Discounted Cash Flow (DCF) Analysis Unlevered

Teekay Tankers Ltd. (TNK)

$41.68

+0.18 (+0.43%)
All numbers are in Millions, Currency in USD
Stock DCF: 399.68 | 41.68 | 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 755.76920.97886.43542.371,063.111,263.261,501.101,783.712,119.532,518.57
Revenue (%)
EBITDA 122.61237.24336.40-11.38352.14280.34333.12395.83470.36558.91
EBITDA (%)
EBIT 4.10113.24219.19-117.47253.11100.34119.23141.68168.35200.05
EBIT (%)
Depreciation 118.51124117.21106.0899.03180213.89254.16302358.86
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 54.9288.8297.2350.57180.51136.90162.67193.30229.69272.93
Total Cash (%)
Account Receivables 113.58211.8068.0889.81202.12205.35244.01289.94344.53409.40
Account Receivables (%)
Inventories 39.1549.7934.6149.0360.8373.9187.82104.36124147.35
Inventories (%)
Accounts Payable 52139.2986.1167.4189.82132.89157.91187.64222.97264.95
Accounts Payable (%)
Capital Expenditure -5.83-11.63-16.02-21.45-15.43-23.36-27.76-32.99-39.20-46.58
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 41.68
Beta -0.076
Diluted Shares Outstanding 34.29
Cost of Debt
Tax Rate 0.23
After-tax Cost of Debt 6.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 4.267
Total Debt 576.20
Total Equity 1,429.09
Total Capital 2,005.29
Debt Weighting 28.73
Equity Weighting 71.27
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 755.76920.97886.43542.371,063.111,263.261,501.101,783.712,119.532,518.57
EBITDA 122.61237.24336.40-11.38352.14280.34333.12395.83470.36558.91
EBIT 4.10113.24219.19-117.47253.11100.34119.23141.68168.35200.05
Tax Rate 0.00%48.60%7.70%0.79%0.23%11.46%11.46%11.46%11.46%11.46%
EBIAT 4.1058.20202.31-116.54252.5388.84105.56125.44149.05177.11
Depreciation 118.51124117.21106.0899.03180213.89254.16302358.86
Accounts Receivable --98.22143.72-21.73-112.31-3.23-38.66-45.94-54.59-64.87
Inventories --10.6415.18-14.42-11.80-13.08-13.91-16.53-19.65-23.35
Accounts Payable -87.29-53.18-18.7022.4043.0725.0229.7335.3341.98
Capital Expenditure -5.83-11.63-16.02-21.45-15.43-23.36-27.76-32.99-39.20-46.58
UFCF 116.78149.01409.23-86.75234.42272.24264.13313.86372.95443.16
WACC
PV UFCF 259.72240.40272.52308.94350.22
SUM PV UFCF 1,431.80

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.82
Free cash flow (t + 1) 452.03
Terminal Value 16,029.37
Present Value of Terminal Value 12,667.64

Intrinsic Value

Enterprise Value 14,099.44
Net Debt 395.69
Equity Value 13,703.75
Shares Outstanding 34.29
Equity Value Per Share 399.68