Discounted Cash Flow (DCF) Analysis Unlevered

Onex Corporation (ONEX.TO)

$78.95

-0.09 (-0.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.08 | 78.95 | 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 23,7851,1021,1382,031437336.37258.91199.29153.39118.07
Revenue (%)
EBITDA 2,709-2,7178921,470308-9.36-7.21-5.55-4.27-3.29
EBITDA (%)
EBIT 1,322-2,7628351,411242-31.52-24.26-18.67-14.37-11.06
EBIT (%)
Depreciation 1,3874557596622.1517.0513.1310.107.78
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 2,757988706790161160.80123.7795.2773.3356.44
Total Cash (%)
Account Receivables 3,7373322614,1244,032803.57618.52476.09366.45282.07
Account Receivables (%)
Inventories 2,656123.06127.08226.8048.8037.5628.9122.2517.1313.18
Inventories (%)
Accounts Payable -3929252811.548.886.845.264.05
Accounts Payable (%)
Capital Expenditure -654-3-1-21.05-4.53-3.49-2.68-2.07-1.59-1.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 78.95
Beta 1.435
Diluted Shares Outstanding 85
Cost of Debt
Tax Rate -0.43
After-tax Cost of Debt 0.06%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.401
Total Debt 3,558
Total Equity 6,710.75
Total Capital 10,268.75
Debt Weighting 34.65
Equity Weighting 65.35
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 23,7851,1021,1382,031437336.37258.91199.29153.39118.07
EBITDA 2,709-2,7178921,470308-9.36-7.21-5.55-4.27-3.29
EBIT 1,322-2,7628351,411242-31.52-24.26-18.67-14.37-11.06
Tax Rate 12.42%-0.90%0.00%-0.07%-0.43%2.20%2.20%2.20%2.20%2.20%
EBIAT 1,157.84-2,786.768351,412243.03-30.82-23.73-18.26-14.06-10.82
Depreciation 1,3874557596622.1517.0513.1310.107.78
Accounts Receivable -3,40571-3,863923,228.43185.05142.43109.6384.39
Inventories -2,532.94-4.02-99.7217811.248.656.665.123.94
Accounts Payable ---10-43-16.46-2.66-2.05-1.57-1.21
Capital Expenditure -654-3-1-21.05-8-3.49-2.68-2.07-1.59-1.22
UFCF 1,890.843,193.18947.98-2,516.77577.503,211.05181.68139.84107.6482.85
WACC
PV UFCF 2,987.86157.30112.6680.6957.79
SUM PV UFCF 3,396.31

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.47
Free cash flow (t + 1) 84.51
Terminal Value 1,544.97
Present Value of Terminal Value 1,077.66

Intrinsic Value

Enterprise Value 4,473.97
Net Debt 3,447
Equity Value 1,026.97
Shares Outstanding 85
Equity Value Per Share 12.08