Discounted Cash Flow (DCF) Analysis Unlevered

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

$1.63

+0.02 (+1.24%)
All numbers are in Millions, Currency in USD
Stock DCF: 2.08 | 1.63 | 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 57.8066.8872.1458.19119.77152.71194.72248.29316.60403.69
Revenue (%)
EBITDA 3.804.612.475.378.3010.0912.8716.4120.9226.68
EBITDA (%)
EBIT 3.153.981.853.345.917.539.6012.2415.6019.89
EBIT (%)
Depreciation 0.650.630.612.032.392.573.274.175.326.78
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 15.9620.5416.4614.4829.2139.8350.7964.7682.58105.29
Total Cash (%)
Account Receivables 9.3910.861610.6727.4429.2937.3547.6360.7377.44
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 2.042.693.391.764.645.857.469.5212.1415.47
Accounts Payable (%)
Capital Expenditure -0.47-0.18-0.56-1.32-0.36-1.35-1.72-2.20-2.80-3.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.63
Beta 1.229
Diluted Shares Outstanding 24.24
Cost of Debt
Tax Rate 16.58
After-tax Cost of Debt 3.86%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.766
Total Debt 10.60
Total Equity 39.51
Total Capital 50.11
Debt Weighting 21.16
Equity Weighting 78.84
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 57.8066.8872.1458.19119.77152.71194.72248.29316.60403.69
EBITDA 3.804.612.475.378.3010.0912.8716.4120.9226.68
EBIT 3.153.981.853.345.917.539.6012.2415.6019.89
Tax Rate 37.89%49.37%82.44%4.27%16.58%38.11%38.11%38.11%38.11%38.11%
EBIAT 1.962.010.333.204.934.665.947.579.6612.31
Depreciation 0.650.630.612.032.392.573.274.175.326.78
Accounts Receivable --1.47-5.145.33-16.76-1.86-8.06-10.28-13.10-16.71
Inventories ----------
Accounts Payable -0.650.70-1.632.881.211.612.052.623.34
Capital Expenditure -0.47-0.18-0.56-1.32-0.36-1.35-1.72-2.20-2.80-3.57
UFCF 2.141.65-4.077.61-6.925.231.041.321.692.15
WACC
PV UFCF 4.820.881.041.221.43
SUM PV UFCF 9.38

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.52
Free cash flow (t + 1) 2.20
Terminal Value 33.67
Present Value of Terminal Value 22.37

Intrinsic Value

Enterprise Value 31.75
Net Debt -18.61
Equity Value 50.36
Shares Outstanding 24.24
Equity Value Per Share 2.08