Discounted Cash Flow (DCF) Analysis Unlevered

Timbercreek Financial Corp. (TF.TO)

$7.81

+0.14 (+1.83%)
All numbers are in Millions, Currency in USD
Stock DCF: 10.30 | 7.81 | undervalue

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 116.10126.79127.22125.70116.57116.89117.21117.52117.84118.16
Revenue (%)
EBITDA 75.2582.0785.4356.9263.4069.2869.4769.6669.8570.04
EBITDA (%)
EBIT -----69.2869.4769.6669.8570.04
EBIT (%)
Depreciation ----------
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 0.700.548.990.436.343.243.253.263.273.28
Total Cash (%)
Account Receivables ----58.1258.2858.4458.6058.7658.91
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 5.434.223.673.015.134.134.154.164.174.18
Accounts Payable (%)
Capital Expenditure -42.75-3.56-0.86-16.88-15.66-15.70-15.74-15.79-15.83-15.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 7.81
Beta 1.094
Diluted Shares Outstanding 81.87
Cost of Debt
Tax Rate 0.00
After-tax Cost of Debt 2.14%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.791
Total Debt 1,032.29
Total Equity 639.41
Total Capital 1,671.70
Debt Weighting 61.75
Equity Weighting 38.25
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 116.10126.79127.22125.70116.57116.89117.21117.52117.84118.16
EBITDA 75.2582.0785.4356.9263.4069.2869.4769.6669.8570.04
EBIT -----69.2869.4769.6669.8570.04
Tax Rate 0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
EBIAT -----69.2869.4769.6669.8570.04
Depreciation ----------
Accounts Receivable ------0.16-0.16-0.16-0.16-0.16
Inventories ----------
Accounts Payable --1.21-0.55-0.662.11-0.990.010.010.010.01
Capital Expenditure -42.75-3.56-0.85-16.88-15.66-15.70-15.74-15.79-15.83-15.87
UFCF -----52.4353.5853.7353.8754.02
WACC
PV UFCF 50.0948.9046.8444.8742.98
SUM PV UFCF 233.67

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.68
Free cash flow (t + 1) 55.10
Terminal Value 2,055.97
Present Value of Terminal Value 1,635.68

Intrinsic Value

Enterprise Value 1,869.35
Net Debt 1,025.95
Equity Value 843.40
Shares Outstanding 81.87
Equity Value Per Share 10.30