Discounted Cash Flow (DCF) Analysis Unlevered

Tecsys Inc. (TCS.TO)

$28.51

-0.53 (-1.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 6.10 | 28.51 | 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 70.7276.45104.85123.10137.20162.62192.75228.47270.80320.98
Revenue (%)
EBITDA 5.630.318.2014.9910.1111.6213.7716.3319.3522.94
EBITDA (%)
EBIT 4.41-1.564.6611.146.057.198.5210.1011.9714.18
EBIT (%)
Depreciation 1.221.873.533.844.064.435.266.237.388.75
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 13.5014.9137.5345.8543.2446.5655.1865.4177.5391.89
Total Cash (%)
Account Receivables 17.8618.8724.2324.2322.4235.4842.0549.8459.0870.02
Account Receivables (%)
Inventories 1.761.481.470.812.382.683.173.764.465.28
Inventories (%)
Accounts Payable ---4.373.885.186.147.288.6310.23
Accounts Payable (%)
Capital Expenditure -1.64-0.56-1.13-1.53-2.06-2.24-2.65-3.14-3.72-4.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 28.51
Beta 0.525
Diluted Shares Outstanding 14.78
Cost of Debt
Tax Rate 17.44
After-tax Cost of Debt 3.61%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.173
Total Debt 14.24
Total Equity 421.42
Total Capital 435.66
Debt Weighting 3.27
Equity Weighting 96.73
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 70.7276.45104.85123.10137.20162.62192.75228.47270.80320.98
EBITDA 5.630.318.2014.9910.1111.6213.7716.3319.3522.94
EBIT 4.41-1.564.6611.146.057.198.5210.1011.9714.18
Tax Rate 10.35%57.87%34.47%30.60%17.44%30.15%30.15%30.15%30.15%30.15%
EBIAT 3.95-0.663.057.734.995.025.957.058.369.91
Depreciation 1.221.873.533.844.064.435.266.237.388.75
Accounts Receivable --1.01-5.36-01.81-13.06-6.57-7.79-9.24-10.95
Inventories -0.280.010.66-1.58-0.29-0.50-0.59-0.70-0.83
Accounts Payable -----0.491.300.961.141.351.60
Capital Expenditure -1.64-0.56-1.13-1.53-2.06-2.24-2.65-3.14-3.72-4.41
UFCF 3.54-0.080.1110.706.75-4.832.452.903.444.07
WACC
PV UFCF -4.552.172.432.713.03
SUM PV UFCF 5.79

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.09
Free cash flow (t + 1) 4.15
Terminal Value 101.56
Present Value of Terminal Value 75.57

Intrinsic Value

Enterprise Value 81.36
Net Debt -8.76
Equity Value 90.12
Shares Outstanding 14.78
Equity Value Per Share 6.10