Discounted Cash Flow (DCF) Analysis Unlevered

PyroGenesis Canada Inc. (PYR.TO)

$1.56

+0.05 (+3.31%)
All numbers are in Millions, Currency in USD
Stock DCF: -13.46 | 1.56 | 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 -5.56-6.86-7.6643.77-37.24-27.18-48.21-85.54-151.76-269.24
EBITDA (%)
EBIT -5.67-7.14-8.2143.27-38.63-30.01-53.23-94.44-167.56-297.27
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 $ 1.56
Beta 2.173
Diluted Shares Outstanding 166.65
Cost of Debt
Tax Rate 1.89
After-tax Cost of Debt 7.30%
Risk-Free Rate
Market Risk Premium
Cost of Equity 13.907
Total Debt 7.22
Total Equity 259.97
Total Capital 267.19
Debt Weighting 2.70
Equity Weighting 97.30
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 -5.56-6.86-7.6643.77-37.24-27.18-48.21-85.54-151.76-269.24
EBIT -5.67-7.14-8.2143.27-38.63-30.01-53.23-94.44-167.56-297.27
Tax Rate 0.00%0.00%0.00%2.41%1.89%0.86%0.86%0.86%0.86%0.86%
EBIAT -5.67-7.14-8.2142.22-37.90-29.75-52.78-93.63-166.12-294.72
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 -7.32-8.20-6.3536.29-53.12-23.73-68.93-122.28-216.95-384.90
WACC
PV UFCF -20.86-53.29-83.13-129.68-202.29
SUM PV UFCF -489.25

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.73
Free cash flow (t + 1) -392.60
Terminal Value -3,346.99
Present Value of Terminal Value -1,759.05

Intrinsic Value

Enterprise Value -2,248.30
Net Debt -4.98
Equity Value -2,243.32
Shares Outstanding 166.65
Equity Value Per Share -13.46