Discounted Cash Flow (DCF) Analysis Unlevered
Inscape Corporation (INQ.TO)
$0.05
0.00 (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 | 93.94 | 90.58 | 75.82 | 38.20 | 38.74 | 32.15 | 26.68 | 22.14 | 18.37 | 15.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -0.88 | -6.55 | -1.79 | 0.22 | 0.29 | -0.59 | -0.49 | -0.41 | -0.34 | -0.28 |
| EBITDA (%) | ||||||||||
| EBIT | -3.41 | -8.73 | -5.39 | -3.72 | -2.58 | -2.36 | -1.96 | -1.63 | -1.35 | -1.12 |
| EBIT (%) | ||||||||||
| Depreciation | 2.53 | 2.17 | 3.60 | 3.93 | 2.86 | 1.77 | 1.47 | 1.22 | 1.01 | 0.84 |
| 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 | 8.99 | 3.26 | 5.88 | 3.74 | 8.28 | 3.35 | 2.78 | 2.31 | 1.91 | 1.59 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 12.03 | 13.43 | 10.26 | 5.92 | 11.82 | 5.60 | 4.65 | 3.86 | 3.20 | 2.66 |
| Account Receivables (%) | ||||||||||
| Inventories | 6.74 | 6.58 | 5.78 | 3.50 | 4.93 | 2.82 | 2.34 | 1.95 | 1.61 | 1.34 |
| Inventories (%) | ||||||||||
| Accounts Payable | 4.02 | 5.69 | 4.38 | 2.66 | 4.84 | 2.30 | 1.91 | 1.59 | 1.32 | 1.09 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.35 | -2.30 | -0.62 | -2.54 | -1.21 | -0.94 | -0.78 | -0.65 | -0.54 | -0.44 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.05 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 14.38 |
| Cost of Debt | |
| Tax Rate | -9.53 |
| After-tax Cost of Debt | -6.29% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.464 |
| Total Debt | 28.81 |
| Total Equity | 0.72 |
| Total Capital | 29.53 |
| Debt Weighting | 97.57 |
| Equity Weighting | 2.43 |
| 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 | 93.94 | 90.58 | 75.82 | 38.20 | 38.74 | 32.15 | 26.68 | 22.14 | 18.37 | 15.24 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -0.88 | -6.55 | -1.79 | 0.22 | 0.29 | -0.59 | -0.49 | -0.41 | -0.34 | -0.28 |
| EBIT | -3.41 | -8.73 | -5.39 | -3.72 | -2.58 | -2.36 | -1.96 | -1.63 | -1.35 | -1.12 |
| Tax Rate | 12.23% | -0.23% | -0.28% | 76.03% | -9.53% | 15.64% | 15.64% | 15.64% | 15.64% | 15.64% |
| EBIAT | -2.99 | -8.75 | -5.41 | -0.89 | -2.82 | -1.99 | -1.65 | -1.37 | -1.14 | -0.95 |
| Depreciation | 2.53 | 2.17 | 3.60 | 3.93 | 2.86 | 1.77 | 1.47 | 1.22 | 1.01 | 0.84 |
| Accounts Receivable | - | -1.40 | 3.17 | 4.33 | -5.90 | 6.21 | 0.95 | 0.79 | 0.66 | 0.54 |
| Inventories | - | 0.16 | 0.79 | 2.29 | -1.43 | 2.10 | 0.48 | 0.40 | 0.33 | 0.27 |
| Accounts Payable | - | 1.67 | -1.32 | -1.71 | 2.18 | -2.54 | -0.39 | -0.33 | -0.27 | -0.22 |
| Capital Expenditure | -1.35 | -2.30 | -0.62 | -2.54 | -1.21 | -0.94 | -0.78 | -0.65 | -0.54 | -0.44 |
| UFCF | -1.81 | -8.44 | 0.22 | 5.41 | -6.31 | 4.61 | 0.08 | 0.07 | 0.05 | 0.05 |
| WACC | ||||||||||
| PV UFCF | 4.91 | 0.09 | 0.08 | 0.07 | 0.06 | |||||
| SUM PV UFCF | 5.21 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | -6.05 |
| Free cash flow (t + 1) | 0.05 |
| Terminal Value | -0.58 |
| Present Value of Terminal Value | -0.79 |
Intrinsic Value
| Enterprise Value | 4.42 |
|---|---|
| Net Debt | 25.54 |
| Equity Value | -21.11 |
| Shares Outstanding | 14.38 |
| Equity Value Per Share | -1.47 |