Discounted Cash Flow (DCF) Analysis Unlevered
Petrus Resources Ltd. (PRQ.TO)
$1.78
-0.03 (-1.66%)
All numbers are in Millions, Currency in USD
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 | 90.57 | 80.72 | 71.40 | 50.37 | 81.27 | 83.19 | 85.16 | 87.18 | 89.24 | 91.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | -51.66 | 45.41 | 2.63 | -63.85 | 139.83 | 8.02 | 8.21 | 8.40 | 8.60 | 8.81 |
| EBITDA (%) | ||||||||||
| EBIT | -104.27 | 4.99 | -33.94 | -89.08 | 97.27 | -35.55 | -36.39 | -37.25 | -38.13 | -39.03 |
| EBIT (%) | ||||||||||
| Depreciation | 52.61 | 40.42 | 36.56 | 25.23 | 42.56 | 43.57 | 44.60 | 45.65 | 46.74 | 47.84 |
| 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 | 0.02 | 0.06 | 0.26 | 0.08 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 11.59 | 12.67 | 13.04 | 6.28 | 9.73 | 11.85 | 12.13 | 12.41 | 12.71 | 13.01 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -82.52 | -22.21 | -17.68 | -14.31 | -27.17 | -34.15 | -34.96 | -35.78 | -36.63 | -37.50 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.78 |
|---|---|
| Beta | 3.485 |
| Diluted Shares Outstanding | 49.47 |
| Cost of Debt | |
| Tax Rate | -4.97 |
| After-tax Cost of Debt | 13.17% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 19.298 |
| Total Debt | 58.52 |
| Total Equity | 88.05 |
| Total Capital | 146.57 |
| Debt Weighting | 39.93 |
| Equity Weighting | 60.07 |
| 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 | 90.57 | 80.72 | 71.40 | 50.37 | 81.27 | 83.19 | 85.16 | 87.18 | 89.24 | 91.36 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -51.66 | 45.41 | 2.63 | -63.85 | 139.83 | 8.02 | 8.21 | 8.40 | 8.60 | 8.81 |
| EBIT | -104.27 | 4.99 | -33.94 | -89.08 | 97.27 | -35.55 | -36.39 | -37.25 | -38.13 | -39.03 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | -4.97% | -0.99% | -0.99% | -0.99% | -0.99% | -0.99% |
| EBIAT | -104.27 | 4.99 | -33.94 | -89.08 | 102.10 | -35.90 | -36.75 | -37.62 | -38.51 | -39.42 |
| Depreciation | 52.61 | 40.42 | 36.56 | 25.23 | 42.56 | 43.57 | 44.60 | 45.65 | 46.74 | 47.84 |
| Accounts Receivable | - | -1.09 | -0.36 | 6.76 | -3.46 | -2.11 | -0.28 | -0.29 | -0.29 | -0.30 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -82.52 | -22.21 | -17.68 | -14.31 | -27.17 | -34.15 | -34.96 | -35.78 | -36.63 | -37.50 |
| UFCF | -134.18 | 22.11 | -15.41 | -71.40 | 114.04 | -28.59 | -27.39 | -28.04 | -28.70 | -29.38 |
| WACC | ||||||||||
| PV UFCF | -24.47 | -20.06 | -17.57 | -15.39 | -13.49 | |||||
| SUM PV UFCF | -90.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 16.85 |
| Free cash flow (t + 1) | -29.97 |
| Terminal Value | -201.80 |
| Present Value of Terminal Value | -92.64 |
Intrinsic Value
| Enterprise Value | -183.62 |
|---|---|
| Net Debt | 53.59 |
| Equity Value | -237.21 |
| Shares Outstanding | 49.47 |
| Equity Value Per Share | -4.80 |