Discounted Cash Flow (DCF) Analysis Unlevered
Element Fleet Management Corp. (EFN.TO)
$19.405
+0.08 (+0.39%)
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 | 1,735.55 | 1,768.27 | 2,018.07 | 1,770.32 | 1,662.49 | 1,652.69 | 1,642.96 | 1,633.28 | 1,623.66 | 1,614.10 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | 626.20 | 163.37 | 666.34 | 848.56 | 997.36 | 615.67 | 612.04 | 608.44 | 604.85 | 601.29 |
EBITDA (%) | ||||||||||
EBIT | 187.87 | -306.45 | 105.22 | 339.31 | 461.26 | 150.79 | 149.90 | 149.02 | 148.14 | 147.27 |
EBIT (%) | ||||||||||
Depreciation | 438.33 | 469.81 | 561.11 | 509.24 | 536.11 | 464.88 | 462.14 | 459.42 | 456.71 | 454.02 |
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 | 76.64 | 22 | 24.22 | 8.79 | 45.27 | 33.32 | 33.12 | 32.93 | 32.73 | 32.54 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 13,103.60 | 13,515.84 | 12,206.65 | 9,788.57 | 7,641.15 | 10,368.28 | 10,307.21 | 10,246.51 | 10,186.16 | 10,126.16 |
Account Receivables (%) | ||||||||||
Inventories | - | - | - | - | - | - | - | - | - | - |
Inventories (%) | ||||||||||
Accounts Payable | 582.09 | 706.72 | 924.94 | 1,062.61 | 745.47 | 741.08 | 736.71 | 732.37 | 728.06 | 723.77 |
Accounts Payable (%) | ||||||||||
Capital Expenditure | -57.71 | -46.18 | -48.52 | -100.38 | -86.27 | -63.46 | -63.09 | -62.72 | -62.35 | -61.98 |
Capital Expenditure (%) |
Weighted Average Cost Of Capital
Share price | $ 19.405 |
---|---|
Beta | 0.887 |
Diluted Shares Outstanding | 439.49 |
Cost of Debt | |
Tax Rate | 22.21 |
After-tax Cost of Debt | 0.03% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.824 |
Total Debt | 8,204.16 |
Total Equity | 8,528.27 |
Total Capital | 16,732.43 |
Debt Weighting | 49.03 |
Equity Weighting | 50.97 |
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 | 1,735.55 | 1,768.27 | 2,018.07 | 1,770.32 | 1,662.49 | 1,652.69 | 1,642.96 | 1,633.28 | 1,623.66 | 1,614.10 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 626.20 | 163.37 | 666.34 | 848.56 | 997.36 | 615.67 | 612.04 | 608.44 | 604.85 | 601.29 |
EBIT | 187.87 | -306.45 | 105.22 | 339.31 | 461.26 | 150.79 | 149.90 | 149.02 | 148.14 | 147.27 |
Tax Rate | 11.49% | 37.87% | -6.15% | 13.80% | 22.21% | 15.85% | 15.85% | 15.85% | 15.85% | 15.85% |
EBIAT | 166.28 | -190.38 | 111.70 | 292.49 | 358.79 | 126.90 | 126.15 | 125.41 | 124.67 | 123.93 |
Depreciation | 438.33 | 469.81 | 561.11 | 509.24 | 536.11 | 464.88 | 462.14 | 459.42 | 456.71 | 454.02 |
Accounts Receivable | - | -412.24 | 1,309.19 | 2,418.08 | 2,147.43 | -2,727.13 | 61.07 | 60.71 | 60.35 | 59.99 |
Inventories | - | - | - | - | - | - | - | - | - | - |
Accounts Payable | - | 124.63 | 218.22 | 137.67 | -317.14 | -4.39 | -4.36 | -4.34 | -4.31 | -4.29 |
Capital Expenditure | -57.71 | -46.18 | -48.52 | -100.38 | -86.27 | -63.46 | -63.09 | -62.72 | -62.35 | -61.98 |
UFCF | 546.90 | -54.35 | 2,151.70 | 3,257.11 | 2,638.91 | -2,203.21 | 581.90 | 578.48 | 575.07 | 571.68 |
WACC | ||||||||||
PV UFCF | -2,118.47 | 538 | 514.26 | 491.57 | 469.88 | |||||
SUM PV UFCF | -104.76 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 4.00 |
Free cash flow (t + 1) | 583.11 |
Terminal Value | 29,155.74 |
Present Value of Terminal Value | 23,963.89 |
Intrinsic Value
Enterprise Value | 23,859.14 |
---|---|
Net Debt | 8,158.89 |
Equity Value | 15,700.25 |
Shares Outstanding | 439.49 |
Equity Value Per Share | 35.72 |