Discounted Cash Flow (DCF) Analysis Unlevered

Scully Royalty Ltd. (SRL)

$7.4464

+0.03 (+0.36%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.42 | 7.4464 | 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 139.75113.2759.4371.2963.6954.5846.7840.0934.3629.45
Revenue (%)
EBITDA -10.492.4224.1327.7616.0310.849.297.966.835.85
EBITDA (%)
EBIT 168.07-5.8712.6618.965.3318.7116.0313.7411.7710.09
EBIT (%)
Depreciation -178.568.2911.478.7910.70-7.86-6.74-5.78-4.95-4.24
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 75.1692.4582.0574.1394.0157.3249.1242.1036.0830.92
Total Cash (%)
Account Receivables 14.126.0937.8062.9541.2125.3321.7118.6115.9513.67
Account Receivables (%)
Inventories 11.412.391.411.100.841.691.451.241.070.91
Inventories (%)
Accounts Payable 18.859.929.926.585.226.155.274.523.873.32
Accounts Payable (%)
Capital Expenditure -0.20-0.72-0.23-0.98-0.47-0.36-0.31-0.26-0.23-0.19
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.4,464
Beta 1.287
Diluted Shares Outstanding 14.81
Cost of Debt
Tax Rate 2.33
After-tax Cost of Debt 4.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.234
Total Debt 43.35
Total Equity 110.29
Total Capital 153.64
Debt Weighting 28.22
Equity Weighting 71.78
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 139.75113.2759.4371.2963.6954.5846.7840.0934.3629.45
EBITDA -10.492.4224.1327.7616.0310.849.297.966.835.85
EBIT 168.07-5.8712.6618.965.3318.7116.0313.7411.7710.09
Tax Rate 33.10%-10.54%96.70%56.89%2.33%35.70%35.70%35.70%35.70%35.70%
EBIAT 112.44-6.490.428.175.2012.0310.318.837.576.49
Depreciation -178.568.2911.478.7910.70-7.86-6.74-5.78-4.95-4.24
Accounts Receivable -8.03-31.71-25.1521.7415.873.623.102.662.28
Inventories -9.020.980.310.26-0.850.240.210.180.15
Accounts Payable --8.930-3.34-1.350.93-0.88-0.75-0.65-0.55
Capital Expenditure -0.20-0.72-0.23-0.98-0.47-0.36-0.31-0.26-0.23-0.19
UFCF -66.329.21-19.07-12.1936.0819.766.255.354.593.93
WACC
PV UFCF 18.215.314.193.312.62
SUM PV UFCF 33.63

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.50
Free cash flow (t + 1) 4.01
Terminal Value 61.72
Present Value of Terminal Value 41.04

Intrinsic Value

Enterprise Value 74.68
Net Debt -20.36
Equity Value 95.04
Shares Outstanding 14.81
Equity Value Per Share 6.42