Discounted Cash Flow (DCF) Analysis Unlevered

RB Global, Inc. (RBA.TO)

$92.23

+2.20 (+2.44%)
All numbers are in Millions, Currency in USD
Stock DCF: 77.78 | 92.23 | overvalue

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 1,170.031,318.641,377.261,416.971,733.811,917.552,120.772,345.522,594.092,869
Revenue (%)
EBITDA 265.80311.55364.68373.75444.61478.79529.53585.65647.71716.35
EBITDA (%)
EBIT 199.19228.77277.52273.03328.08355.57393.25434.93481.02532
EBIT (%)
Depreciation 66.6182.7887.16100.72116.53123.22136.28150.72166.69184.36
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 237.74359.67278.77326.11494.32457.76506.28559.93619.27684.90
Total Cash (%)
Account Receivables 135.62144.21136.33166.39185.78210.49232.79257.47284.75314.93
Account Receivables (%)
Inventories 113.2964.9686.28102.49103.05130.59144.43159.73176.66195.38
Inventories (%)
Accounts Payable 201.26194.28243.79280.31294.76331.42366.55405.39448.35495.87
Accounts Payable (%)
Capital Expenditure -43.01-41-43.14-43.49-71.94-65.72-72.68-80.38-88.90-98.33
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 92.23
Beta 0.835
Diluted Shares Outstanding 111.89
Cost of Debt
Tax Rate 21.26
After-tax Cost of Debt 7.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.272
Total Debt 610.62
Total Equity 10,319.25
Total Capital 10,929.86
Debt Weighting 5.59
Equity Weighting 94.41
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 1,170.031,318.641,377.261,416.971,733.811,917.552,120.772,345.522,594.092,869
EBITDA 265.80311.55364.68373.75444.61478.79529.53585.65647.71716.35
EBIT 199.19228.77277.52273.03328.08355.57393.25434.93481.02532
Tax Rate 20.35%21.87%27.89%26.00%21.26%23.48%23.48%23.48%23.48%23.48%
EBIAT 158.66178.74200.12202.03258.31272.10300.93332.83368.10407.11
Depreciation 66.6182.7887.16100.72116.53123.22136.28150.72166.69184.36
Accounts Receivable --8.597.88-30.06-19.39-24.71-22.31-24.67-27.29-30.18
Inventories -48.34-21.32-16.22-0.56-27.54-13.84-15.31-16.93-18.72
Accounts Payable --6.9849.5136.5214.4636.6635.1238.8542.9647.52
Capital Expenditure -43.01-41-43.14-43.49-71.94-65.72-72.68-80.38-88.90-98.33
UFCF 182.26253.28280.21249.51297.42314.01363.50402.03444.63491.75
WACC
PV UFCF 290.13310.32317.11324.05331.14
SUM PV UFCF 1,572.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.23
Free cash flow (t + 1) 508.97
Terminal Value 10,760.37
Present Value of Terminal Value 7,245.84

Intrinsic Value

Enterprise Value 8,818.60
Net Debt 116.29
Equity Value 8,702.31
Shares Outstanding 111.89
Equity Value Per Share 77.78