Discounted Cash Flow (DCF) Analysis Unlevered
LXRandCo, Inc. (LXR.TO)
$0.115
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 37.07 | 39.02 | 40.07 | 13.78 | 18.03 | 16.82 | 15.70 | 14.65 | 13.66 | 12.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -17.01 | -20.30 | -8.80 | -6.50 | -2.06 | -6 | -5.60 | -5.23 | -4.88 | -4.55 |
| EBITDA (%) | ||||||||||
| EBIT | -17.49 | -21.63 | -9.89 | -7.12 | -2.38 | -6.46 | -6.03 | -5.63 | -5.25 | -4.90 |
| EBIT (%) | ||||||||||
| Depreciation | 0.47 | 1.32 | 1.09 | 0.62 | 0.32 | 0.46 | 0.43 | 0.40 | 0.37 | 0.35 |
| 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 | 4.02 | 2.32 | 3.50 | 7.29 | 3.70 | 3.33 | 3.11 | 2.90 | 2.70 | 2.52 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 5.21 | 2.04 | 3.80 | 1.58 | 3.13 | 1.94 | 1.81 | 1.69 | 1.58 | 1.47 |
| Account Receivables (%) | ||||||||||
| Inventories | 15.87 | 10.50 | 7.65 | 3.69 | 4.61 | 4.75 | 4.43 | 4.13 | 3.86 | 3.60 |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.83 | 5.63 | 5.68 | 3.37 | 4.51 | 3.16 | 2.94 | 2.75 | 2.56 | 2.39 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -2.94 | -2.83 | -0.03 | -0.02 | -0.04 | -0.53 | -0.49 | -0.46 | -0.43 | -0.40 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 0.115 |
|---|---|
| Beta | 1.100 |
| Diluted Shares Outstanding | 92.78 |
| Cost of Debt | |
| Tax Rate | -0.31 |
| After-tax Cost of Debt | 8.57% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.003 |
| Total Debt | 6 |
| Total Equity | 10.67 |
| Total Capital | 16.67 |
| Debt Weighting | 35.99 |
| Equity Weighting | 64.01 |
| 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 | 37.07 | 39.02 | 40.07 | 13.78 | 18.03 | 16.82 | 15.70 | 14.65 | 13.66 | 12.75 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -17.01 | -20.30 | -8.80 | -6.50 | -2.06 | -6 | -5.60 | -5.23 | -4.88 | -4.55 |
| EBIT | -17.49 | -21.63 | -9.89 | -7.12 | -2.38 | -6.46 | -6.03 | -5.63 | -5.25 | -4.90 |
| Tax Rate | -0.82% | -12.79% | -4.20% | -0.02% | -0.31% | -3.63% | -3.63% | -3.63% | -3.63% | -3.63% |
| EBIAT | -17.63 | -24.39 | -10.31 | -7.12 | -2.38 | -6.70 | -6.25 | -5.83 | -5.44 | -5.08 |
| Depreciation | 0.47 | 1.32 | 1.09 | 0.62 | 0.32 | 0.46 | 0.43 | 0.40 | 0.37 | 0.35 |
| Accounts Receivable | - | 3.17 | -1.76 | 2.22 | -1.55 | 1.19 | 0.13 | 0.12 | 0.11 | 0.11 |
| Inventories | - | 5.38 | 2.85 | 3.95 | -0.92 | -0.14 | 0.32 | 0.30 | 0.28 | 0.26 |
| Accounts Payable | - | -0.20 | 0.05 | -2.31 | 1.14 | -1.35 | -0.21 | -0.20 | -0.18 | -0.17 |
| Capital Expenditure | -2.94 | -2.83 | -0.03 | -0.02 | -0.04 | -0.53 | -0.49 | -0.46 | -0.43 | -0.40 |
| UFCF | -20.10 | -17.54 | -8.11 | -2.66 | -3.43 | -7.07 | -6.08 | -5.67 | -5.29 | -4.93 |
| WACC | ||||||||||
| PV UFCF | -6.49 | -5.13 | -4.40 | -3.77 | -3.23 | |||||
| SUM PV UFCF | -23.01 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.85 |
| Free cash flow (t + 1) | -5.03 |
| Terminal Value | -73.48 |
| Present Value of Terminal Value | -48.09 |
Intrinsic Value
| Enterprise Value | -71.10 |
|---|---|
| Net Debt | 2.30 |
| Equity Value | -73.41 |
| Shares Outstanding | 92.78 |
| Equity Value Per Share | -0.79 |