Discounted Cash Flow (DCF) Analysis Unlevered

Fiera Capital Corporation (FSZ.TO)

$8.82

-0.07 (-0.79%)
All numbers are in Millions, Currency in USD
Stock DCF: 50.25 | 8.82 | 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 459.10540.29651.12689.47737.85832.12938.431,058.331,193.551,346.04
Revenue (%)
EBITDA 76.2465.56110.35124.69198.47150.90170.18191.92216.44244.10
EBITDA (%)
EBIT 31.3216.5132.2542.55130.8564.4672.7081.9992.46104.28
EBIT (%)
Depreciation 44.9349.0578.1082.1467.6286.4497.48109.93123.98139.82
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 46.4957.3298.8872.37111.98102.51115.60130.37147.03165.82
Total Cash (%)
Account Receivables 128.40148.46177.01146.01216.45221.58249.89281.82317.83358.44
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 110.41131.49176.08159.57217.25213.05240.27270.97305.59344.63
Accounts Payable (%)
Capital Expenditure -24.78-13.81-31.06-11.78-16.14-27.66-31.19-35.18-39.67-44.74
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 8.82
Beta 1.455
Diluted Shares Outstanding 116.54
Cost of Debt
Tax Rate 25.60
After-tax Cost of Debt 3.68%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.374
Total Debt 709.54
Total Equity 1,027.90
Total Capital 1,737.44
Debt Weighting 40.84
Equity Weighting 59.16
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 459.10540.29651.12689.47737.85832.12938.431,058.331,193.551,346.04
EBITDA 76.2465.56110.35124.69198.47150.90170.18191.92216.44244.10
EBIT 31.3216.5132.2542.55130.8564.4672.7081.9992.46104.28
Tax Rate 28.23%3.30%-1,223.37%135.03%25.60%-206.24%-206.24%-206.24%-206.24%-206.24%
EBIAT 22.4815.97426.77-14.9097.35197.42222.64251.08283.16319.34
Depreciation 44.9349.0578.1082.1467.6286.4497.48109.93123.98139.82
Accounts Receivable --20.06-28.5531-70.44-5.13-28.31-31.93-36.01-40.61
Inventories ----------
Accounts Payable -21.0744.59-16.5157.68-4.2027.2230.7034.6239.04
Capital Expenditure -24.78-13.81-31.06-11.78-16.14-27.66-31.19-35.18-39.67-44.74
UFCF 42.6252.22489.8669.95136.07246.87287.84324.61366.09412.86
WACC
PV UFCF 229.35248.43260.28272.70285.72
SUM PV UFCF 1,296.48

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.64
Free cash flow (t + 1) 421.12
Terminal Value 7,466.61
Present Value of Terminal Value 5,167.20

Intrinsic Value

Enterprise Value 6,463.68
Net Debt 606.95
Equity Value 5,856.73
Shares Outstanding 116.54
Equity Value Per Share 50.25