Discounted Cash Flow (DCF) Analysis Unlevered

Canlan Ice Sports Corp. (ICE.TO)

$3.5

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.20 | 3.5 | overvalue

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 85.4187.6488.3439.2640.3935.4231.0627.2323.8820.94
Revenue (%)
EBITDA 13.9314.8114.662.347.885.334.674.103.593.15
EBITDA (%)
EBIT 6.977.886.71-5.610.080.750.660.580.510.45
EBIT (%)
Depreciation 6.956.937.957.957.804.584.013.523.092.71
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 18.6319.8515.656.9812.037.776.825.985.244.59
Total Cash (%)
Account Receivables 3.053.3632.432.301.611.411.241.080.95
Account Receivables (%)
Inventories 1.091.100.870.660.490.450.400.350.310.27
Inventories (%)
Accounts Payable 3.363.493.741.521.711.431.261.100.970.85
Accounts Payable (%)
Capital Expenditure -4.83-5.90-21.88-1.45-0.52-2.99-2.62-2.30-2.01-1.76
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.5
Beta 1.101
Diluted Shares Outstanding 107.49
Cost of Debt
Tax Rate 57.11
After-tax Cost of Debt 2.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.000
Total Debt 55.02
Total Equity 376.20
Total Capital 431.22
Debt Weighting 12.76
Equity Weighting 87.24
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 85.4187.6488.3439.2640.3935.4231.0627.2323.8820.94
EBITDA 13.9314.8114.662.347.885.334.674.103.593.15
EBIT 6.977.886.71-5.610.080.750.660.580.510.45
Tax Rate 24.85%19.86%35.44%22.90%57.11%32.03%32.03%32.03%32.03%32.03%
EBIAT 5.246.324.33-4.330.030.510.450.390.350.30
Depreciation 6.956.937.957.957.804.584.013.523.092.71
Accounts Receivable --0.310.360.570.140.690.200.170.150.13
Inventories --0.010.230.210.170.040.060.050.040.04
Accounts Payable -0.130.24-2.220.19-0.27-0.18-0.15-0.14-0.12
Capital Expenditure -4.83-5.90-21.88-1.45-0.53-2.99-2.62-2.30-2.01-1.76
UFCF 7.377.16-8.770.737.812.551.921.691.481.30
WACC
PV UFCF 2.361.641.331.080.88
SUM PV UFCF 7.30

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.11
Free cash flow (t + 1) 1.32
Terminal Value 21.63
Present Value of Terminal Value 14.65

Intrinsic Value

Enterprise Value 21.94
Net Debt 42.99
Equity Value -21.04
Shares Outstanding 107.49
Equity Value Per Share -0.20