Discounted Cash Flow (DCF) Analysis Unlevered
Condor Energies Inc. (CPI.TO)
$0.37
0.00 (-%)
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 | 5.65 | 17.49 | 5.17 | 2.78 | 0.88 | 0.94 | 1 | 1.06 | 1.12 | 1.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -65.50 | 1.51 | -1.80 | 5.86 | -7.96 | -3.52 | -3.73 | -3.96 | -4.21 | -4.47 |
| EBITDA (%) | ||||||||||
| EBIT | -68.34 | -8.69 | -8.61 | -1.97 | -9.11 | -4.74 | -5.03 | -5.34 | -5.67 | -6.02 |
| EBIT (%) | ||||||||||
| Depreciation | 2.84 | 10.20 | 6.81 | 7.83 | 1.15 | 1.22 | 1.30 | 1.38 | 1.46 | 1.55 |
| 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 | 3.91 | 1.69 | 2.94 | 12.31 | 4.62 | 2.07 | 2.19 | 2.33 | 2.47 | 2.62 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.39 | 2.43 | 3.90 | 0.39 | 0.24 | 0.39 | 0.41 | 0.44 | 0.47 | 0.50 |
| Account Receivables (%) | ||||||||||
| Inventories | 0.38 | 0.55 | 0.34 | 0.16 | 0.07 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -19.27 | -5.82 | -0.15 | -0.19 | -0.09 | -0.74 | -0.78 | -0.83 | -0.88 | -0.94 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.37 |
|---|---|
| Beta | 2.872 |
| Diluted Shares Outstanding | 107.49 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.087 |
| Total Debt | - |
| Total Equity | 39.77 |
| Total Capital | 39.77 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| 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 | 5.65 | 17.49 | 5.17 | 2.78 | 0.88 | 0.94 | 1 | 1.06 | 1.12 | 1.19 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -65.50 | 1.51 | -1.80 | 5.86 | -7.96 | -3.52 | -3.73 | -3.96 | -4.21 | -4.47 |
| EBIT | -68.34 | -8.69 | -8.61 | -1.97 | -9.11 | -4.74 | -5.03 | -5.34 | -5.67 | -6.02 |
| Tax Rate | 4.79% | -32.50% | 27.18% | 86.27% | 0.00% | 17.15% | 17.15% | 17.15% | 17.15% | 17.15% |
| EBIAT | -65.06 | -11.51 | -6.27 | -0.27 | -9.11 | -3.93 | -4.17 | -4.43 | -4.70 | -4.99 |
| Depreciation | 2.84 | 10.20 | 6.81 | 7.83 | 1.15 | 1.22 | 1.30 | 1.38 | 1.46 | 1.55 |
| Accounts Receivable | - | 1.96 | -1.47 | 3.51 | 0.16 | -0.15 | -0.02 | -0.03 | -0.03 | -0.03 |
| Inventories | - | -0.17 | 0.21 | 0.18 | 0.10 | 0.01 | -0 | -0 | -0 | -0 |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -19.27 | -5.82 | -0.15 | -0.19 | -0.09 | -0.74 | -0.78 | -0.83 | -0.88 | -0.94 |
| UFCF | -81.49 | -5.34 | -0.87 | 11.06 | -7.80 | -3.58 | -3.68 | -3.91 | -4.15 | -4.40 |
| WACC | ||||||||||
| PV UFCF | -3.06 | -2.69 | -2.43 | -2.21 | -2 | |||||
| SUM PV UFCF | -12.39 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 17.09 |
| Free cash flow (t + 1) | -4.49 |
| Terminal Value | -29.77 |
| Present Value of Terminal Value | -13.53 |
Intrinsic Value
| Enterprise Value | -25.92 |
|---|---|
| Net Debt | -4.62 |
| Equity Value | -21.29 |
| Shares Outstanding | 107.49 |
| Equity Value Per Share | -0.20 |