Discounted Cash Flow (DCF) Analysis Unlevered

GLG Life Tech Corporation (GLG.TO)

$0.045

-0.01 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.06 | 0.045 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 16.5810.1515.2910.8810.9210.4710.039.629.228.84
Revenue (%)
EBITDA -4.82-5.36-0.65-0.141.11-1.62-1.55-1.49-1.42-1.37
EBITDA (%)
EBIT -8.15-8.27-2.33-1.59-0.29-3.42-3.27-3.14-3.01-2.88
EBIT (%)
Depreciation 3.332.911.681.451.401.801.721.651.581.52
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 1.490.210.560.240.360.420.410.390.370.36
Total Cash (%)
Account Receivables 3.492.022.142.923.642.412.312.212.122.03
Account Receivables (%)
Inventories 5.254.953.642.872.233.163.032.912.782.67
Inventories (%)
Accounts Payable 7.527.514.674.734.524.914.714.524.334.15
Accounts Payable (%)
Capital Expenditure -0.66-0.14-0.01-0.13-0.01-0.14-0.13-0.13-0.12-0.12
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.045
Beta 1.826
Diluted Shares Outstanding 38.39
Cost of Debt
Tax Rate -1.84
After-tax Cost of Debt 28.75%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.975
Total Debt 111.84
Total Equity 1.73
Total Capital 113.57
Debt Weighting 98.48
Equity Weighting 1.52
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 16.5810.1515.2910.8810.9210.4710.039.629.228.84
EBITDA -4.82-5.36-0.65-0.141.11-1.62-1.55-1.49-1.42-1.37
EBIT -8.15-8.27-2.33-1.59-0.29-3.42-3.27-3.14-3.01-2.88
Tax Rate -1.42%-44.81%99.75%-87.51%-1.84%-7.17%-7.17%-7.17%-7.17%-7.17%
EBIAT -8.27-11.97-0.01-2.98-0.29-3.66-3.51-3.36-3.22-3.09
Depreciation 3.332.911.681.451.401.801.721.651.581.52
Accounts Receivable -1.47-0.12-0.78-0.721.230.100.100.090.09
Inventories -0.301.310.770.65-0.940.130.130.120.12
Accounts Payable --0.02-2.840.07-0.210.39-0.20-0.20-0.19-0.18
Capital Expenditure -0.66-0.14-0.01-0.13-0.01-0.14-0.13-0.13-0.12-0.12
UFCF -5.59-7.460.02-1.600.80-1.31-1.89-1.81-1.74-1.67
WACC
PV UFCF -1.02-1.15-0.85-0.64-0.48
SUM PV UFCF -4.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 28.51
Free cash flow (t + 1) -1.67
Terminal Value -5.98
Present Value of Terminal Value -1.71

Intrinsic Value

Enterprise Value -5.84
Net Debt 111.60
Equity Value -117.44
Shares Outstanding 38.39
Equity Value Per Share -3.06