Discounted Cash Flow (DCF) Analysis Unlevered

Park Lawn Corporation (PLC.TO)

$23.92

+0.01 (+0.04%)
All numbers are in Millions, Currency in USD
Stock DCF: 33.46 | 23.92 | 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 85.27156.91233.98327.80362.93529.82773.451,129.131,648.362,406.35
Revenue (%)
EBITDA 11.6223.0236.1763.3181.3590.59132.25193.07281.85411.45
EBITDA (%)
EBIT 4.9011.1215.0738.6357.5549.7172.57105.95154.66225.79
EBIT (%)
Depreciation 6.7211.9021.1124.6923.8040.8859.6887.12127.18185.67
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 12.7414.1521.2638.1726.3555.0480.35117.30171.24249.98
Total Cash (%)
Account Receivables 18.4135.1842.5547.1460.1998.72144.12210.39307.13448.37
Account Receivables (%)
Inventories 4.819.999.4612.1012.2424.4935.7652.2076.21111.25
Inventories (%)
Accounts Payable 10.4220.3930.4642.3248.0768.2299.60145.40212.26309.86
Accounts Payable (%)
Capital Expenditure -2.82-13.89-24-23.62-29.36-39.96-58.34-85.16-124.33-181.50
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 23.92
Beta 1.223
Diluted Shares Outstanding 29.72
Cost of Debt
Tax Rate 28.60
After-tax Cost of Debt 2.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.600
Total Debt 212.33
Total Equity 710.83
Total Capital 923.16
Debt Weighting 23.00
Equity Weighting 77.00
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 85.27156.91233.98327.80362.93529.82773.451,129.131,648.362,406.35
EBITDA 11.6223.0236.1763.3181.3590.59132.25193.07281.85411.45
EBIT 4.9011.1215.0738.6357.5549.7172.57105.95154.66225.79
Tax Rate 15.08%27.60%31.44%35.63%28.60%27.67%27.67%27.67%27.67%27.67%
EBIAT 4.168.0510.3324.8641.0935.9652.4976.63111.87163.31
Depreciation 6.7211.9021.1124.6923.8040.8859.6887.12127.18185.67
Accounts Receivable --16.77-7.37-4.58-13.05-38.53-45.40-66.27-96.75-141.23
Inventories --5.180.53-2.64-0.14-12.25-11.26-16.44-24-35.04
Accounts Payable -9.9710.0711.865.7520.1631.3745.8066.8697.61
Capital Expenditure -2.82-13.89-24-23.62-29.36-39.96-58.34-85.16-124.33-181.50
UFCF 8.06-5.9110.6730.5728.086.2528.5441.6760.8388.80
WACC
PV UFCF 5.7824.4433.0144.6060.24
SUM PV UFCF 168.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.07
Free cash flow (t + 1) 90.58
Terminal Value 1,492.27
Present Value of Terminal Value 1,012.33

Intrinsic Value

Enterprise Value 1,180.40
Net Debt 185.98
Equity Value 994.42
Shares Outstanding 29.72
Equity Value Per Share 33.46