Discounted Cash Flow (DCF) Analysis Unlevered

Scully Royalty Ltd. (SRL)

$7.41

-0.06 (-0.80%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.94 | 7.41 | undervalue

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 274.04139.75113.2759.4371.2954.2741.3131.4423.9318.22
Revenue (%)
EBITDA -24.05175.73-7.4024.6930.7021.1716.1112.269.337.11
EBITDA (%)
EBIT -30.78170.02-15.6913.2224.7916.6712.699.667.355.60
EBIT (%)
Depreciation 6.735.718.2911.475.914.503.422.611.981.51
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 80.1975.1692.4582.0574.1344.1433.6025.5719.4714.82
Total Cash (%)
Account Receivables 56.7014.126.0937.8062.9520.4115.5411.8396.85
Account Receivables (%)
Inventories 9.8311.412.391.411.101.931.471.120.850.65
Inventories (%)
Accounts Payable 39.5318.859.929.926.586.795.173.9432.28
Accounts Payable (%)
Capital Expenditure -0.76-0.20-0.72-0.23-0.98-0.31-0.23-0.18-0.13-0.10
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.41
Beta 1.228
Diluted Shares Outstanding 14.91
Cost of Debt
Tax Rate 56.89
After-tax Cost of Debt 1.97%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.492
Total Debt 42.34
Total Equity 110.47
Total Capital 152.81
Debt Weighting 27.71
Equity Weighting 72.29
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 274.04139.75113.2759.4371.2954.2741.3131.4423.9318.22
EBITDA -24.05175.73-7.4024.6930.7021.1716.1112.269.337.11
EBIT -30.78170.02-15.6913.2224.7916.6712.699.667.355.60
Tax Rate -24.60%33.10%-10.54%96.70%56.89%30.31%30.31%30.31%30.31%30.31%
EBIAT -38.35113.74-17.340.4410.6911.628.846.735.123.90
Depreciation 6.735.718.2911.475.914.503.422.611.981.51
Accounts Receivable -42.578.03-31.71-25.1542.544.873.712.822.15
Inventories --1.589.020.980.31-0.830.460.350.270.20
Accounts Payable --20.68-8.930-3.340.21-1.62-1.23-0.94-0.72
Capital Expenditure -0.77-0.20-0.72-0.23-0.98-0.31-0.23-0.18-0.13-0.10
UFCF -32.39139.57-1.65-19.05-12.5657.7315.7511.999.126.94
WACC
PV UFCF 53.7513.659.676.854.86
SUM PV UFCF 88.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.41
Free cash flow (t + 1) 7.08
Terminal Value 130.93
Present Value of Terminal Value 91.58

Intrinsic Value

Enterprise Value 180.36
Net Debt -12.54
Equity Value 192.90
Shares Outstanding 14.91
Equity Value Per Share 12.94