Discounted Cash Flow (DCF) Analysis Unlevered

AirBoss of America Corp. (BOS.TO)

$9.02

+0.49 (+5.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 13.53 | 9.02 | undervalue

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 289.86316.60328.13501.57586.86708.24854.721,031.501,244.841,502.31
Revenue (%)
EBITDA 27.6525.6731.7277.8279.5979.8896.40116.34140.40169.44
EBITDA (%)
EBIT 16.9714.7118.3759.6458.7153.8164.9478.3894.59114.15
EBIT (%)
Depreciation 10.6810.9713.3518.1920.8826.0731.4637.9645.8255.29
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 17.7517.860.1286.977.134351.8962.6275.5891.21
Total Cash (%)
Account Receivables 52.8859.3070.5070.0588.58123.97149.61180.55217.89262.96
Account Receivables (%)
Inventories 38.2939.694245.53122.1596.94116.99141.18170.38205.62
Inventories (%)
Accounts Payable 31.9441.5643.5974.30103.0398.87119.32144173.78209.72
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 $ 9.02
Beta 1.643
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 11.453
Total Debt 80.61
Total Equity 255.25
Total Capital 335.86
Debt Weighting 24.00
Equity Weighting 76.00
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 289.86316.60328.13501.57586.86708.24854.721,031.501,244.841,502.31
EBITDA 27.6525.6731.7277.8279.5979.8896.40116.34140.40169.44
EBIT 16.9714.7118.3759.6458.7153.8164.9478.3894.59114.15
Tax Rate 12.29%27.59%29.69%57.25%14.36%28.23%28.23%28.23%28.23%28.23%
EBIAT 14.8810.6512.9125.5050.2838.6246.6156.2567.8881.92
Depreciation 10.6810.9713.3518.1920.8826.0731.4637.9645.8255.29
Accounts Receivable --6.41-11.210.45-18.52-35.39-25.64-30.94-37.34-45.07
Inventories --1.40-2.30-3.53-76.6225.21-20.05-24.20-29.20-35.24
Accounts Payable -9.622.0330.7128.73-4.1620.4524.6829.7835.94
Capital Expenditure -7.29-8.23-19.48-14.93-17.99-24.22-29.23-35.27-42.57-51.37
UFCF 18.2715.19-4.7056.37-13.2426.1323.6028.4834.3741.48
WACC
PV UFCF 23.8019.5821.5323.6726.02
SUM PV UFCF 114.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.77
Free cash flow (t + 1) 42.30
Terminal Value 544.46
Present Value of Terminal Value 341.62

Intrinsic Value

Enterprise Value 456.24
Net Debt 73.48
Equity Value 382.76
Shares Outstanding 28.30
Equity Value Per Share 13.53