Discounted Cash Flow (DCF) Analysis Unlevered

CIBT Education Group Inc. (MBA.TO)

$0.445

+0.03 (+5.95%)
All numbers are in Millions, Currency in USD
Stock DCF: -1.30 | 0.445 | overvalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 74.907162.5560.8773.2473.3373.4373.5273.6273.71
Revenue (%)
EBITDA 15.646.7517.8511.51-12.278.968.978.988.999
EBITDA (%)
EBIT 12.263.089.924.71-19.132.672.672.672.682.68
EBIT (%)
Depreciation 3.383.677.936.806.866.296.306.316.326.32
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 33.2515.2123.0318.349.7221.4221.4521.4721.5021.53
Total Cash (%)
Account Receivables 19.1929.8926.2147.1017.1730.8630.9130.9530.9931.03
Account Receivables (%)
Inventories 0.750.710.660.850.840.820.820.820.830.83
Inventories (%)
Accounts Payable 9.8110.7311.846.807.3310.0210.0310.0510.0610.07
Accounts Payable (%)
Capital Expenditure -3.99-2.43-3.23-3.27-4.02-3.63-3.64-3.64-3.65-3.65
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.445
Beta 1.175
Diluted Shares Outstanding 68.69
Cost of Debt
Tax Rate 2.10
After-tax Cost of Debt 4.12%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.758
Total Debt 265.56
Total Equity 30.57
Total Capital 296.13
Debt Weighting 89.68
Equity Weighting 10.32
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 74.907162.5560.8773.2473.3373.4373.5273.6273.71
EBITDA 15.646.7517.8511.51-12.278.968.978.988.999
EBIT 12.263.089.924.71-19.132.672.672.672.682.68
Tax Rate 13.34%7.18%-6.98%17.61%2.10%6.65%6.65%6.65%6.65%6.65%
EBIAT 10.632.8610.613.88-18.732.492.492.502.502.50
Depreciation 3.383.677.936.806.866.296.306.316.326.32
Accounts Receivable --10.703.68-20.9029.93-13.69-0.04-0.04-0.04-0.04
Inventories -0.040.06-0.200.010.02-0-0-0-0
Accounts Payable -0.921.11-5.040.532.690.010.010.010.01
Capital Expenditure -3.99-2.43-3.23-3.27-4.02-3.63-3.64-3.64-3.65-3.65
UFCF 10.01-5.6520.16-18.7214.59-5.845.125.135.145.14
WACC
PV UFCF -5.584.674.474.284.09
SUM PV UFCF 11.93

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.70
Free cash flow (t + 1) 5.25
Terminal Value 194.34
Present Value of Terminal Value 154.47

Intrinsic Value

Enterprise Value 166.40
Net Debt 255.84
Equity Value -89.44
Shares Outstanding 68.69
Equity Value Per Share -1.30