Discounted Cash Flow (DCF) Analysis Unlevered
PFB Corporation (PFB.TO)
$24.1
+0.04 (+0.17%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 101.53 | 105.56 | 128.34 | 133.23 | 134.80 | 145.09 | 156.16 | 168.08 | 180.91 | 194.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 12.34 | 7.81 | 13.04 | 18.16 | 27.36 | 18.47 | 19.88 | 21.39 | 23.03 | 24.78 |
| EBITDA (%) | ||||||||||
| EBIT | 8.50 | 3.91 | 9.28 | 13.60 | 22.92 | 13.50 | 14.53 | 15.64 | 16.83 | 18.12 |
| EBIT (%) | ||||||||||
| Depreciation | 3.84 | 3.90 | 3.77 | 4.56 | 4.44 | 4.97 | 5.35 | 5.76 | 6.20 | 6.67 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Total Cash | 24.20 | 12.18 | 16.94 | 20.13 | 32.27 | 25.43 | 27.37 | 29.46 | 31.70 | 34.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 8.15 | 10.10 | 13.28 | 10.75 | 10.69 | 12.75 | 13.72 | 14.77 | 15.89 | 17.11 |
| Account Receivables (%) | ||||||||||
| Inventories | 10.01 | 10 | 11.64 | 11.60 | 10.06 | 12.93 | 13.92 | 14.98 | 16.13 | 17.36 |
| Inventories (%) | ||||||||||
| Accounts Payable | 8.38 | 10.22 | 10.89 | 10.32 | 11.66 | 12.43 | 13.37 | 14.40 | 15.49 | 16.68 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.07 | -20.41 | -1.83 | -2.20 | -1.59 | -7.72 | -8.31 | -8.95 | -9.63 | -10.37 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 24.1 |
|---|---|
| Beta | 0.485 |
| Diluted Shares Outstanding | 6.92 |
| Cost of Debt | |
| Tax Rate | 24.68 |
| After-tax Cost of Debt | 5.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.670 |
| Total Debt | 16.75 |
| Total Equity | 166.87 |
| Total Capital | 183.62 |
| Debt Weighting | 9.12 |
| Equity Weighting | 90.88 |
| Wacc |
Build Up Free Cash
Year A/P | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected |
| Revenue | 101.53 | 105.56 | 128.34 | 133.23 | 134.80 | 145.09 | 156.16 | 168.08 | 180.91 | 194.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 12.34 | 7.81 | 13.04 | 18.16 | 27.36 | 18.47 | 19.88 | 21.39 | 23.03 | 24.78 |
| EBIT | 8.50 | 3.91 | 9.28 | 13.60 | 22.92 | 13.50 | 14.53 | 15.64 | 16.83 | 18.12 |
| Tax Rate | 33.79% | 25.82% | 27.30% | 27.42% | 24.68% | 27.80% | 27.80% | 27.80% | 27.80% | 27.80% |
| EBIAT | 5.63 | 2.90 | 6.75 | 9.87 | 17.27 | 9.75 | 10.49 | 11.29 | 12.15 | 13.08 |
| Depreciation | 3.84 | 3.90 | 3.77 | 4.56 | 4.44 | 4.97 | 5.35 | 5.76 | 6.20 | 6.67 |
| Accounts Receivable | - | -1.95 | -3.18 | 2.53 | 0.05 | -2.06 | -0.97 | -1.05 | -1.13 | -1.21 |
| Inventories | - | 0.01 | -1.64 | 0.04 | 1.54 | -2.87 | -0.99 | -1.06 | -1.14 | -1.23 |
| Accounts Payable | - | 1.83 | 0.68 | -0.57 | 1.34 | 0.77 | 0.95 | 1.02 | 1.10 | 1.18 |
| Capital Expenditure | -3.07 | -20.41 | -1.83 | -2.20 | -1.59 | -7.72 | -8.31 | -8.95 | -9.63 | -10.37 |
| UFCF | 6.40 | -13.71 | 4.54 | 14.23 | 23.04 | 2.83 | 6.51 | 7.01 | 7.54 | 8.12 |
| WACC | ||||||||||
| PV UFCF | 2.68 | 5.84 | 5.95 | 6.06 | 6.18 | |||||
| SUM PV UFCF | 26.72 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.61 |
| Free cash flow (t + 1) | 8.28 |
| Terminal Value | 229.45 |
| Present Value of Terminal Value | 174.65 |
Intrinsic Value
| Enterprise Value | 201.36 |
|---|---|
| Net Debt | -15.52 |
| Equity Value | 216.88 |
| Shares Outstanding | 6.92 |
| Equity Value Per Share | 31.32 |