4012.9614.7316.75
Capital Expenditure -8.23-19.48-14.93-17.99-10.19-18.14-20.63-23.45-26.66-30.32
UFCF 13.38-4.7089.54-13.24-18.6441.1517.4119.8022.5125.60
WACC
PV UFCF 38.1814.9915.8116.6817.60
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