Discounted Cash Flow (DCF) Analysis Unlevered

Synex Renewable Energy Corporation (SXI.TO)

$2.91

-0.14 (-4.59%)
All numbers are in Millions, Currency in USD
Stock DCF: -0.91 | 2.91 | 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 4.253.312.883.333.533.413.303.193.082.98
Revenue (%)
EBITDA 1.800.56-6.451.270.65-0.74-0.71-0.69-0.67-0.64
EBITDA (%)
EBIT 0.82-0.43-7.330.39-0.24-1.66-1.61-1.55-1.50-1.45
EBIT (%)
Depreciation 0.990.980.880.880.900.920.890.860.830.81
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 0.951.130.500.861.070.890.860.830.800.77
Total Cash (%)
Account Receivables 0.690.330.170.250.830.430.420.400.390.38
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 0.210.200.330.380.400.310.300.290.280.27
Accounts Payable (%)
Capital Expenditure -0.36-0.53-0.29-0.03-0.20-0.28-0.27-0.26-0.25-0.24
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 2.91
Beta 0.457
Diluted Shares Outstanding 39.30
Cost of Debt
Tax Rate 2.89
After-tax Cost of Debt 3.81%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.122
Total Debt 15.44
Total Equity 114.37
Total Capital 129.81
Debt Weighting 11.90
Equity Weighting 88.10
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 4.253.312.883.333.533.413.303.193.082.98
EBITDA 1.800.56-6.451.270.65-0.74-0.71-0.69-0.67-0.64
EBIT 0.82-0.43-7.330.39-0.24-1.66-1.61-1.55-1.50-1.45
Tax Rate 16.34%4.46%-2.71%-21.84%2.89%-0.17%-0.17%-0.17%-0.17%-0.17%
EBIAT 0.68-0.41-7.530.47-0.24-1.67-1.61-1.56-1.50-1.45
Depreciation 0.990.980.880.880.900.920.890.860.830.81
Accounts Receivable -0.360.16-0.08-0.570.400.010.010.010.01
Inventories ----------
Accounts Payable --00.130.050.02-0.09-0.01-0.01-0.01-0.01
Capital Expenditure -0.36-0.53-0.29-0.03-0.20-0.28-0.27-0.26-0.25-0.24
UFCF 1.310.40-6.651.29-0.09-0.72-0.98-0.95-0.92-0.89
WACC
PV UFCF -0.68-0.88-0.80-0.73-0.67
SUM PV UFCF -3.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.85
Free cash flow (t + 1) -0.91
Terminal Value -23.51
Present Value of Terminal Value -17.69

Intrinsic Value

Enterprise Value -21.45
Net Debt 14.37
Equity Value -35.82
Shares Outstanding 39.30
Equity Value Per Share -0.91