Discounted Cash Flow (DCF) Analysis Unlevered

The Caldwell Partners International... (CWL.TO)

$0.75

+0.02 (+2.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 3.88 | 0.75 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 72.1458.19119.77156.1797.80117.24140.54168.47201.95242.08
Revenue (%)
EBITDA 5.425.8110.8115.90-0.038.6010.3112.3614.8117.76
EBITDA (%)
EBIT 4.813.798.4113.33-2.706.097.308.7510.4912.57
EBIT (%)
Depreciation 0.612.032.392.572.672.513.013.614.325.18
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 16.4614.4829.2135.6722.0527.5533.0239.5847.4556.88
Total Cash (%)
Account Receivables 1610.6727.4430.6621.3224.5929.4735.3342.3550.77
Account Receivables (%)
Inventories -5.830-4.42-6.13-3.84-4.60-5.52-6.61-7.93-9.50
Inventories (%)
Accounts Payable 3.391.764.644.023.184.094.905.877.048.44
Accounts Payable (%)
Capital Expenditure -0.56-1.32-0.36-0.47-1.37-1.18-1.42-1.70-2.04-2.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.75
Beta 1.070
Diluted Shares Outstanding 26.19
Cost of Debt
Tax Rate 18.89
After-tax Cost of Debt 3.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.209
Total Debt 21.80
Total Equity 19.64
Total Capital 41.44
Debt Weighting 52.60
Equity Weighting 47.40
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 72.1458.19119.77156.1797.80117.24140.54168.47201.95242.08
EBITDA 5.425.8110.8115.90-0.038.6010.3112.3614.8117.76
EBIT 4.813.798.4113.33-2.706.097.308.7510.4912.57
Tax Rate 82.44%4.27%16.58%23.64%18.89%29.17%29.17%29.17%29.17%29.17%
EBIAT 0.843.627.0210.18-2.194.315.176.207.438.91
Depreciation 0.612.032.392.572.672.513.013.614.325.18
Accounts Receivable -5.33-16.76-3.229.34-3.27-4.89-5.86-7.02-8.42
Inventories --5.834.421.71-2.290.760.911.101.311.58
Accounts Payable --1.632.88-0.62-0.840.910.810.971.171.40
Capital Expenditure -0.56-1.32-0.36-0.47-1.37-1.18-1.42-1.70-2.04-2.44
UFCF 0.892.20-0.4110.155.324.043.604.325.186.20
WACC
PV UFCF 3.813.203.614.084.61
SUM PV UFCF 19.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.14
Free cash flow (t + 1) 6.24
Terminal Value 110.56
Present Value of Terminal Value 82.08

Intrinsic Value

Enterprise Value 101.38
Net Debt -0.25
Equity Value 101.63
Shares Outstanding 26.19
Equity Value Per Share 3.88