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
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 | 16.58 | 10.15 | 15.29 | 10.88 | 10.92 | 10.47 | 10.03 | 9.62 | 9.22 | 8.84 |
---|---|---|---|---|---|---|---|---|---|---|
Revenue (%) | ||||||||||
EBITDA | -4.82 | -5.36 | -0.65 | -0.14 | 1.11 | -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 | 3.33 | 2.91 | 1.68 | 1.45 | 1.40 | 1.80 | 1.72 | 1.65 | 1.58 | 1.52 |
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 | 1.49 | 0.21 | 0.56 | 0.24 | 0.36 | 0.42 | 0.41 | 0.39 | 0.37 | 0.36 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 3.49 | 2.02 | 2.14 | 2.92 | 3.64 | 2.41 | 2.31 | 2.21 | 2.12 | 2.03 |
Account Receivables (%) | ||||||||||
Inventories | 5.25 | 4.95 | 3.64 | 2.87 | 2.23 | 3.16 | 3.03 | 2.91 | 2.78 | 2.67 |
Inventories (%) | ||||||||||
Accounts Payable | 7.52 | 7.51 | 4.67 | 4.73 | 4.52 | 4.91 | 4.71 | 4.52 | 4.33 | 4.15 |
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 | 16.58 | 10.15 | 15.29 | 10.88 | 10.92 | 10.47 | 10.03 | 9.62 | 9.22 | 8.84 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | -4.82 | -5.36 | -0.65 | -0.14 | 1.11 | -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 | 3.33 | 2.91 | 1.68 | 1.45 | 1.40 | 1.80 | 1.72 | 1.65 | 1.58 | 1.52 |
Accounts Receivable | - | 1.47 | -0.12 | -0.78 | -0.72 | 1.23 | 0.10 | 0.10 | 0.09 | 0.09 |
Inventories | - | 0.30 | 1.31 | 0.77 | 0.65 | -0.94 | 0.13 | 0.13 | 0.12 | 0.12 |
Accounts Payable | - | -0.02 | -2.84 | 0.07 | -0.21 | 0.39 | -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 | -7.46 | 0.02 | -1.60 | 0.80 | -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 |