Discounted Cash Flow (DCF) Analysis Unlevered

Synex Renewable Energy Corporation (SXI.TO)

$2.19

-0.01 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: -3.04 | 2.19 | 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 2.883.333.533.352.202.112.011.921.841.76
Revenue (%)
EBITDA -0.191.130.600.88-0.310.240.230.220.210.20
EBITDA (%)
EBIT -1.080.25-0.29-0.06-1.23-0.40-0.39-0.37-0.35-0.34
EBIT (%)
Depreciation 0.880.880.900.940.920.640.610.590.560.54
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 0.500.861.070.630.320.450.430.410.390.38
Total Cash (%)
Account Receivables 0.170.250.830.540.130.250.240.230.220.21
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.330.380.400.620.730.360.350.330.320.30
Accounts Payable (%)
Capital Expenditure -0.29-0.03-0.20-0.27-0.28-0.16-0.15-0.14-0.14-0.13
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.19
Beta 0.459
Diluted Shares Outstanding 4.04
Cost of Debt
Tax Rate 4.15
After-tax Cost of Debt 4.26%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.451
Total Debt 13.72
Total Equity 8.85
Total Capital 22.57
Debt Weighting 60.78
Equity Weighting 39.22
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 2.883.333.533.352.202.112.011.921.841.76
EBITDA -0.191.130.600.88-0.310.240.230.220.210.20
EBIT -1.080.25-0.29-0.06-1.23-0.40-0.39-0.37-0.35-0.34
Tax Rate -2.71%-21.84%2.89%1.34%4.15%-3.24%-3.24%-3.24%-3.24%-3.24%
EBIAT -1.110.30-0.28-0.06-1.18-0.42-0.40-0.38-0.36-0.35
Depreciation 0.880.880.900.940.920.640.610.590.560.54
Accounts Receivable --0.08-0.570.290.41-0.120.010.010.010.01
Inventories ----------
Accounts Payable -0.050.020.210.11-0.37-0.02-0.02-0.01-0.01
Capital Expenditure -0.29-0.03-0.20-0.27-0.28-0.16-0.15-0.14-0.14-0.13
UFCF -0.511.12-0.141.11-0.02-0.420.060.060.050.05
WACC
PV UFCF -0.400.050.050.040.04
SUM PV UFCF -0.21

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.12
Free cash flow (t + 1) 0.05
Terminal Value 1.69
Present Value of Terminal Value 1.32

Intrinsic Value

Enterprise Value 1.11
Net Debt 13.40
Equity Value -12.29
Shares Outstanding 4.04
Equity Value Per Share -3.04