Discounted Cash Flow (DCF) Analysis Unlevered

Lithium Americas Corp. (LAC.TO)

$38.03

-0.24 (-0.63%)
All numbers are in Millions, Currency in USD
Stock DCF: -6.73 | 38.03 | overvalue

Operating Data

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4.294.845.476.176.977.878.8810.0211.3212.78
Revenue (%)
EBITDA -32.31-26.90-20.20-31.87-40.06-43.57-49.18-55.52-62.68-70.76
EBITDA (%)
EBIT -33.25-28.27-21.27-32.55-40.98-45.05-50.85-57.41-64.81-73.16
EBIT (%)
Depreciation 0.941.361.060.690.921.481.671.882.122.40
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 55.3941.6083.61148.07510.61210.91238.10268.79303.44342.56
Total Cash (%)
Account Receivables 1.021.952.601.251.972.522.843.213.624.08
Account Receivables (%)
Inventories 2.091.621.242.152.432.743.103.503.954.46
Inventories (%)
Accounts Payable -2.823.193.604.064.585.175.846.597.44
Accounts Payable (%)
Capital Expenditure -1.68-2-29.85-61.77-1.88-26.03-29.38-33.17-37.44-42.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 38.03
Beta 1.666
Diluted Shares Outstanding 118.81
Cost of Debt
Tax Rate 0.32
After-tax Cost of Debt 5.37%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.675
Total Debt 264.98
Total Equity 4,518.27
Total Capital 4,783.25
Debt Weighting 5.54
Equity Weighting 94.46
Wacc

Build Up Free Cash

Year
A/P
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 4.294.845.476.176.977.878.8810.0211.3212.78
EBITDA -32.31-26.90-20.20-31.87-40.06-43.57-49.18-55.52-62.68-70.76
EBIT -33.25-28.27-21.27-32.55-40.98-45.05-50.85-57.41-64.81-73.16
Tax Rate 0.00%0.00%6.58%-6.56%0.32%0.07%0.07%0.07%0.07%0.07%
EBIAT -33.25-28.27-19.87-34.69-40.85-45.02-50.82-57.37-64.76-73.11
Depreciation 0.941.361.060.690.921.481.671.882.122.40
Accounts Receivable --0.93-0.651.34-0.72-0.55-0.32-0.37-0.41-0.47
Inventories -0.470.38-0.92-0.28-0.31-0.35-0.40-0.45-0.51
Accounts Payable --0.360.410.460.520.590.670.750.85
Capital Expenditure -1.69-2-29.85-61.77-1.88-26.03-29.38-33.17-37.44-42.27
UFCF -34-29.37-48.56-94.93-42.34-69.90-78.62-88.75-100.19-113.11
WACC
PV UFCF -60.19-105.69-42.34-62.79-63.43-64.32-65.22-66.14
SUM PV UFCF -321.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.33
Free cash flow (t + 1) -115.37
Terminal Value -1,236.55
Present Value of Terminal Value -723.02

Intrinsic Value

Enterprise Value -1,044.91
Net Debt -245.63
Equity Value -799.29
Shares Outstanding 118.81
Equity Value Per Share -6.73