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
Stock DCF: 43.04 | 4.01 | 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 1,679.011,647.351,687.481,511.241,543.481,513.541,484.181,455.391,427.151,399.47
Revenue (%)
EBITDA 1,056.2652.651,068.14212.591,007.02631.79619.54607.52595.73584.18
EBITDA (%)
EBIT 429.83-561.71353.32-461.84348.2413.4513.1912.9312.6812.43
EBIT (%)
Depreciation 626.42614.36714.82674.43658.78618.35606.35594.59583.05571.74
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 93.7094.8082.5745.9043.6866.8965.5964.3263.0761.85
Total Cash (%)
Account Receivables 409.83392.06386.60297.59331.18339.84333.25326.78320.44314.23
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 162.38136.95160.09113.75171.16139.51136.81134.15131.55129
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 1,679.011,647.351,687.481,511.241,543.481,513.541,484.181,455.391,427.151,399.47
EBITDA 1,056.2652.651,068.14212.591,007.02631.79619.54607.52595.73584.18
EBIT 429.83-561.71353.32-461.84348.2413.4513.1912.9312.6812.43
Tax Rate 37.48%-17.08%38.09%-10.53%34.47%16.49%16.49%16.49%16.49%16.49%
EBIAT 268.71-657.68218.74-510.49228.1911.2311.0110.8010.5910.38
Depreciation 626.42614.36714.82674.43658.78618.35606.35594.59583.05571.74
Accounts Receivable -17.775.4689.01-33.60-8.666.596.466.346.22
Inventories ----------
Accounts Payable --25.4323.14-46.3357.41-31.65-2.71-2.65-2.60-2.55
Capital Expenditure -33.28-26.43-36.73-19.32-29.84-27.17-26.64-26.12-25.62-25.12
UFCF 861.86-77.40925.42187.30880.94562.10594.61583.07571.76560.67
WACC
PV UFCF 525.13518.97475.43435.54399
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