Discounted Cash Flow (DCF) Analysis Unlevered
SIR Royalty Income Fund (SRV-UN.TO)
$17.5
+0.05 (+0.29%)
All numbers are in Millions, Currency in USD
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 | 14.05 | 7.99 | 16.78 | -42.73 | 7.12 | -0.08 | 0 | -0 | 0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 16.61 | 7.55 | 16.29 | -43.25 | 6.56 | -0.08 | 0 | -0 | 0 | -0 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | -0.08 | 0 | -0 | 0 | -0 |
| 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 | 0.37 | 0.30 | 0.14 | 0.14 | 1.41 | -0 | 0 | -0 | 0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 43.93 | 40.16 | 42.98 | 26.39 | 26.17 | -0.22 | 0 | -0 | 0 | -0 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 0.12 | 0.11 | 0.12 | 0.11 | 0.13 | -0 | 0 | -0 | 0 | -0 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 17.5 |
|---|---|
| Beta | 2.625 |
| Diluted Shares Outstanding | 10.35 |
| Cost of Debt | |
| Tax Rate | 25.09 |
| After-tax Cost of Debt | 3.75% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 16.089 |
| Total Debt | - |
| Total Equity | 181.07 |
| Total Capital | - |
| Debt Weighting | - |
| Equity Weighting | - |
| 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 | 14.05 | 7.99 | 16.78 | -42.73 | 7.12 | -0.08 | 0 | -0 | 0 | -0 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 16.61 | 7.55 | 16.29 | -43.25 | 6.56 | -0.08 | 0 | -0 | 0 | -0 |
| EBIT | - | - | - | - | - | -0.08 | 0 | -0 | 0 | -0 |
| Tax Rate | 27.90% | 32.22% | 22.40% | -1.73% | 25.09% | 21.18% | 21.18% | 21.18% | 21.18% | 21.18% |
| EBIAT | - | - | - | - | - | -0.06 | 0 | -0 | 0 | -0 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | 3.76 | -2.82 | 16.59 | 0.22 | 26.38 | -0.22 | 0 | -0 | 0 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.02 | 0.02 | -0.01 | 0.02 | -0.13 | 0 | -0 | 0 | -0 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 26.19 | -0.22 | 0 | -0 | 0 |
| WACC | ||||||||||
| PV UFCF | - | - | - | - | - | |||||
| SUM PV UFCF | - |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | - |
| Free cash flow (t + 1) | 0 |
| Terminal Value | - |
| Present Value of Terminal Value | - |
Intrinsic Value
| Enterprise Value | - |
|---|---|
| Net Debt | -1.41 |
| Equity Value | - |
| Shares Outstanding | 10.35 |
| Equity Value Per Share | - |