Discounted Cash Flow (DCF) Analysis Unlevered
Corus Entertainment Inc. (CJR-B.TO)
$4.01
+0.04 (+1.01%)
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 | 1,679.01 | 1,647.35 | 1,687.48 | 1,511.24 | 1,543.48 | 1,513.54 | 1,484.18 | 1,455.39 | 1,427.15 | 1,399.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,056.26 | 52.65 | 1,068.14 | 212.59 | 1,007.02 | 631.79 | 619.54 | 607.52 | 595.73 | 584.18 |
| EBITDA (%) | ||||||||||
| EBIT | 429.83 | -561.71 | 353.32 | -461.84 | 348.24 | 13.45 | 13.19 | 12.93 | 12.68 | 12.43 |
| EBIT (%) | ||||||||||
| Depreciation | 626.42 | 614.36 | 714.82 | 674.43 | 658.78 | 618.35 | 606.35 | 594.59 | 583.05 | 571.74 |
| 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 | 93.70 | 94.80 | 82.57 | 45.90 | 43.68 | 66.89 | 65.59 | 64.32 | 63.07 | 61.85 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 409.83 | 392.06 | 386.60 | 297.59 | 331.18 | 339.84 | 333.25 | 326.78 | 320.44 | 314.23 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 162.38 | 136.95 | 160.09 | 113.75 | 171.16 | 139.51 | 136.81 | 134.15 | 131.55 | 129 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -33.28 | -26.42 | -36.73 | -19.32 | -29.84 | -27.17 | -26.64 | -26.12 | -25.62 | -25.12 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 4.01 |
|---|---|
| Beta | 1.778 |
| Diluted Shares Outstanding | 208.66 |
| Cost of Debt | |
| Tax Rate | 34.47 |
| After-tax Cost of Debt | 4.69% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 11.241 |
| Total Debt | 1,492.84 |
| Total Equity | 836.71 |
| Total Capital | 2,329.55 |
| Debt Weighting | 64.08 |
| Equity Weighting | 35.92 |
| 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 | 1,679.01 | 1,647.35 | 1,687.48 | 1,511.24 | 1,543.48 | 1,513.54 | 1,484.18 | 1,455.39 | 1,427.15 | 1,399.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,056.26 | 52.65 | 1,068.14 | 212.59 | 1,007.02 | 631.79 | 619.54 | 607.52 | 595.73 | 584.18 |
| EBIT | 429.83 | -561.71 | 353.32 | -461.84 | 348.24 | 13.45 | 13.19 | 12.93 | 12.68 | 12.43 |
| Tax Rate | 37.48% | -17.08% | 38.09% | -10.53% | 34.47% | 16.49% | 16.49% | 16.49% | 16.49% | 16.49% |
| EBIAT | 268.71 | -657.68 | 218.74 | -510.49 | 228.19 | 11.23 | 11.01 | 10.80 | 10.59 | 10.38 |
| Depreciation | 626.42 | 614.36 | 714.82 | 674.43 | 658.78 | 618.35 | 606.35 | 594.59 | 583.05 | 571.74 |
| Accounts Receivable | - | 17.77 | 5.46 | 89.01 | -33.60 | -8.66 | 6.59 | 6.46 | 6.34 | 6.22 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -25.43 | 23.14 | -46.33 | 57.41 | -31.65 | -2.71 | -2.65 | -2.60 | -2.55 |
| Capital Expenditure | -33.28 | -26.43 | -36.73 | -19.32 | -29.84 | -27.17 | -26.64 | -26.12 | -25.62 | -25.12 |
| UFCF | 861.86 | -77.40 | 925.42 | 187.30 | 880.94 | 562.10 | 594.61 | 583.07 | 571.76 | 560.67 |
| WACC | ||||||||||
| PV UFCF | 525.13 | 518.97 | 475.43 | 435.54 | 399 | |||||
| SUM PV UFCF | 2,354.08 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.04 |
| Free cash flow (t + 1) | 571.88 |
| Terminal Value | 11,346.91 |
| Present Value of Terminal Value | 8,075.08 |
Intrinsic Value
| Enterprise Value | 10,429.16 |
|---|---|
| Net Debt | 1,449.15 |
| Equity Value | 8,980.01 |
| Shares Outstanding | 208.66 |
| Equity Value Per Share | 43.04 |