Discounted Cash Flow (DCF) Analysis Unlevered
Dividend Growth Split Corp. (DGS.TO)
$6.32
-0.07 (-1.10%)
All numbers are in Millions, Currency in USD
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 | 51.54 | -77.65 | 110.33 | -15.36 | 135.03 | -400.31 | 1,186.78 | -3,518.39 | 10,430.77 | -30,923.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 45.92 | -79.07 | 108.99 | -15.94 | 129.73 | -391.97 | 1,162.04 | -3,445.03 | 10,213.30 | -30,278.83 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -391.97 | 1,162.04 | -3,445.03 | 10,213.30 | -30,278.83 |
| 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 | 638.65 | 505.21 | 1.23 | 4.75 | 2.46 | -448.88 | 1,330.77 | -3,945.27 | 11,696.32 | -34,675.46 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 2.66 | 2.74 | 1.84 | 1.67 | 2.93 | 4.31 | -12.79 | 37.92 | -112.41 | 333.24 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 9.75 | 8.19 | 5.01 | 1.47 | 6.75 | -6.69 | 19.82 | -58.77 | 174.24 | -516.55 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 6.32 |
|---|---|
| Beta | 2.395 |
| Diluted Shares Outstanding | 34.46 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.836 |
| Total Debt | - |
| Total Equity | 217.76 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | 51.54 | -77.65 | 110.33 | -15.36 | 135.03 | -400.31 | 1,186.78 | -3,518.39 | 10,430.77 | -30,923.55 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 45.92 | -79.07 | 108.99 | -15.94 | 129.73 | -391.97 | 1,162.04 | -3,445.03 | 10,213.30 | -30,278.83 |
| EBIT | - | - | - | - | - | -391.97 | 1,162.04 | -3,445.03 | 10,213.30 | -30,278.83 |
| Tax Rate | 0.00% | 0.00% | 0.00% | -0.01% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | -0.00% |
| EBIAT | - | - | - | - | - | -391.97 | 1,162.05 | -3,445.07 | 10,213.41 | -30,279.14 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.08 | 0.90 | 0.18 | -1.26 | -1.38 | 17.10 | -50.70 | 150.32 | -445.65 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -1.56 | -3.18 | -3.54 | 5.28 | -13.44 | 26.51 | -78.60 | 233.01 | -690.78 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -406.79 | 1,205.66 | -3,574.37 | 10,596.74 | -31,415.57 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -32,043.88 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -2.46 |
| Equity Value | - |
| Shares Outstanding | 34.46 |
| Equity Value Per Share | - |