Discounted Cash Flow (DCF) Analysis Unlevered

CIBT Education Group Inc. (MBA.TO)

$0.52

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -13.11 | 0.52 | 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 53.6274.907162.5560.8763.8967.0770.4173.9177.58
Revenue (%)
EBITDA 8.0334.9014.0317.9624.7819.2720.2221.2322.2823.39
EBITDA (%)
EBIT 5.9931.5210.3610.0317.9814.5015.2215.9716.7717.60
EBIT (%)
Depreciation 2.043.383.677.936.804.775.015.265.525.79
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 6.8833.2515.2123.0318.3418.6119.5320.5021.5222.59
Total Cash (%)
Account Receivables 10.2019.1929.8926.2147.1026.3327.6429.0130.4531.97
Account Receivables (%)
Inventories 0.580.750.710.660.850.710.740.780.820.86
Inventories (%)
Accounts Payable 3.399.8110.7311.846.808.268.679.109.5510.03
Accounts Payable (%)
Capital Expenditure -35.15-43.58-11.99-33.06-3.27-25.41-26.68-28-29.39-30.85
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.52
Beta 1.057
Diluted Shares Outstanding 74.24
Cost of Debt
Tax Rate 17.61
After-tax Cost of Debt 4.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.591
Total Debt 260.43
Total Equity 38.60
Total Capital 299.03
Debt Weighting 87.09
Equity Weighting 12.91
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 53.6274.907162.5560.8763.8967.0770.4173.9177.58
EBITDA 8.0334.9014.0317.9624.7819.2720.2221.2322.2823.39
EBIT 5.9931.5210.3610.0317.9814.5015.2215.9716.7717.60
Tax Rate 77.78%61.91%83.75%127.67%17.61%73.74%73.74%73.74%73.74%73.74%
EBIAT 1.3312.011.68-2.7814.813.8144.194.404.62
Depreciation 2.043.383.677.936.804.775.015.265.525.79
Accounts Receivable --8.99-10.703.68-20.9020.78-1.31-1.37-1.44-1.51
Inventories --0.170.040.06-0.200.14-0.04-0.04-0.04-0.04
Accounts Payable -6.430.921.11-5.041.460.410.430.450.47
Capital Expenditure -35.15-43.58-11.99-33.06-3.27-25.41-26.68-28-29.39-30.85
UFCF -31.77-30.93-16.38-23.07-7.795.54-18.61-19.53-20.50-21.52
WACC
PV UFCF 5.30-17-17.06-17.11-17.17
SUM PV UFCF -63.04

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.62
Free cash flow (t + 1) -21.95
Terminal Value -837.83
Present Value of Terminal Value -668.47

Intrinsic Value

Enterprise Value -731.52
Net Debt 242.09
Equity Value -973.60
Shares Outstanding 74.24
Equity Value Per Share -13.11