Discounted Cash Flow (DCF) Analysis Unlevered

Pine Cliff Energy Ltd. (PNE.TO)

$1.67

+0.01 (+0.60%)
All numbers are in Millions, Currency in USD
Stock DCF: 1.36 | 1.67 | 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 120.98107.39105.01107.32167.72186.59207.60230.96256.96285.89
Revenue (%)
EBITDA 19.796.974.81962.6627.3130.3833.8037.6141.84
EBITDA (%)
EBIT -----27.3130.3833.8037.6141.84
EBIT (%)
Depreciation ----------
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 3.623.568.667.886.879.7010.7912.0113.3614.86
Total Cash (%)
Account Receivables 15.1513.5413.6014.8621.6124.1926.9129.9433.3137.06
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 17.2916.7727.5127.2839.5939.2343.6548.5654.0360.11
Accounts Payable (%)
Capital Expenditure -13.40-10.43-7.98-7.48-21.46-17.97-19.99-22.24-24.75-27.53
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.67
Beta 1.079
Diluted Shares Outstanding 348.29
Cost of Debt
Tax Rate -164.53
After-tax Cost of Debt 11.04%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.624
Total Debt 45.57
Total Equity 581.64
Total Capital 627.21
Debt Weighting 7.27
Equity Weighting 92.73
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 120.98107.39105.01107.32167.72186.59207.60230.96256.96285.89
EBITDA 19.796.974.81962.6627.3130.3833.8037.6141.84
EBIT -----27.3130.3833.8037.6141.84
Tax Rate -44.31%-65.95%0.00%0.00%-164.53%-54.96%-54.96%-54.96%-54.96%-54.96%
EBIAT -----42.3247.0852.3858.2864.84
Depreciation ----------
Accounts Receivable -1.61-0.06-1.27-6.75-2.57-2.72-3.03-3.37-3.75
Inventories ----------
Accounts Payable --0.5210.74-0.2412.31-0.354.424.915.476.08
Capital Expenditure -13.40-10.43-7.98-7.48-21.46-17.97-19.99-22.24-24.75-27.53
UFCF -----21.4228.7832.0235.6239.63
WACC
PV UFCF 19.6924.3124.8625.4226
SUM PV UFCF 120.29

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.80
Free cash flow (t + 1) 40.43
Terminal Value 594.52
Present Value of Terminal Value 389.96

Intrinsic Value

Enterprise Value 510.25
Net Debt 35.03
Equity Value 475.22
Shares Outstanding 348.29
Equity Value Per Share 1.36