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
Stock DCF: -4.80 | 1.78 | 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 90.5780.7271.4050.3781.2783.1985.1687.1889.2491.36
Revenue (%)
EBITDA -51.6645.412.63-63.85139.838.028.218.408.608.81
EBITDA (%)
EBIT -104.274.99-33.94-89.0897.27-35.55-36.39-37.25-38.13-39.03
EBIT (%)
Depreciation 52.6140.4236.5625.2342.5643.5744.6045.6546.7447.84
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 0.020.060.260.080.130.130.130.130.140.14
Total Cash (%)
Account Receivables 11.5912.6713.046.289.7311.8512.1312.4112.7113.01
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 90.5780.7271.4050.3781.2783.1985.1687.1889.2491.36
EBITDA -51.6645.412.63-63.85139.838.028.218.408.608.81
EBIT -104.274.99-33.94-89.0897.27-35.55-36.39-37.25-38.13-39.03
Tax Rate 0.00%0.00%0.00%0.00%-4.97%-0.99%-0.99%-0.99%-0.99%-0.99%
EBIAT -104.274.99-33.94-89.08102.10-35.90-36.75-37.62-38.51-39.42
Depreciation 52.6140.4236.5625.2342.5643.5744.6045.6546.7447.84
Accounts Receivable --1.09-0.366.76-3.46-2.11-0.28-0.29-0.29-0.30
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 -134.1822.11-15.41-71.40114.04-28.59-27.39-28.04-28.70-29.38
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