Discounted Cash Flow (DCF) Analysis Unlevered

Tecsys Inc. (TCS.TO)

$38.87

+3.18 (+8.91%)
All numbers are in Millions, Currency in USD
Stock DCF: 12.23 | 38.87 | 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 76.45104.85123.10137.20152.42181.81216.85258.66308.52367.99
Revenue (%)
EBITDA 1.229.2714.9710.498.1312.9415.4318.4021.9526.18
EBITDA (%)
EBIT -1.605.2010.856.424.256.978.319.9111.8214.10
EBIT (%)
Depreciation 2.824.074.114.063.875.977.128.4910.1312.08
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 14.9137.5345.8543.2437.0753.9564.3576.7691.56109.21
Total Cash (%)
Account Receivables 18.8724.2324.2322.4228.7637.3444.5453.1263.3675.58
Account Receivables (%)
Inventories 1.481.470.812.382.772.753.283.914.665.56
Inventories (%)
Accounts Payable 11.313.244.373.886.9410.4812.5014.9117.7821.21
Accounts Payable (%)
Capital Expenditure -0.56-1.13-1.53-2.06-1.79-2.09-2.49-2.97-3.54-4.22
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 38.87
Beta 0.725
Diluted Shares Outstanding 14.81
Cost of Debt
Tax Rate 43.74
After-tax Cost of Debt 7.84%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.581
Total Debt 2.91
Total Equity 575.55
Total Capital 578.46
Debt Weighting 0.50
Equity Weighting 99.50
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 76.45104.85123.10137.20152.42181.81216.85258.66308.52367.99
EBITDA 1.229.2714.9710.498.1312.9415.4318.4021.9526.18
EBIT -1.605.2010.856.424.256.978.319.9111.8214.10
Tax Rate 57.87%34.47%30.60%17.44%43.74%36.82%36.82%36.82%36.82%36.82%
EBIAT -0.673.417.535.302.394.405.256.267.478.91
Depreciation 2.824.074.114.063.875.977.128.4910.1312.08
Accounts Receivable --5.36-01.81-6.34-8.58-7.20-8.59-10.24-12.21
Inventories -0.010.66-1.58-0.380.02-0.53-0.63-0.75-0.90
Accounts Payable --8.081.13-0.493.063.542.022.412.873.43
Capital Expenditure -0.56-1.13-1.53-2.06-1.79-2.09-2.49-2.97-3.54-4.22
UFCF 1.59-7.0711.907.060.813.274.184.985.947.09
WACC
PV UFCF 3.043.6144.434.92
SUM PV UFCF 20

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.58
Free cash flow (t + 1) 7.37
Terminal Value 205.82
Present Value of Terminal Value 142.83

Intrinsic Value

Enterprise Value 162.83
Net Debt -18.32
Equity Value 181.15
Shares Outstanding 14.81
Equity Value Per Share 12.23