Discounted Cash Flow (DCF) Analysis Unlevered

Currency Exchange International, Co... (CXI.TO)

$22.5

-0.07 (-0.31%)
All numbers are in Millions, Currency in USD
Stock DCF: 83.39 | 22.5 | undervalue

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 39.1041.7825.0130.2666.2883.97106.38134.76170.73216.29
Revenue (%)
EBITDA 8.156.18-5.993.9218.838.9111.2814.2918.1122.94
EBITDA (%)
EBIT 6.784.85-9.600.5915.562.693.404.315.466.92
EBIT (%)
Depreciation 1.371.333.603.333.276.227.889.9812.6516.02
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 56.4062.8759.3120.6488.56123.21156.09197.75250.52317.37
Total Cash (%)
Account Receivables 10.4810.547.7420.8917.5229.9737.9748.1060.9377.20
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 8.3112.5814.6926.6427.8440.3351.0964.7382103.88
Accounts Payable (%)
Capital Expenditure -1.31-1.73-0.59-0.39-0.92-2.11-2.67-3.39-4.29-5.43
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 22.5
Beta 0.701
Diluted Shares Outstanding 6.64
Cost of Debt
Tax Rate 17.09
After-tax Cost of Debt 10.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.993
Total Debt 10.46
Total Equity 149.30
Total Capital 159.76
Debt Weighting 6.55
Equity Weighting 93.45
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 39.1041.7825.0130.2666.2883.97106.38134.76170.73216.29
EBITDA 8.156.18-5.993.9218.838.9111.2814.2918.1122.94
EBIT 6.784.85-9.600.5915.562.693.404.315.466.92
Tax Rate 34.05%35.69%17.58%-541.84%17.09%-87.48%-87.48%-87.48%-87.48%-87.48%
EBIAT 4.473.12-7.913.7712.905.046.388.0810.2412.97
Depreciation 1.371.333.603.333.276.227.889.9812.6516.02
Accounts Receivable --0.062.80-13.153.37-12.45-8-10.13-12.84-16.26
Inventories ----------
Accounts Payable -4.272.1111.951.2012.4910.7613.6317.2721.88
Capital Expenditure -1.31-1.73-0.59-0.39-0.92-2.11-2.67-3.39-4.29-5.43
UFCF 4.536.920.015.5119.829.1914.3518.1823.0329.18
WACC
PV UFCF 8.5712.4814.7517.4220.58
SUM PV UFCF 73.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.23
Free cash flow (t + 1) 29.76
Terminal Value 569.11
Present Value of Terminal Value 401.44

Intrinsic Value

Enterprise Value 475.24
Net Debt -78.10
Equity Value 553.34
Shares Outstanding 6.64
Equity Value Per Share 83.39