Discounted Cash Flow (DCF) Analysis Unlevered

Canaccord Genuity Group Inc. (CF.TO)

$6.81

-0.10 (-1.45%)
All numbers are in Millions, Currency in USD
Stock DCF: 34.59 | 6.81 | 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 1,022.881,190.571,223.872,007.692,0462,481.513,009.733,650.384,427.405,369.81
Revenue (%)
EBITDA 74.14141.34189.10443.45429.10385.28467.29566.76687.40833.72
EBITDA (%)
EBIT 50.13117.06133.64392.25377.62315.88383.11464.66563.57683.53
EBIT (%)
Depreciation 24.0124.2855.4651.2051.4969.4084.18102.10123.83150.19
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 1,332.061,511.241,928.582,924.872,839.493,470.194,208.855,104.746,191.347,509.22
Total Cash (%)
Account Receivables 2,217.012,330.642,893.073,479.702,928.474,7915,810.827,047.708,547.8810,367.38
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2,638.951,499.391,703.572,559.722,652.563,872.504,696.805,696.566,909.138,379.81
Accounts Payable (%)
Capital Expenditure -7.11-4.38-6.35-7.12-14.66-13.17-15.97-19.37-23.49-28.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.81
Beta 1.437
Diluted Shares Outstanding 109.43
Cost of Debt
Tax Rate 34.88
After-tax Cost of Debt 5.39%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.662
Total Debt 285.09
Total Equity 745.25
Total Capital 1,030.34
Debt Weighting 27.67
Equity Weighting 72.33
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 1,022.881,190.571,223.872,007.692,0462,481.513,009.733,650.384,427.405,369.81
EBITDA 74.14141.34189.10443.45429.10385.28467.29566.76687.40833.72
EBIT 50.13117.06133.64392.25377.62315.88383.11464.66563.57683.53
Tax Rate 63.57%23.88%13.53%28.69%34.88%32.91%32.91%32.91%32.91%32.91%
EBIAT 18.2689.10115.56279.72245.89211.92257.03311.75378.10458.59
Depreciation 24.0124.2855.4651.2051.4969.4084.18102.10123.83150.19
Accounts Receivable --113.63-562.43-586.64551.23-1,862.53-1,019.81-1,236.89-1,500.17-1,819.50
Inventories ----------
Accounts Payable --1,139.56204.18856.1592.841,219.94824.30999.761,212.571,470.68
Capital Expenditure -7.11-4.38-6.35-7.12-14.66-13.17-15.97-19.37-23.49-28.49
UFCF 35.17-1,144.19-193.58593.31926.78-374.42129.73157.34190.84231.46
WACC
PV UFCF -342.88108.79120.83134.21149.06
SUM PV UFCF 170.01

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.20
Free cash flow (t + 1) 236.09
Terminal Value 3,279
Present Value of Terminal Value 2,111.68

Intrinsic Value

Enterprise Value 2,281.69
Net Debt -1,503.17
Equity Value 3,784.86
Shares Outstanding 109.43
Equity Value Per Share 34.59