Discounted Cash Flow (DCF) Analysis Unlevered

CI Financial Corp. (CIX.TO)

$13.24

+0.37 (+2.87%)
All numbers are in Millions, Currency in USD
Stock DCF: 109.99 | 13.24 | 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 2,111.302,236.362,119.232,050.462,7272,934.493,157.783,398.053,656.613,934.83
Revenue (%)
EBITDA 772.02895.63815.99752.13789.601,060.851,141.571,228.431,321.901,422.48
EBITDA (%)
EBIT 765.60885.98783.10708.62692.801,014.131,091.301,174.341,263.691,359.84
EBIT (%)
Depreciation 6.429.6432.8943.5196.8046.7150.2754.0958.2162.64
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 325.49305.28256.77616.97362.60496.34534.11574.75618.48665.54
Total Cash (%)
Account Receivables 236.36165.69196248.54276.60294.13316.51340.59366.51394.40
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 674.65624.27613.611,276.961,571.201,224.961,318.171,418.461,526.391,642.53
Accounts Payable (%)
Capital Expenditure -19.93-16.07-16.78-29.12-20.20-27.08-29.15-31.36-33.75-36.32
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 13.24
Beta 1.452
Diluted Shares Outstanding 214.09
Cost of Debt
Tax Rate 30.18
After-tax Cost of Debt 1.94%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.656
Total Debt 3,949.70
Total Equity 2,834.58
Total Capital 6,784.28
Debt Weighting 58.22
Equity Weighting 41.78
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 2,111.302,236.362,119.232,050.462,7272,934.493,157.783,398.053,656.613,934.83
EBITDA 772.02895.63815.99752.13789.601,060.851,141.571,228.431,321.901,422.48
EBIT 765.60885.98783.10708.62692.801,014.131,091.301,174.341,263.691,359.84
Tax Rate 32.49%26.78%25.92%25.95%30.18%28.26%28.26%28.26%28.26%28.26%
EBIAT 516.86648.73580.10524.76483.73727.51782.87842.43906.53975.51
Depreciation 6.429.6432.8943.5196.8046.7150.2754.0958.2162.64
Accounts Receivable -70.67-30.31-52.54-28.06-17.53-22.38-24.08-25.92-27.89
Inventories ----------
Accounts Payable --50.38-10.66663.35294.24-346.2493.21100.30107.93116.14
Capital Expenditure -19.93-16.07-16.78-29.12-20.20-27.08-29.15-31.36-33.75-36.32
UFCF 503.36662.60555.241,149.96826.50383.37874.81941.381,013.011,090.09
WACC
PV UFCF 363.11784.79799.87815.24830.91
SUM PV UFCF 3,593.91

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.58
Free cash flow (t + 1) 1,111.89
Terminal Value 31,058.32
Present Value of Terminal Value 23,673.89

Intrinsic Value

Enterprise Value 27,267.80
Net Debt 3,718.90
Equity Value 23,548.90
Shares Outstanding 214.09
Equity Value Per Share 109.99