Discounted Cash Flow (DCF) Analysis Unlevered
Century Global Commodities Corporat... (CNT.TO)
$0.07
-0.01 (-12.50%)
All numbers are in Millions, Currency in USD
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 | 3.36 | 6.08 | 8.09 | 8.80 | 8.72 | 11.37 | 14.83 | 19.34 | 25.23 | 32.91 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -3.76 | -5.01 | -5.10 | -1.70 | -2.40 | -6.92 | -9.02 | -11.77 | -15.35 | -20.02 |
| EBITDA (%) | ||||||||||
| EBIT | -3.95 | -5.27 | -5.44 | -2 | -2.67 | -7.38 | -9.63 | -12.56 | -16.38 | -21.36 |
| EBIT (%) | ||||||||||
| Depreciation | 0.19 | 0.26 | 0.34 | 0.30 | 0.27 | 0.46 | 0.61 | 0.79 | 1.03 | 1.34 |
| 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 | 12.94 | 8.14 | 3.89 | 13.24 | 10.27 | 18.98 | 24.76 | 32.29 | 42.12 | 54.94 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 10.73 | 10.54 | 3.13 | 1.94 | 1.88 | 13.06 | 17.04 | 22.23 | 28.99 | 37.81 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.67 | 1.21 | 1.99 | 1.63 | 1.35 | 2.24 | 2.92 | 3.81 | 4.96 | 6.48 |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.18 | 0.21 | 0.62 | 0.30 | 0.56 | 0.60 | 0.78 | 1.02 | 1.33 | 1.74 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.69 | -0.35 | -0.14 | -0.52 | -2.01 | -1.97 | -2.57 | -3.36 | -4.38 | -5.71 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.07 |
|---|---|
| Beta | 0.904 |
| Diluted Shares Outstanding | 98.50 |
| Cost of Debt | |
| Tax Rate | 2.27 |
| After-tax Cost of Debt | 3.63% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.750 |
| Total Debt | 0.38 |
| Total Equity | 6.90 |
| Total Capital | 7.27 |
| Debt Weighting | 5.21 |
| Equity Weighting | 94.79 |
| 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 | 3.36 | 6.08 | 8.09 | 8.80 | 8.72 | 11.37 | 14.83 | 19.34 | 25.23 | 32.91 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -3.76 | -5.01 | -5.10 | -1.70 | -2.40 | -6.92 | -9.02 | -11.77 | -15.35 | -20.02 |
| EBIT | -3.95 | -5.27 | -5.44 | -2 | -2.67 | -7.38 | -9.63 | -12.56 | -16.38 | -21.36 |
| Tax Rate | 0.00% | 2.99% | 5.23% | -16.34% | 2.27% | -1.17% | -1.17% | -1.17% | -1.17% | -1.17% |
| EBIAT | -3.95 | -5.11 | -5.15 | -2.32 | -2.61 | -7.47 | -9.74 | -12.71 | -16.57 | -21.61 |
| Depreciation | 0.19 | 0.26 | 0.34 | 0.30 | 0.27 | 0.46 | 0.61 | 0.79 | 1.03 | 1.34 |
| Accounts Receivable | - | 0.19 | 7.40 | 1.19 | 0.06 | -11.18 | -3.98 | -5.19 | -6.76 | -8.82 |
| Inventories | - | -0.53 | -0.78 | 0.36 | 0.28 | -0.89 | -0.68 | -0.89 | -1.16 | -1.51 |
| Accounts Payable | - | 0.03 | 0.41 | -0.32 | 0.26 | 0.04 | 0.18 | 0.24 | 0.31 | 0.41 |
| Capital Expenditure | -1.69 | -0.35 | -0.14 | -0.52 | -2.01 | -1.97 | -2.57 | -3.36 | -4.38 | -5.71 |
| UFCF | -5.46 | -5.53 | 2.08 | -1.30 | -3.76 | -21.01 | -16.18 | -21.11 | -27.53 | -35.90 |
| WACC | ||||||||||
| PV UFCF | -19.54 | -13.99 | -16.98 | -20.59 | -24.97 | |||||
| SUM PV UFCF | -96.07 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.53 |
| Free cash flow (t + 1) | -36.62 |
| Terminal Value | -662.25 |
| Present Value of Terminal Value | -460.65 |
Intrinsic Value
| Enterprise Value | -556.73 |
|---|---|
| Net Debt | -3.78 |
| Equity Value | -552.95 |
| Shares Outstanding | 98.50 |
| Equity Value Per Share | -5.61 |