Discounted Cash Flow (DCF) Analysis Unlevered

Logistec Corporation (LGT-B.TO)

$40.75

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 120.50 | 40.75 | undervalue

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 475.74584.88639.94604.70743.70836.36940.561,057.741,189.521,337.71
Revenue (%)
EBITDA 71.4257.9489.87101.12116.04119.24134.10150.80169.59190.72
EBITDA (%)
EBIT 37.5629.3647.7555.7366.9464.5572.5981.6491.81103.25
EBIT (%)
Depreciation 33.8628.5842.1245.3949.1054.6961.5069.1677.7887.47
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 5.0215.8122.6145.5037.5333.2237.3642.0247.2553.14
Total Cash (%)
Account Receivables 153.84163.22172.85154.70198.44233.37262.45295.14331.92373.27
Account Receivables (%)
Inventories 16.8624.9912.5712.9516.8323.7326.6830.0133.7437.95
Inventories (%)
Accounts Payable 50.4136.9475.9260.7567.5480.1390.11101.34113.96128.16
Accounts Payable (%)
Capital Expenditure -22.01-16.34-35.10-23.62-44.42-38.11-42.86-48.20-54.20-60.96
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 40.75
Beta 0.980
Diluted Shares Outstanding 13.12
Cost of Debt
Tax Rate 19.13
After-tax Cost of Debt 2.60%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.609
Total Debt 344.98
Total Equity 534.50
Total Capital 879.48
Debt Weighting 39.23
Equity Weighting 60.77
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 475.74584.88639.94604.70743.70836.36940.561,057.741,189.521,337.71
EBITDA 71.4257.9489.87101.12116.04119.24134.10150.80169.59190.72
EBIT 37.5629.3647.7555.7366.9464.5572.5981.6491.81103.25
Tax Rate 18.29%15.22%25.45%24.94%19.13%20.61%20.61%20.61%20.61%20.61%
EBIAT 30.6924.8935.6041.8354.1351.2557.6464.8272.8981.97
Depreciation 33.8628.5842.1245.3949.1054.6961.5069.1677.7887.47
Accounts Receivable --9.38-9.6318.15-43.74-34.94-29.07-32.70-36.77-41.35
Inventories --8.1412.42-0.38-3.88-6.90-2.96-3.32-3.74-4.20
Accounts Payable --13.4838.98-15.176.7912.599.9811.2312.6314.20
Capital Expenditure -22.01-16.34-35.10-23.62-44.42-38.11-42.86-48.20-54.20-60.96
UFCF 42.546.1484.3966.2017.9838.5854.2360.9968.5877.13
WACC
PV UFCF 36.5248.5851.7255.0558.60
SUM PV UFCF 250.46

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.65
Free cash flow (t + 1) 78.67
Terminal Value 2,155.36
Present Value of Terminal Value 1,637.46

Intrinsic Value

Enterprise Value 1,887.93
Net Debt 307.45
Equity Value 1,580.48
Shares Outstanding 13.12
Equity Value Per Share 120.50