Discounted Cash Flow (DCF) Analysis Unlevered

PyroGenesis Canada Inc. (PYR.TO)

$1.05

+0.03 (+2.94%)
All numbers are in Millions, Currency in USD
Stock DCF: -15.45 | 1.05 | 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 7.195.034.8117.7831.0755.1297.79173.50307.81546.10
Revenue (%)
EBITDA -5.56-6.86-7.6643.77-37.26-27.18-48.23-85.56-151.80-269.31
EBITDA (%)
EBIT -5.67-7.14-8.2143.27-38.65-30.01-53.25-94.47-167.60-297.34
EBIT (%)
Depreciation 0.110.270.550.501.392.835.028.9115.8028.04
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 0.620.640.0318.1012.2018.0131.9456.67100.55178.39
Total Cash (%)
Account Receivables 1.351.571.045.6623.6219.8035.1362.32110.57196.17
Account Receivables (%)
Inventories 0.120.090.080.310.530.951.682.985.309.39
Inventories (%)
Accounts Payable 0.971.283.052.275.6014.6626.0146.1581.87145.25
Accounts Payable (%)
Capital Expenditure -1.76-1.45-0.99-0.82-1.75-9.28-16.46-29.20-51.80-91.91
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1.05
Beta 1.956
Diluted Shares Outstanding 166.65
Cost of Debt
Tax Rate 1.89
After-tax Cost of Debt 7.03%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.744
Total Debt 7.22
Total Equity 174.98
Total Capital 182.20
Debt Weighting 3.97
Equity Weighting 96.03
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 7.195.034.8117.7831.0755.1297.79173.50307.81546.10
EBITDA -5.56-6.86-7.6643.77-37.26-27.18-48.23-85.56-151.80-269.31
EBIT -5.67-7.14-8.2143.27-38.65-30.01-53.25-94.47-167.60-297.34
Tax Rate 0.00%0.00%0.00%2.41%1.89%0.86%0.86%0.86%0.86%0.86%
EBIAT -5.67-7.14-8.2142.22-37.92-29.75-52.79-93.65-166.15-294.78
Depreciation 0.110.270.550.501.392.835.028.9115.8028.04
Accounts Receivable --0.220.53-4.62-17.963.82-15.33-27.19-48.25-85.60
Inventories -0.040-0.22-0.23-0.41-0.73-1.30-2.31-4.10
Accounts Payable -0.311.77-0.773.339.0611.3520.1435.7263.38
Capital Expenditure -1.76-1.45-0.99-0.82-1.75-9.28-16.46-29.20-51.80-91.91
UFCF -7.32-8.20-6.3536.29-53.14-23.73-68.94-122.31-216.99-384.97
WACC
PV UFCF -21.09-54.45-85.85-135.37-213.44
SUM PV UFCF -510.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 12.52
Free cash flow (t + 1) -392.67
Terminal Value -3,732.61
Present Value of Terminal Value -2,069.49

Intrinsic Value

Enterprise Value -2,579.70
Net Debt -4.98
Equity Value -2,574.72
Shares Outstanding 166.65
Equity Value Per Share -15.45