Discounted Cash Flow (DCF) Analysis Unlevered

ClearStream Energy Services Inc. (CSM.TO)

$0.045

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.60 | 0.045 | overvalue

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 357.15378.33464.25393.12389.40401.45413.87426.67439.87453.48
Revenue (%)
EBITDA -7.37-13.8924.0736.6219.3411.0311.3711.7212.0812.46
EBITDA (%)
EBIT -16.08-20.219.1819.866.45-0.93-0.96-0.99-1.02-1.05
EBIT (%)
Depreciation 8.716.3214.8916.7612.8911.9612.3312.7113.1013.51
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 4.6510.847.1130.4821.6815.2715.7416.2316.7317.25
Total Cash (%)
Account Receivables 66.1859.71138.6489.51107.1891.9194.7597.68100.70103.82
Account Receivables (%)
Inventories 4.305.739.746.885.536.426.616.827.037.25
Inventories (%)
Accounts Payable ----------
Accounts Payable (%)
Capital Expenditure -2.74-0.94-4.12-2.25-1.52-2.30-2.37-2.45-2.52-2.60
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.045
Beta 4.325
Diluted Shares Outstanding 109.99
Cost of Debt
Tax Rate -0.13
After-tax Cost of Debt 7.99%
Risk-Free Rate
Market Risk Premium
Cost of Equity 23.927
Total Debt 197.12
Total Equity 4.95
Total Capital 202.07
Debt Weighting 97.55
Equity Weighting 2.45
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 357.15378.33464.25393.12389.40401.45413.87426.67439.87453.48
EBITDA -7.37-13.8924.0736.6219.3411.0311.3711.7212.0812.46
EBIT -16.08-20.219.1819.866.45-0.93-0.96-0.99-1.02-1.05
Tax Rate -10.62%-3.39%50.71%-59.34%-0.13%-4.55%-4.55%-4.55%-4.55%-4.55%
EBIAT -17.79-20.894.5331.656.45-0.97-1-1.03-1.06-1.10
Depreciation 8.716.3214.8916.7612.8911.9612.3312.7113.1013.51
Accounts Receivable -6.46-78.9249.13-17.6715.27-2.84-2.93-3.02-3.12
Inventories --1.43-42.851.35-0.88-0.20-0.20-0.21-0.22
Accounts Payable ----------
Capital Expenditure -2.74-0.94-4.12-2.25-1.52-2.30-2.37-2.45-2.52-2.60
UFCF -11.82-10.48-67.6398.141.5123.075.916.096.286.47
WACC
PV UFCF 21.295.034.784.554.33
SUM PV UFCF 39.98

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.38
Free cash flow (t + 1) 6.60
Terminal Value 103.49
Present Value of Terminal Value 69.21

Intrinsic Value

Enterprise Value 109.19
Net Debt 175.44
Equity Value -66.25
Shares Outstanding 109.99
Equity Value Per Share -0.60