Discounted Cash Flow (DCF) Analysis Unlevered

Goodfood Market Corp. (FOOD.TO)

$0.95

-0.06 (-5.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -2,711.31 | 0.95 | 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 19.8070.50161.33285.37379.23848.301,897.534,244.529,494.4421,237.81
Revenue (%)
EBITDA -9.77-8.81-17.393.39-19.19-129.78-290.31-649.38-1,452.59-3,249.25
EBITDA (%)
EBIT -9.82-9.27-20-1.97-28.01-141.24-315.94-706.72-1,580.84-3,536.12
EBIT (%)
Depreciation 0.050.462.625.368.8211.4625.6357.33128.25286.87
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 17.5524.4545.15104.40125.53374.95838.711,876.094,196.579,387.18
Total Cash (%)
Account Receivables 0.771.782.624.465.9718.9842.4694.98212.46475.25
Account Receivables (%)
Inventories 0.381.594.736.9614.3222.6250.59113.16253.13566.21
Inventories (%)
Accounts Payable 2.469.3723.9626.0730.0897.78218.73489.261,094.412,448.05
Accounts Payable (%)
Capital Expenditure -1.85-4.43-7.89-10.20-18.75-49.30-110.28-246.68-551.80-1,234.30
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.95
Beta 0.316
Diluted Shares Outstanding 58.92
Cost of Debt
Tax Rate -1.60
After-tax Cost of Debt 3.28%
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.188
Total Debt 100.08
Total Equity 55.97
Total Capital 156.06
Debt Weighting 64.13
Equity Weighting 35.87
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 19.8070.50161.33285.37379.23848.301,897.534,244.529,494.4421,237.81
EBITDA -9.77-8.81-17.393.39-19.19-129.78-290.31-649.38-1,452.59-3,249.25
EBIT -9.82-9.27-20-1.97-28.01-141.24-315.94-706.72-1,580.84-3,536.12
Tax Rate 0.00%0.00%0.00%16.28%-1.60%2.94%2.94%2.94%2.94%2.94%
EBIAT -9.82-9.27-20-1.65-28.45-137.10-306.67-685.97-1,534.43-3,432.32
Depreciation 0.050.462.625.368.8211.4625.6357.33128.25286.87
Accounts Receivable --1-0.84-1.85-1.50-13.01-23.48-52.52-117.48-262.79
Inventories --1.20-3.15-2.23-7.36-8.30-27.97-62.57-139.96-313.08
Accounts Payable -6.9114.592.114.0167.70120.94270.53605.151,353.64
Capital Expenditure -1.85-4.43-7.89-10.20-18.75-49.30-110.28-246.68-551.80-1,234.30
UFCF -11.62-8.55-14.67-8.46-43.24-128.55-321.83-719.88-1,610.28-3,601.98
WACC
PV UFCF -123.65-297.77-640.71-1,378.59-2,966.27
SUM PV UFCF -5,406.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.96
Free cash flow (t + 1) -3,674.02
Terminal Value -187,450.04
Present Value of Terminal Value -154,366.90

Intrinsic Value

Enterprise Value -159,773.89
Net Debt -25.45
Equity Value -159,748.44
Shares Outstanding 58.92
Equity Value Per Share -2,711.31