Discounted Cash Flow (DCF) Analysis Unlevered

InPlay Oil Corp. (IPO.TO)

$3.15

-0.03 (-0.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -17,017.50 | 3.15 | 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 62.2476.4275.0241.93113.85156.08213.97293.34402.13551.29
Revenue (%)
EBITDA 14.7720.0431.62-57.89124.1619.7027.0137.0250.7669.58
EBITDA (%)
EBIT -7.78-7.162.57-78.7678.52-42.86-58.76-80.56-110.44-151.40
EBIT (%)
Depreciation 22.5527.2029.0520.8845.6462.5785.77117.58161.19220.98
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 ----------
Total Cash (%)
Account Receivables 9.203.268.776.2716.9118.9025.9135.5248.7066.76
Account Receivables (%)
Inventories -1.781.400.873.723.725.1079.5913.15
Inventories (%)
Accounts Payable 8.689.477.6413.4516.6725.9935.6348.8466.9691.80
Accounts Payable (%)
Capital Expenditure -50.29-56.02-32.21-24.75-33.43-89.10-122.15-167.45-229.56-314.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 3.15
Beta 3.017
Diluted Shares Outstanding 68.26
Cost of Debt
Tax Rate -26.30
After-tax Cost of Debt 7.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.931
Total Debt 79.70
Total Equity 215.01
Total Capital 294.71
Debt Weighting 27.04
Equity Weighting 72.96
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 62.2476.4275.0241.93113.85156.08213.97293.34402.13551.29
EBITDA 14.7720.0431.62-57.89124.1619.7027.0137.0250.7669.58
EBIT -7.78-7.162.57-78.7678.52-42.86-58.76-80.56-110.44-151.40
Tax Rate 17.95%9.41%-670,950.00%-36.80%-26.30%-134,197.15%-134,197.15%-134,197.15%-134,197.15%-134,197.15%
EBIAT -6.39-6.4917,232.57-107.7599.18-57,565.92-78,917.12-108,187.47-148,314.19-203,323.91
Depreciation 22.5527.2029.0520.8845.6462.5785.77117.58161.19220.98
Accounts Receivable -5.94-5.502.50-10.64-1.99-7.01-9.61-13.17-18.06
Inventories --0.380.52-2.84-0-1.38-1.89-2.59-3.56
Accounts Payable -0.79-1.845.823.229.329.6413.2118.1224.84
Capital Expenditure -50.29-56.02-32.21-24.75-33.43-89.10-122.15-167.45-229.56-314.70
UFCF -34.13-28.5817,222.45-102.78101.11-57,585.13-78,952.24-108,235.62-148,380.21-203,414.41
WACC
PV UFCF -50,078.38-59,709.62-71,185.25-84,866.38-101,176.90
SUM PV UFCF -367,016.53

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.99
Free cash flow (t + 1) -207,482.70
Terminal Value -1,597,249.44
Present Value of Terminal Value -794,460.62

Intrinsic Value

Enterprise Value -1,161,477.15
Net Debt 79.70
Equity Value -1,161,556.86
Shares Outstanding 68.26
Equity Value Per Share -17,017.50