Discounted Cash Flow (DCF) Analysis Unlevered

Quebecor Inc. (QBR-B.TO)

$31.92

-0.01 (-0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 147.16 | 31.92 | undervalue

Operating Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,293.804,317.804,554.404,531.905,434.305,780.156,148.016,539.286,955.457,398.11
Revenue (%)
EBITDA 1,880.301,951.901,976.401,931.302,228.302,497.172,656.092,825.133,004.933,196.17
EBITDA (%)
EBIT 1,129.901,148.701,192.601,163.601,319.301,491.941,586.891,687.881,795.301,909.56
EBIT (%)
Depreciation 750.40803.20783.80767.709091,005.231,069.201,137.251,209.621,286.61
Depreciation (%)

Balance Sheet Data

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Total Cash 14136.7064.706.6011.1060.8464.7168.8373.2177.87
Total Cash (%)
Account Receivables 735.40780.40881.80901.701,349.501,147.851,220.901,298.601,381.251,469.15
Account Receivables (%)
Inventories 240.40250.70282.60406.20512.10416.13442.61470.78500.74532.61
Inventories (%)
Accounts Payable 578.70666.80681.70770.80926.20901.02958.361,019.351,084.221,153.22
Accounts Payable (%)
Capital Expenditure -998.50-653.10-1,448-609.60-602.60-1,094.92-1,164.60-1,238.72-1,317.55-1,401.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 31.92
Beta 0.385
Diluted Shares Outstanding 236.20
Cost of Debt
Tax Rate 24.62
After-tax Cost of Debt 3.67%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.027
Total Debt 8,168.20
Total Equity 7,539.50
Total Capital 15,707.70
Debt Weighting 52.00
Equity Weighting 48.00
Wacc

Build Up Free Cash

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 4,293.804,317.804,554.404,531.905,434.305,780.156,148.016,539.286,955.457,398.11
EBITDA 1,880.301,951.901,976.401,931.302,228.302,497.172,656.092,825.133,004.933,196.17
EBIT 1,129.901,148.701,192.601,163.601,319.301,491.941,586.891,687.881,795.301,909.56
Tax Rate 14.83%23.14%26.36%25.97%24.62%22.98%22.98%22.98%22.98%22.98%
EBIAT 962.29882.90878.28861.39994.441,149.021,222.141,299.921,382.651,470.65
Depreciation 750.40803.20783.80767.709091,005.231,069.201,137.251,209.621,286.61
Accounts Receivable --45-101.40-19.90-447.80201.65-73.05-77.70-82.65-87.90
Inventories --10.30-31.90-123.60-105.9095.97-26.48-28.17-29.96-31.87
Accounts Payable -88.1014.9089.10155.40-25.1857.3460.9964.8769
Capital Expenditure -998.50-653.10-1,448-609.60-602.60-1,094.92-1,164.60-1,238.72-1,317.55-1,401.41
UFCF 714.191,065.8095.68965.09902.541,331.761,084.551,153.581,226.991,305.08
WACC
PV UFCF 1,270.77987.481,002.221,017.181,032.36
SUM PV UFCF 5,310

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.80
Free cash flow (t + 1) 1,331.18
Terminal Value 47,542.17
Present Value of Terminal Value 37,607.34

Intrinsic Value

Enterprise Value 42,917.33
Net Debt 8,157.10
Equity Value 34,760.23
Shares Outstanding 236.20
Equity Value Per Share 147.16