Discounted Cash Flow (DCF) Analysis Unlevered

Noranda Income Fund (NIF-UN.TO)

$1.38

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -49.14 | 1.38 | 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 677.16922.07741.19650.84848.11921.621,001.511,088.311,182.651,285.15
Revenue (%)
EBITDA -6.4740.6824.34-6-16.267.197.818.499.2310.03
EBITDA (%)
EBIT -24.5723.118.39-20.67-31.39-12.66-13.75-14.95-16.24-17.65
EBIT (%)
Depreciation 18.1017.5715.9514.6715.1319.8521.5723.4425.4727.68
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 1.820.731.080.210.261.031.121.211.321.43
Total Cash (%)
Account Receivables 146.74163.64148.34157.19194.76196.39213.41231.91252.01273.86
Account Receivables (%)
Inventories 171.65149.92157.97170.65180.68203.58221.22240.40261.24283.88
Inventories (%)
Accounts Payable 125.4097.7196.29108.43186.67148.89161.80175.82191.06207.62
Accounts Payable (%)
Capital Expenditure -16.24-19.55-21.81-28.26-47.01-31.97-34.75-37.76-41.03-44.59
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.38
Beta 1.361
Diluted Shares Outstanding 49.99
Cost of Debt
Tax Rate 28.06
After-tax Cost of Debt 2.88%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.060
Total Debt 141.68
Total Equity 68.99
Total Capital 210.67
Debt Weighting 67.25
Equity Weighting 32.75
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 677.16922.07741.19650.84848.11921.621,001.511,088.311,182.651,285.15
EBITDA -6.4740.6824.34-6-16.267.197.818.499.2310.03
EBIT -24.5723.118.39-20.67-31.39-12.66-13.75-14.95-16.24-17.65
Tax Rate 39.85%32.22%-640.67%18.11%28.06%-104.49%-104.49%-104.49%-104.49%-104.49%
EBIAT -14.7815.6662.13-16.93-22.58-25.88-28.13-30.56-33.21-36.09
Depreciation 18.1017.5715.9514.6715.1319.8521.5723.4425.4727.68
Accounts Receivable --16.8915.29-8.84-37.57-1.63-17.02-18.50-20.10-21.84
Inventories -21.74-8.06-12.68-10.02-22.90-17.65-19.18-20.84-22.64
Accounts Payable --27.70-1.4212.1578.23-37.7812.9114.0215.2416.56
Capital Expenditure -16.24-19.55-21.81-28.26-47.01-31.97-34.75-37.76-41.03-44.59
UFCF -12.92-9.1862.08-39.89-23.82-100.32-63.07-68.53-74.47-80.93
WACC
PV UFCF -95.33-56.95-58.81-60.73-62.72
SUM PV UFCF -334.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.23
Free cash flow (t + 1) -82.55
Terminal Value -2,555.60
Present Value of Terminal Value -1,980.59

Intrinsic Value

Enterprise Value -2,315.14
Net Debt 141.43
Equity Value -2,456.57
Shares Outstanding 49.99
Equity Value Per Share -49.14