Discounted Cash Flow (DCF) Analysis Unlevered

SiriusPoint Ltd. (SPNT)

$4.95

+0.05 (+1.02%)
All numbers are in Millions, Currency in USD
Stock DCF: -836.30 | 4.95 | 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 926.71377.51979.07884.572,224.703,570.275,729.689,195.1814,756.7223,682.05
Revenue (%)
EBITDA 298-313.47209.56159.8587.30-53.42-85.72-137.57-220.78-354.31
EBITDA (%)
EBIT ------53.42-85.72-137.57-220.78-354.31
EBIT (%)
Depreciation ----------
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 8.20104.18639.41525.992,075.601,760.512,825.324,534.177,276.5711,677.68
Total Cash (%)
Account Receivables 784.87607.21603.82669.573,197.703,760.516,034.999,685.1515,543.0324,943.96
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 846.4576.9699.7695924.601,243.991,996.393,203.875,141.688,251.53
Accounts Payable (%)
Capital Expenditure ----------
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 4.95
Beta 0.920
Diluted Shares Outstanding 160.24
Cost of Debt
Tax Rate -28.82
After-tax Cost of Debt 4.16%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.149
Total Debt 816.70
Total Equity 793.19
Total Capital 1,609.89
Debt Weighting 50.73
Equity Weighting 49.27
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 926.71377.51979.07884.572,224.703,570.275,729.689,195.1814,756.7223,682.05
EBITDA 298-313.47209.56159.8587.30-53.42-85.72-137.57-220.78-354.31
EBIT ------53.42-85.72-137.57-220.78-354.31
Tax Rate 5.43%1.18%0.35%5.56%-28.82%-3.26%-3.26%-3.26%-3.26%-3.26%
EBIAT ------55.16-88.52-142.06-227.98-365.86
Depreciation ----------
Accounts Receivable -177.673.39-65.76-2,528.13-562.81-2,274.48-3,650.16-5,857.89-9,400.93
Inventories ----------
Accounts Payable --769.4922.79-4.76829.60319.39752.401,207.481,937.803,109.85
Capital Expenditure ----------
UFCF ------298.58-1,610.59-2,584.73-4,148.06-6,656.94
WACC
PV UFCF -281.34-1,429.91-2,162.22-3,269.58-4,944.06
SUM PV UFCF -12,087.11

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.13
Free cash flow (t + 1) -6,790.08
Terminal Value -164,408.63
Present Value of Terminal Value -122,105.09

Intrinsic Value

Enterprise Value -134,192.21
Net Debt -183.10
Equity Value -134,009.11
Shares Outstanding 160.24
Equity Value Per Share -836.30