Discounted Cash Flow (DCF) Analysis Unlevered
Pulse Seismic Inc. (PSD.TO)
$1.81
+0.05 (+2.84%)
All numbers are in Millions, Currency in USD
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 | 10.19 | 24.15 | 11.35 | 49.15 | 9.57 | 17.62 | 32.46 | 59.77 | 110.07 | 202.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 5.16 | 15.21 | 7.25 | 42.36 | 1.96 | 10.01 | 18.44 | 33.96 | 62.54 | 115.17 |
| EBITDA (%) | ||||||||||
| EBIT | -2.25 | 0.37 | -4.77 | 31.74 | -8.12 | -2.92 | -5.38 | -9.90 | -18.24 | -33.58 |
| EBIT (%) | ||||||||||
| Depreciation | 7.41 | 14.84 | 12.01 | 10.62 | 10.07 | 12.93 | 23.82 | 43.86 | 80.77 | 148.75 |
| 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 | 23.02 | 1.36 | 13.14 | 56.90 | 11.08 | 20.40 | 37.57 | 69.19 | 127.42 | 234.65 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 4.35 | 4.24 | 7.53 | 15.03 | 1.49 | 6.09 | 11.21 | 20.64 | 38.02 | 70.01 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.98 | 1.14 | 0.99 | 2.59 | 1.08 | 1.40 | 2.57 | 4.73 | 8.71 | 16.05 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -0.08 | -61.47 | -0.39 | -0.36 | -0.01 | -9.15 | -16.85 | -31.03 | -57.14 | -105.22 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 1.81 |
|---|---|
| Beta | 1.161 |
| Diluted Shares Outstanding | 53.79 |
| Cost of Debt | |
| Tax Rate | 2.80 |
| After-tax Cost of Debt | 83.31% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.174 |
| Total Debt | 0.02 |
| Total Equity | 97.37 |
| Total Capital | 97.39 |
| Debt Weighting | 0.02 |
| Equity Weighting | 99.98 |
| 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 | 10.19 | 24.15 | 11.35 | 49.15 | 9.57 | 17.62 | 32.46 | 59.77 | 110.07 | 202.70 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 5.16 | 15.21 | 7.25 | 42.36 | 1.96 | 10.01 | 18.44 | 33.96 | 62.54 | 115.17 |
| EBIT | -2.25 | 0.37 | -4.77 | 31.74 | -8.12 | -2.92 | -5.38 | -9.90 | -18.24 | -33.58 |
| Tax Rate | 28.16% | -56.11% | -2.59% | 28.72% | 2.80% | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| EBIAT | -1.62 | 0.58 | -4.89 | 22.62 | -7.89 | -2.91 | -5.37 | -9.88 | -18.20 | -33.52 |
| Depreciation | 7.41 | 14.84 | 12.01 | 10.62 | 10.07 | 12.93 | 23.82 | 43.86 | 80.77 | 148.75 |
| Accounts Receivable | - | 0.11 | -3.28 | -7.50 | 13.54 | -4.60 | -5.12 | -9.43 | -17.37 | -31.99 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 0.16 | -0.14 | 1.60 | -1.52 | 0.32 | 1.17 | 2.16 | 3.98 | 7.33 |
| Capital Expenditure | -0.08 | -61.47 | -0.39 | -0.36 | -0.01 | -9.15 | -16.85 | -31.03 | -57.14 | -105.22 |
| UFCF | 5.71 | -45.78 | 3.30 | 26.99 | 14.20 | -3.41 | -2.35 | -4.32 | -7.95 | -14.65 |
| WACC | ||||||||||
| PV UFCF | -3.13 | -1.97 | -3.32 | -5.60 | -9.44 | |||||
| SUM PV UFCF | -23.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 9.19 |
| Free cash flow (t + 1) | -14.94 |
| Terminal Value | -207.79 |
| Present Value of Terminal Value | -133.88 |
Intrinsic Value
| Enterprise Value | -157.32 |
|---|---|
| Net Debt | -5.80 |
| Equity Value | -151.52 |
| Shares Outstanding | 53.79 |
| Equity Value Per Share | -2.82 |