Discounted Cash Flow (DCF) Analysis Unlevered

Franco-Nevada Corporation (FNV.TO)

$155.13

-4.28 (-2.68%)
All numbers are in Millions, Currency in USD
Stock DCF: -109.40 | 155.13 | overvalue

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 675653.20844.101,020.201,3001,541.421,827.682,167.102,569.563,046.75
Revenue (%)
EBITDA 239.40193.70413.50339.901,157.70729.03864.421,024.951,215.291,440.98
EBITDA (%)
EBIT -----729.03864.421,024.951,215.291,440.98
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 511.1069.70132.10534.20539.30603.89716.03849.011,006.681,193.63
Total Cash (%)
Account Receivables 65.9075.5097.8093.40159.50167.50198.60235.49279.22331.07
Account Receivables (%)
Inventories 7.106.878.8810.7313.6716.2119.2222.7927.0332.05
Inventories (%)
Accounts Payable 6.207.306.803.508.5011.8314.0316.6419.7323.39
Accounts Payable (%)
Capital Expenditure -501.20-989.60-445.20-312.60-760.50-1,133.36-1,343.84-1,593.41-1,889.32-2,240.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 155.13
Beta 0.573
Diluted Shares Outstanding 191.50
Cost of Debt
Tax Rate 14.47
After-tax Cost of Debt 4.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.402
Total Debt -
Total Equity 29,707.40
Total Capital 29,707.40
Debt Weighting 0.00
Equity Weighting 100.00
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 675653.20844.101,020.201,3001,541.421,827.682,167.102,569.563,046.75
EBITDA 239.40193.70413.50339.901,157.70729.03864.421,024.951,215.291,440.98
EBIT -----729.03864.421,024.951,215.291,440.98
Tax Rate 17.50%26.49%15.23%3.92%14.47%15.52%15.52%15.52%15.52%15.52%
EBIAT -----615.88730.25865.871,026.671,217.33
Depreciation ----------
Accounts Receivable --9.60-22.304.40-66.10-8-31.11-36.88-43.73-51.85
Inventories -0.23-2.01-1.85-2.94-2.54-3.01-3.57-4.23-5.02
Accounts Payable -1.10-0.50-3.3053.332.202.613.093.66
Capital Expenditure -501.20-989.60-445.20-312.60-760.50-1,133.36-1,343.84-1,593.41-1,889.32-2,240.19
UFCF ------524.69-645.51-765.39-907.53-1,076.07
WACC
PV UFCF -493.13-570.19-635.41-708.10-789.10
SUM PV UFCF -3,195.94

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.40
Free cash flow (t + 1) -1,097.59
Terminal Value -24,945.20
Present Value of Terminal Value -18,292.75

Intrinsic Value

Enterprise Value -21,488.68
Net Debt -539.30
Equity Value -20,949.38
Shares Outstanding 191.50
Equity Value Per Share -109.40