Discounted Cash Flow (DCF) Analysis Unlevered
North American Financial 15 Split C... (FFN.TO)
$5.64
+0.04 (+0.71%)
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 | 26.68 | -10.98 | 39.03 | -38.12 | 89.90 | -164.07 | 299.42 | -546.44 | 997.24 | -1,819.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 25.37 | -12.71 | 37.50 | -39.35 | 87.31 | -166.45 | 303.76 | -554.36 | 1,011.70 | -1,846.32 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -166.45 | 303.76 | -554.36 | 1,011.70 | -1,846.32 |
| 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 | 21.93 | 301.22 | 16.27 | 22.59 | 57.60 | 857.70 | -1,565.27 | 2,856.59 | -5,213.20 | 9,513.97 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.65 | 0.70 | 0.63 | 0.34 | 0.70 | 0.82 | -1.49 | 2.72 | -4.96 | 9.05 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 6.62 | 3.16 | 3.15 | 0.96 | 6.79 | -3.01 | 5.49 | -10.03 | 18.30 | -33.39 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 5.64 |
|---|---|
| Beta | 2.877 |
| Diluted Shares Outstanding | 25.73 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | -% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 17.096 |
| Total Debt | - |
| Total Equity | 145.10 |
| 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 | 26.68 | -10.98 | 39.03 | -38.12 | 89.90 | -164.07 | 299.42 | -546.44 | 997.24 | -1,819.93 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 25.37 | -12.71 | 37.50 | -39.35 | 87.31 | -166.45 | 303.76 | -554.36 | 1,011.70 | -1,846.32 |
| EBIT | - | - | - | - | - | -166.45 | 303.76 | -554.36 | 1,011.70 | -1,846.32 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | -166.45 | 303.76 | -554.36 | 1,011.70 | -1,846.32 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.06 | 0.07 | 0.29 | -0.36 | -0.12 | 2.31 | -4.21 | 7.68 | -14.01 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -3.46 | -0.01 | -2.19 | 5.83 | -9.80 | 8.50 | -15.52 | 28.32 | -51.69 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -176.36 | 314.57 | -574.09 | 1,047.70 | -1,912.02 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | -1,950.26 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -57.60 |
| Equity Value | - |
| Shares Outstanding | 25.73 |
| Equity Value Per Share | - |