Discounted Cash Flow (DCF) Analysis Unlevered

Enerflex Ltd. (EFX.TO)

$6.36

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.10 | 6.36 | 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 1,553.361,703.272,045.421,217.05960.16883.66813.26748.47688.84633.96
Revenue (%)
EBITDA 227.30244.49323.67204.01146135.70124.88114.93105.7897.35
EBITDA (%)
EBIT 146.72154.71237.11118.7558.3881.2274.7568.8063.3258.27
EBIT (%)
Depreciation 80.5889.7786.5685.2687.6254.4750.1346.1442.4639.08
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 227.28326.8696.2695.68172.76113.78104.7296.3888.7081.63
Total Cash (%)
Account Receivables 460.33636.42574.54306.86313.95270.40248.86229.03210.78193.99
Account Receivables (%)
Inventories 171.46176.21269.39212.25208.86130.33119.95110.39101.6093.50
Inventories (%)
Accounts Payable 310.34293.65320.93178.30234.21162.51149.56137.65126.68116.59
Accounts Payable (%)
Capital Expenditure -57.65-132.24-263.39-133.75-57.34-73.02-67.20-61.84-56.92-52.38
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 6.36
Beta 1.402
Diluted Shares Outstanding 89.68
Cost of Debt
Tax Rate 148.44
After-tax Cost of Debt -2.53%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.443
Total Debt 388.44
Total Equity 570.36
Total Capital 958.79
Debt Weighting 40.51
Equity Weighting 59.49
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 1,553.361,703.272,045.421,217.05960.16883.66813.26748.47688.84633.96
EBITDA 227.30244.49323.67204.01146135.70124.88114.93105.7897.35
EBIT 146.72154.71237.11118.7558.3881.2274.7568.8063.3258.27
Tax Rate 26.64%23.79%29.57%7.83%148.44%47.25%47.25%47.25%47.25%47.25%
EBIAT 107.64117.90166.99109.45-28.2842.8439.4336.2933.4030.74
Depreciation 80.5889.7786.5685.2687.6254.4750.1346.1442.4639.08
Accounts Receivable --176.0961.88267.67-7.0843.5521.5419.8318.2516.79
Inventories --4.75-93.1857.133.3978.5210.389.568.798.09
Accounts Payable --16.6927.28-142.6355.91-71.70-12.95-11.92-10.97-10.09
Capital Expenditure -57.65-132.25-263.39-133.75-57.34-73.02-67.20-61.84-56.92-52.38
UFCF 130.57-122.10-13.86243.1454.2274.6741.3438.0535.0232.23
WACC
PV UFCF 71.3937.7933.2629.2625.75
SUM PV UFCF 197.45

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.59
Free cash flow (t + 1) 32.87
Terminal Value 1,269.17
Present Value of Terminal Value 1,014.07

Intrinsic Value

Enterprise Value 1,211.53
Net Debt 215.68
Equity Value 995.85
Shares Outstanding 89.68
Equity Value Per Share 11.10