Discounted Cash Flow (DCF) Analysis Unlevered

Parkland Corporation (PKI.TO)

$33.75

-0.13 (-0.38%)
All numbers are in Millions, Currency in USD
Stock DCF: 193.37 | 33.75 | undervalue

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 9,560.5014,44218,45314,01121,46827,263.4334,623.3843,970.2055,840.2570,914.70
Revenue (%)
EBITDA 3157081,3219669721,460.131,854.302,354.882,990.603,797.93
EBITDA (%)
EBIT 149.40407741357356687.19872.701,108.291,407.481,787.44
EBIT (%)
Depreciation 165.60301580609616772.94981.601,246.591,583.122,010.49
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 22.5040244262284274.13348.13442.12561.47713.04
Total Cash (%)
Account Receivables 705.106651,0838261,3991,650.022,095.462,661.143,379.544,291.87
Account Receivables (%)
Inventories 398.603897806501,2651,178.951,497.211,901.402,414.693,066.55
Inventories (%)
Accounts Payable 941.908061,3581,2121,9502,209.752,806.283,563.864,525.945,747.75
Accounts Payable (%)
Capital Expenditure -91.30-285-489-345-396-539.02-684.53-869.32-1,104-1,402.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 33.75
Beta 1.570
Diluted Shares Outstanding 149.07
Cost of Debt
Tax Rate 40.12
After-tax Cost of Debt 2.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.259
Total Debt 5,556
Total Equity 5,031.25
Total Capital 10,587.25
Debt Weighting 52.48
Equity Weighting 47.52
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 9,560.5014,44218,45314,01121,46827,263.4334,623.3843,970.2055,840.2570,914.70
EBITDA 3157081,3219669721,460.131,854.302,354.882,990.603,797.93
EBIT 149.40407741357356687.19872.701,108.291,407.481,787.44
Tax Rate -20.32%25.63%30.16%46.75%40.12%24.47%24.47%24.47%24.47%24.47%
EBIAT 179.76302.68517.48190.09213.16519.03659.15837.091,063.071,350.05
Depreciation 165.60301580609616772.94981.601,246.591,583.122,010.49
Accounts Receivable -40.10-418257-573-251.02-445.44-565.68-718.39-912.33
Inventories -9.60-391130-61586.05-318.27-404.18-513.29-651.86
Accounts Payable --135.90552-146738259.75596.54757.57962.091,221.81
Capital Expenditure -91.30-285-489-345-396-539.02-684.53-869.32-1,104-1,402.03
UFCF 254.06232.48351.48695.09-16.84847.73789.061,002.071,272.581,616.13
WACC
PV UFCF 798.69700.41838.031,002.701,199.72
SUM PV UFCF 4,539.55

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.14
Free cash flow (t + 1) 1,648.45
Terminal Value 39,817.64
Present Value of Terminal Value 29,558.34

Intrinsic Value

Enterprise Value 34,097.89
Net Debt 5,272
Equity Value 28,825.89
Shares Outstanding 149.07
Equity Value Per Share 193.37