Discounted Cash Flow (DCF) Analysis Unlevered

Premium Brands Holdings Corporation (PBH.TO)

$84.39

+0.28 (+0.33%)
All numbers are in Millions, Currency in USD
Stock DCF: 65.94 | 84.39 | 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 2,198.303,025.803,649.404,068.904,931.706,053.077,429.429,118.7111,192.1313,736.99
Revenue (%)
EBITDA 170.60226.40284.60292.10377.80458.59562.87690.85847.941,040.74
EBITDA (%)
EBIT 129.50163.60176.10167.10243304.56373.81458.80563.13691.17
EBIT (%)
Depreciation 41.1062.80108.50125134.80154.03189.06232.05284.81349.57
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 15.1019.4018.4036316.50134.23164.76202.22248.20304.64
Total Cash (%)
Account Receivables 220.60321.90346.50387521.70608.43746.77916.581,124.991,380.79
Account Receivables (%)
Inventories 218.10339.80396.20448.80645.20679.40833.891,023.501,256.221,541.86
Inventories (%)
Accounts Payable 179.10246.60285369.30445.50511.07627.28769.91944.981,159.85
Accounts Payable (%)
Capital Expenditure -64.90-71.20-87.90-92.60-143.20-156.09-191.58-235.14-288.61-354.23
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 84.39
Beta 0.946
Diluted Shares Outstanding 38.80
Cost of Debt
Tax Rate 27.96
After-tax Cost of Debt 2.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.155
Total Debt 1,936.20
Total Equity 3,274.33
Total Capital 5,210.53
Debt Weighting 37.16
Equity Weighting 62.84
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 2,198.303,025.803,649.404,068.904,931.706,053.077,429.429,118.7111,192.1313,736.99
EBITDA 170.60226.40284.60292.10377.80458.59562.87690.85847.941,040.74
EBIT 129.50163.60176.10167.10243304.56373.81458.80563.13691.17
Tax Rate 24.77%16.60%23.87%24.32%27.96%23.50%23.50%23.50%23.50%23.50%
EBIAT 97.43136.45134.07126.46175.06232.98285.95350.97430.78528.73
Depreciation 41.1062.80108.50125134.80154.03189.06232.05284.81349.57
Accounts Receivable --101.30-24.60-40.50-134.70-86.73-138.34-169.80-208.41-255.80
Inventories --121.70-56.40-52.60-196.40-34.20-154.48-189.61-232.72-285.64
Accounts Payable -67.5038.4084.3076.2065.57116.21142.63175.06214.87
Capital Expenditure -64.90-71.20-87.90-92.60-143.20-156.09-191.58-235.14-288.61-354.23
UFCF 73.63-27.45112.07150.06-88.24175.56106.81131.10160.91197.49
WACC
PV UFCF 165.7295.17110.26127.74148
SUM PV UFCF 646.89

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.94
Free cash flow (t + 1) 201.44
Terminal Value 5,112.75
Present Value of Terminal Value 3,831.38

Intrinsic Value

Enterprise Value 4,478.26
Net Debt 1,919.70
Equity Value 2,558.56
Shares Outstanding 38.80
Equity Value Per Share 65.94