Discounted Cash Flow (DCF) Analysis Unlevered
GLG Life Tech Corporation (GLG.TO)
$0.055
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 19.39 | 16.58 | 10.15 | 15.29 | 10.88 | 10.02 | 9.23 | 8.50 | 7.84 | 7.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -2.22 | -5.20 | 1.49 | 34.95 | -0.80 | 3.87 | 3.56 | 3.28 | 3.03 | 2.79 |
| EBITDA (%) | ||||||||||
| EBIT | -6.58 | -8.53 | -1.42 | 33.27 | -2.26 | 1.95 | 1.80 | 1.66 | 1.53 | 1.41 |
| EBIT (%) | ||||||||||
| Depreciation | 4.36 | 3.33 | 2.91 | 1.68 | 1.45 | 1.92 | 1.76 | 1.63 | 1.50 | 1.38 |
| 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 | 0.66 | 1.49 | 0.21 | 0.56 | 0.24 | 0.41 | 0.37 | 0.34 | 0.32 | 0.29 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.89 | 2.92 | 1.54 | 1.69 | 2.21 | 1.38 | 1.27 | 1.17 | 1.08 | 0.99 |
| Account Receivables (%) | ||||||||||
| Inventories | 8.54 | 5.25 | 4.95 | 3.64 | 2.87 | 3.50 | 3.23 | 2.97 | 2.74 | 2.52 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.24 | 7.52 | 7.51 | 4.67 | 4.73 | 4.31 | 3.97 | 3.66 | 3.37 | 3.11 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.34 | -0.66 | -0.14 | -0.01 | -0.13 | -0.17 | -0.15 | -0.14 | -0.13 | -0.12 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.055 |
|---|---|
| Beta | 1.972 |
| Diluted Shares Outstanding | 38.39 |
| Cost of Debt | |
| Tax Rate | 0.69 |
| After-tax Cost of Debt | 21.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.787 |
| Total Debt | 99.85 |
| Total Equity | 2.11 |
| Total Capital | 101.96 |
| Debt Weighting | 97.93 |
| Equity Weighting | 2.07 |
| 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 | 19.39 | 16.58 | 10.15 | 15.29 | 10.88 | 10.02 | 9.23 | 8.50 | 7.84 | 7.22 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -2.22 | -5.20 | 1.49 | 34.95 | -0.80 | 3.87 | 3.56 | 3.28 | 3.03 | 2.79 |
| EBIT | -6.58 | -8.53 | -1.42 | 33.27 | -2.26 | 1.95 | 1.80 | 1.66 | 1.53 | 1.41 |
| Tax Rate | 4.17% | 18.44% | 22.89% | 41.15% | 0.69% | 17.47% | 17.47% | 17.47% | 17.47% | 17.47% |
| EBIAT | -6.31 | -6.96 | -1.10 | 19.58 | -2.24 | 1.61 | 1.49 | 1.37 | 1.26 | 1.16 |
| Depreciation | 4.36 | 3.33 | 2.91 | 1.68 | 1.45 | 1.92 | 1.76 | 1.63 | 1.50 | 1.38 |
| Accounts Receivable | - | -2.03 | 1.37 | -0.15 | -0.52 | 0.83 | 0.11 | 0.10 | 0.09 | 0.08 |
| Inventories | - | 3.30 | 0.30 | 1.31 | 0.77 | -0.63 | 0.28 | 0.25 | 0.23 | 0.22 |
| Accounts Payable | - | 3.28 | -0.02 | -2.84 | 0.07 | -0.42 | -0.34 | -0.31 | -0.29 | -0.27 |
| Capital Expenditure | -0.34 | -0.66 | -0.14 | -0.01 | -0.13 | -0.17 | -0.15 | -0.14 | -0.13 | -0.12 |
| UFCF | -2.28 | 0.27 | 3.32 | 19.57 | -0.60 | 3.15 | 3.14 | 2.89 | 2.67 | 2.46 |
| WACC | ||||||||||
| PV UFCF | 2.60 | 2.14 | 1.63 | 1.24 | 0.94 | |||||
| SUM PV UFCF | 8.54 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 21.15 |
| Free cash flow (t + 1) | 2.51 |
| Terminal Value | 13.08 |
| Present Value of Terminal Value | 5.01 |
Intrinsic Value
| Enterprise Value | 13.56 |
|---|---|
| Net Debt | 99.61 |
| Equity Value | -86.05 |
| Shares Outstanding | 38.39 |
| Equity Value Per Share | -2.24 |