Discounted Cash Flow (DCF) Analysis Unlevered

Fairfax India Holdings Corporation (FIH-U.TO)

$11.01

-0.04 (-0.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 149,226.19 | 11.01 | undervalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 454.26103.71603.471,824.575,516.5816,679.3450,429.84152,474.18461,004.311,393,842.44
Revenue (%)
EBITDA 465.75128.53625.862,008.086,071.4118,356.8555,501.78167,809.14507,369.441,534,027
EBITDA (%)
EBIT -----18,356.8555,501.78167,809.14507,369.441,534,027
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 40.729.3054.10163.58494.571,495.334,521.1313,669.6041,329.91124,960.61
Total Cash (%)
Account Receivables 9.422.1512.5237.84114.42345.961,045.993,162.559,561.9528,910.47
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.980.221.303.9211.8635.87108.46327.94991.512,997.82
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 11.01
Beta 1.010
Diluted Shares Outstanding 151.55
Cost of Debt
Tax Rate 7.31
After-tax Cost of Debt 4.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.621
Total Debt 496.79
Total Equity 1,668.55
Total Capital 2,165.33
Debt Weighting 22.94
Equity Weighting 77.06
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 454.26103.71603.471,824.575,516.5816,679.3450,429.84152,474.18461,004.311,393,842.44
EBITDA 465.75128.53625.862,008.086,071.4118,356.8555,501.78167,809.14507,369.441,534,027
EBIT -----18,356.8555,501.78167,809.14507,369.441,534,027
Tax Rate -0.54%3.21%12.87%5.72%7.31%5.72%5.72%5.72%5.72%5.72%
EBIAT -----17,307.7452,329.78158,218.63478,372.641,446,355.41
Depreciation ----------
Accounts Receivable -7.27-10.37-25.33-76.58-231.53-700.04-2,116.56-6,399.40-19,348.52
Inventories ----------
Accounts Payable --0.751.072.637.9424.0172.59219.47663.572,006.31
Capital Expenditure ----------
UFCF -----17,100.2151,702.33156,321.55472,636.811,429,013.20
WACC
PV UFCF --15,988.9845,201.06127,784361,247.121,021,250.53
SUM PV UFCF 1,571,471.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.95
Free cash flow (t + 1) 1,457,593.47
Terminal Value 29,446,332.65
Present Value of Terminal Value 21,043,950.40

Intrinsic Value

Enterprise Value 22,615,422.08
Net Debt 466.41
Equity Value 22,614,955.67
Shares Outstanding 151.55
Equity Value Per Share 149,226.19