Discounted Cash Flow (DCF) Analysis Unlevered

Thunderbird Resorts, Inc. (TBIRD.AS)

$0.0735

-0.00 (0.00%)
All numbers are in Millions, Currency in USD
Stock DCF: 0.45 | 0.0735 | undervalue

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 17.2415.2011.8613.1414.5314.0713.6413.2112.8012.40
Revenue (%)
EBITDA 1.442.341.714.243.792.722.632.552.472.40
EBITDA (%)
EBIT -0.660.09-0.292.622.600.900.880.850.820.80
EBIT (%)
Depreciation 2.102.2521.621.191.811.761.701.651.60
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 2.411.471.772.186.072.732.642.562.482.41
Total Cash (%)
Account Receivables -2.572.452.562.602.642.552.472.402.32
Account Receivables (%)
Inventories 0.190.210.160.190.230.190.190.180.180.17
Inventories (%)
Accounts Payable 3.663.073.0633.683.253.153.052.962.86
Accounts Payable (%)
Capital Expenditure ---0.45-0.46-0.50-0.50-0.49-0.47-0.46-0.44
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 0.0,735
Beta 3.045
Diluted Shares Outstanding 30.91
Cost of Debt
Tax Rate 63.76
After-tax Cost of Debt 4.49%
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.694
Total Debt 13.18
Total Equity 2.27
Total Capital 15.45
Debt Weighting 85.29
Equity Weighting 14.71
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 17.2415.2011.8613.1414.5314.0713.6413.2112.8012.40
EBITDA 1.442.341.714.243.792.722.632.552.472.40
EBIT -0.660.09-0.292.622.600.900.880.850.820.80
Tax Rate 481.85%-2.47%-12.02%35.49%63.76%113.32%113.32%113.32%113.32%113.32%
EBIAT 2.520.09-0.321.690.94-0.12-0.12-0.11-0.11-0.11
Depreciation 2.102.2521.621.191.811.761.701.651.60
Accounts Receivable --0.12-0.11-0.05-0.030.080.080.080.07
Inventories --0.030.05-0.02-0.040.040.010.010.010.01
Accounts Payable --0.59-0-0.070.68-0.43-0.10-0.10-0.09-0.09
Capital Expenditure ---0.45-0.46-0.50-0.50-0.49-0.47-0.46-0.44
UFCF 4.621.721.402.652.230.761.141.111.071.04
WACC
PV UFCF 0.7110.910.830.75
SUM PV UFCF 4.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.58
Free cash flow (t + 1) 1.06
Terminal Value 23.11
Present Value of Terminal Value 16.80

Intrinsic Value

Enterprise Value 21.02
Net Debt 7.22
Equity Value 13.80
Shares Outstanding 30.91
Equity Value Per Share 0.45