Discounted Cash Flow (DCF) Analysis Unlevered

Sprott Inc. (SII)

$37.79

+0.34 (+0.91%)
All numbers are in Millions, Currency in USD
Stock DCF: Infinity | 37.79 | 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 75.05114.41164.95154.27141.45170.38205.24247.22297.80358.71
Revenue (%)
EBITDA 43.6940.7267.9360.9441.8969.5583.78100.92121.56146.43
EBITDA (%)
EBIT 39.8436.6663.3857.5939.0564.2377.3793.20112.26135.23
EBIT (%)
Depreciation 3.854.054.553.352.845.326.417.729.3011.21
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 72.2253.5855.9455.0322.8977.9893.93113.14136.29164.17
Total Cash (%)
Account Receivables 10.1222.5314.8013.218.6719.3723.3328.1033.8540.78
Account Receivables (%)
Inventories -21.56-12.06-7.76-4.53-16.59-19.98-24.07-28.99-34.92-42.06
Inventories (%)
Accounts Payable 23.6129.709.3610.7012.6526.9132.4239.0547.0456.66
Accounts Payable (%)
Capital Expenditure -2.26-13.19-0.69-0.13-1.54-5.49-6.62-7.97-9.60-11.57
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 37.79
Beta 1.421
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 16.89
After-tax Cost of Debt 13.92%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.029
Total Debt 24.24
Total Equity -
Total Capital 24.24
Debt Weighting 100.00
Equity Weighting 0.00
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 75.05114.41164.95154.27141.45170.38205.24247.22297.80358.71
EBITDA 43.6940.7267.9360.9441.8969.5583.78100.92121.56146.43
EBIT 39.8436.6663.3857.5939.0564.2377.3793.20112.26135.23
Tax Rate 21.10%22.17%26.57%29.69%16.89%23.28%23.28%23.28%23.28%23.28%
EBIAT 31.4328.5446.5440.4932.4649.2859.3671.5086.12103.74
Depreciation 3.854.054.553.352.845.326.417.729.3011.21
Accounts Receivable --12.417.731.584.54-10.70-3.96-4.77-5.75-6.92
Inventories --9.50-4.30-3.2212.053.394.094.925.937.14
Accounts Payable -6.09-20.341.341.9414.275.516.637.999.62
Capital Expenditure -2.26-13.19-0.69-0.13-1.53-5.49-6.62-7.97-9.60-11.57
UFCF 33.023.5833.4943.4152.3156.0664.7878.0393.99113.22
WACC
PV UFCF 49.2149.9152.7855.8159.01
SUM PV UFCF 266.72

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 13.92
Free cash flow (t + 1) 115.48
Terminal Value 968.82
Present Value of Terminal Value 504.94

Intrinsic Value

Enterprise Value 771.67
Net Debt 3.58
Equity Value 768.09
Shares Outstanding -
Equity Value Per Share Infinity