Discounted Cash Flow (DCF) Analysis Unlevered

Stingray Group Inc. (RAY-B.TO)

$5.51

0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 48.92 | 5.51 | undervalue

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 126.95212.65306.72249.47282.63357.78452.92573.36725.82918.83
Revenue (%)
EBITDA 25.0128.1076.32117.5392.1498.40124.57157.69199.63252.71
EBITDA (%)
EBIT 3.73-4.9233.1278.8456.6045.1257.1172.3091.53115.87
EBIT (%)
Depreciation 21.2933.0243.2038.6935.5453.2967.4585.39108.10136.84
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 3.364.672.519.0414.5610.3313.0816.5620.9626.54
Total Cash (%)
Account Receivables 36.4369.8373.7664.9166.7696.77122.50155.07196.31248.51
Account Receivables (%)
Inventories 1.782.623.343.215.204.916.217.869.9512.60
Inventories (%)
Accounts Payable 7.9113.3317.9815.2318.3722.1628.0535.5144.9556.91
Accounts Payable (%)
Capital Expenditure -8.96-20.56-14.38-13.43-17.05-23.49-29.74-37.65-47.66-60.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.51
Beta 0.802
Diluted Shares Outstanding 71.46
Cost of Debt
Tax Rate 21.31
After-tax Cost of Debt 2.73%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.303
Total Debt 411.96
Total Equity 393.76
Total Capital 805.73
Debt Weighting 51.13
Equity Weighting 48.87
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 126.95212.65306.72249.47282.63357.78452.92573.36725.82918.83
EBITDA 25.0128.1076.32117.5392.1498.40124.57157.69199.63252.71
EBIT 3.73-4.9233.1278.8456.6045.1257.1172.3091.53115.87
Tax Rate -0.57%21.21%10.80%26.14%21.31%15.78%15.78%15.78%15.78%15.78%
EBIAT 3.75-3.8829.5458.2444.543848.1060.8977.0997.58
Depreciation 21.2933.0243.2038.6935.5453.2967.4585.39108.10136.84
Accounts Receivable --33.40-3.938.85-1.85-30-25.73-32.57-41.24-52.20
Inventories --0.84-0.710.12-1.990.29-1.30-1.65-2.09-2.65
Accounts Payable -5.434.65-2.763.153.795.897.469.4411.95
Capital Expenditure -8.96-20.56-14.38-13.43-17.05-23.49-29.74-37.65-47.66-60.33
UFCF 16.07-20.2358.3789.7162.3541.8764.6781.87103.64131.20
WACC
PV UFCF 39.8958.7070.7985.37102.95
SUM PV UFCF 357.68

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.97
Free cash flow (t + 1) 133.83
Terminal Value 4,506
Present Value of Terminal Value 3,535.62

Intrinsic Value

Enterprise Value 3,893.30
Net Debt 397.40
Equity Value 3,495.90
Shares Outstanding 71.46
Equity Value Per Share 48.92