Discounted Cash Flow (DCF) Analysis Unlevered

Great Canadian Gaming Corporation (GC.TO)

$44.98

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -28.41 | 44.98 | overvalue

Operating Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 566.40614.301,2211,355.60442.30498.55561.96633.42713.98804.78
Revenue (%)
EBITDA 195.20213.40359.10538.20151.80172.13194.03218.70246.52277.87
EBITDA (%)
EBIT 140.50155.10275385.40-4.5099.70112.38126.67142.78160.94
EBIT (%)
Depreciation 54.7058.3084.10152.80156.3072.4381.6592.03103.74116.93
Depreciation (%)

Balance Sheet Data

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Total Cash 228.70322.30336.80329.70434.80242.35273.17307.91347.07391.21
Total Cash (%)
Account Receivables 22.9021.8067.5079.6077.2036.3440.9646.1752.0458.66
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 96.4091.90196.10241.80144.9098.35110.86124.96140.85158.76
Accounts Payable (%)
Capital Expenditure -38.80-52.50-197.40-403-308.70-130.71-147.33-166.07-187.19-210.99
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 44.98
Beta 2.134
Diluted Shares Outstanding 55.31
Cost of Debt
Tax Rate 36.89
After-tax Cost of Debt 2.93%
Risk-Free Rate
Market Risk Premium
Cost of Equity 14.346
Total Debt 2,288.20
Total Equity 2,487.80
Total Capital 4,776
Debt Weighting 47.91
Equity Weighting 52.09
Wacc

Build Up Free Cash

Year
A/P
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 566.40614.301,2211,355.60442.30498.55561.96633.42713.98804.78
EBITDA 195.20213.40359.10538.20151.80172.13194.03218.70246.52277.87
EBIT 140.50155.10275385.40-4.5099.70112.38126.67142.78160.94
Tax Rate 28.31%29.93%49.07%27.01%36.89%34.24%34.24%34.24%34.24%34.24%
EBIAT 100.72108.69140.05281.32-2.8465.5673.9083.3093.89105.83
Depreciation 54.7058.3084.10152.80156.3072.4381.6592.03103.74116.93
Accounts Receivable -1.10-45.70-12.102.4040.86-4.62-5.21-5.87-6.62
Inventories ----------
Accounts Payable --4.50104.2045.70-96.90-46.5512.5114.1015.8917.91
Capital Expenditure -38.80-52.50-197.40-403-308.70-130.71-147.33-166.07-187.19-210.99
UFCF 116.62111.0985.2564.72-249.741.6016.1018.1520.4623.06
WACC
PV UFCF 1.4713.5814.0614.5615.07
SUM PV UFCF 58.75

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.88
Free cash flow (t + 1) 23.52
Terminal Value 341.90
Present Value of Terminal Value 223.44

Intrinsic Value

Enterprise Value 282.19
Net Debt 1,853.40
Equity Value -1,571.21
Shares Outstanding 55.31
Equity Value Per Share -28.41