Discounted Cash Flow (DCF) Analysis Unlevered

Parkland Corporation (PKI.TO)

$39.41

+0.52 (+1.34%)
All numbers are in Millions, Currency in USD
Stock DCF: 398.93 | 39.41 | undervalue

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 14,44218,45314,01121,46835,46246,287.5860,417.9178,861.84102,936.21134,359.82
Revenue (%)
EBITDA 8921,3351,0031,4041,9933,029.963,954.935,162.266,738.158,795.13
EBITDA (%)
EBIT 5917553947881,2501,684.062,198.162,869.193,745.084,888.35
EBIT (%)
Depreciation 3015806096167431,345.901,756.772,293.062,993.073,906.78
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 40244262284653614.10801.571,046.261,365.661,782.56
Total Cash (%)
Account Receivables 6651,0838261,3991,8862,610.993,408.054,448.445,806.437,578.97
Account Receivables (%)
Inventories 3897806501,2651,7452,071.182,703.453,528.744,605.976,012.05
Inventories (%)
Accounts Payable 8061,3581,2121,9502,8063,572.154,662.636,086.017,943.9010,368.95
Accounts Payable (%)
Capital Expenditure -285-489-345-396-503-958.04-1,250.50-1,632.25-2,130.53-2,780.92
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.41
Beta 1.405
Diluted Shares Outstanding 152.47
Cost of Debt
Tax Rate 25.48
After-tax Cost of Debt 3.15%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.111
Total Debt 6,972
Total Equity 6,008.84
Total Capital 12,980.84
Debt Weighting 53.71
Equity Weighting 46.29
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 14,44218,45314,01121,46835,46246,287.5860,417.9178,861.84102,936.21134,359.82
EBITDA 8921,3351,0031,4041,9933,029.963,954.935,162.266,738.158,795.13
EBIT 5917553947881,2501,684.062,198.162,869.193,745.084,888.35
Tax Rate 25.63%30.16%27.27%40.12%25.48%29.73%29.73%29.73%29.73%29.73%
EBIAT 439.52527.26286.55471.83931.491,183.311,544.542,016.052,631.493,434.82
Depreciation 3015806096167431,345.901,756.772,293.062,993.073,906.78
Accounts Receivable --418257-573-487-724.99-797.06-1,040.39-1,357.99-1,772.54
Inventories --391130-615-480-326.18-632.27-825.29-1,077.23-1,406.08
Accounts Payable -552-146738856766.151,090.481,423.371,857.892,425.05
Capital Expenditure -285-489-345-396-503-958.04-1,250.50-1,632.25-2,130.53-2,780.92
UFCF 455.52361.26791.55241.831,060.491,286.161,711.952,234.572,916.723,807.11
WACC
PV UFCF 1,203.821,499.771,832.282,238.512,734.80
SUM PV UFCF 9,509.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.84
Free cash flow (t + 1) 3,883.25
Terminal Value 80,232.51
Present Value of Terminal Value 57,634.30

Intrinsic Value

Enterprise Value 67,143.47
Net Debt 6,319
Equity Value 60,824.47
Shares Outstanding 152.47
Equity Value Per Share 398.93