Discounted Cash Flow (DCF) Analysis Unlevered

Dundee Corporation (DC-A.TO)

$1.29

+0.06 (+4.88%)
All numbers are in Millions, Currency in USD
Stock DCF: 32.16 | 1.29 | 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 183.29154.6929.2732.4218.4512.508.475.743.892.63
Revenue (%)
EBITDA -29.39-159.1026.63-43.14-81.09-15.01-10.17-6.89-4.67-3.16
EBITDA (%)
EBIT ------15.01-10.17-6.89-4.67-3.16
EBIT (%)
Depreciation ----------
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 84.1452.7926.54122.5793.8526.4317.9112.138.225.57
Total Cash (%)
Account Receivables 62.9459.2154.1621.2210.889.556.474.382.972.01
Account Receivables (%)
Inventories 2.713.462.392.420.280.520.350.240.160.11
Inventories (%)
Accounts Payable 58.4740.3430.9719.8616.097.815.293.582.431.64
Accounts Payable (%)
Capital Expenditure -0.15-0.13-0.02-0.03-0.02-0.01-0.01-0-0-0
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.29
Beta 1.563
Diluted Shares Outstanding 88.67
Cost of Debt
Tax Rate 1.03
After-tax Cost of Debt 22.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.352
Total Debt 9.21
Total Equity 114.38
Total Capital 123.59
Debt Weighting 7.45
Equity Weighting 92.55
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 183.29154.6929.2732.4218.4512.508.475.743.892.63
EBITDA -29.39-159.1026.63-43.14-81.09-15.01-10.17-6.89-4.67-3.16
EBIT ------15.01-10.17-6.89-4.67-3.16
Tax Rate 29,285.00%1.30%-510.93%14.20%1.03%5,758.12%5,758.12%5,758.12%5,758.12%5,758.12%
EBIAT -----849.32575.38389.79264.07178.90
Depreciation ----------
Accounts Receivable -3.735.0532.9410.331.333.082.091.410.96
Inventories --0.751.07-0.032.13-0.240.170.110.080.05
Accounts Payable --18.13-9.37-11.11-3.77-8.28-2.52-1.71-1.16-0.78
Capital Expenditure -0.15-0.13-0.02-0.03-0.87-0.01-0.01-0-0-0
UFCF -----842.12576.10390.28264.40179.12
WACC
PV UFCF 750.82457.96276.61167.07100.91
SUM PV UFCF 1,753.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.16
Free cash flow (t + 1) 182.70
Terminal Value 1,798.26
Present Value of Terminal Value 1,013.12

Intrinsic Value

Enterprise Value 2,766.50
Net Debt -84.65
Equity Value 2,851.14
Shares Outstanding 88.67
Equity Value Per Share 32.16