Discounted Cash Flow (DCF) Analysis Unlevered

High Liner Foods Incorporated (HLF.TO)

$12.56

+0.03 (+0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 14.04 | 12.56 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 942.22827.45875.411,069.711,080.341,125.721,173.011,222.291,273.641,327.15
Revenue (%)
EBITDA 60.5081.0781.2499.5592.2497.58101.68105.95110.41115.04
EBITDA (%)
EBIT 38.0457.8458.1675.9865.8669.5072.4275.4678.6481.94
EBIT (%)
Depreciation 22.4523.2323.0823.5826.3728.0829.2630.4931.7733.11
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 3.3833.150.985.8210.5013.4914.0614.6515.2615.90
Total Cash (%)
Account Receivables 88.5863.5492.99101.68103.80105.40109.83114.44119.25124.26
Account Receivables (%)
Inventories 294.91250.86308.18472.31295.62379.01394.93411.52428.81446.82
Inventories (%)
Accounts Payable 122.5098.92149.47172.78133.09158.73165.40172.34179.58187.13
Accounts Payable (%)
Capital Expenditure -6.57-8.95-20.32-20.67-19.05-17.55-18.29-19.06-19.86-20.69
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.56
Beta 0.838
Diluted Shares Outstanding 33.93
Cost of Debt
Tax Rate 7.14
After-tax Cost of Debt 9.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.256
Total Debt 253.56
Total Equity 426.21
Total Capital 679.77
Debt Weighting 37.30
Equity Weighting 62.70
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 942.22827.45875.411,069.711,080.341,125.721,173.011,222.291,273.641,327.15
EBITDA 60.5081.0781.2499.5592.2497.58101.68105.95110.41115.04
EBIT 38.0457.8458.1675.9865.8669.5072.4275.4678.6481.94
Tax Rate 29.16%21.46%13.92%16.85%7.14%17.71%17.71%17.71%17.71%17.71%
EBIAT 26.9545.4350.0663.1761.1657.2059.6062.1064.7167.43
Depreciation 22.4523.2323.0823.5826.3728.0829.2630.4931.7733.11
Accounts Receivable -25.05-29.46-8.69-2.12-1.61-4.43-4.61-4.81-5.01
Inventories -44.05-57.32-164.13176.69-83.38-15.92-16.59-17.29-18.01
Accounts Payable --23.5850.5523.31-39.6925.646.676.957.247.54
Capital Expenditure -6.57-8.95-20.32-20.67-19.05-17.55-18.29-19.06-19.86-20.69
UFCF 42.84105.2216.60-83.43203.368.3856.8959.2861.7764.36
WACC
PV UFCF 7.7248.2846.3544.4942.71
SUM PV UFCF 189.54

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.55
Free cash flow (t + 1) 64.69
Terminal Value 803.55
Present Value of Terminal Value 533.17

Intrinsic Value

Enterprise Value 722.71
Net Debt 246.26
Equity Value 476.45
Shares Outstanding 33.93
Equity Value Per Share 14.04