Discounted Cash Flow (DCF) Analysis Unlevered
True North Commercial Real Estate I... (TNT-UN.TO)
$3.33
-0.07 (-2.06%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 56.01 | 87.07 | 106.46 | 147.82 | 205.25 | 285 | 395.74 | 549.50 | 763.01 | 1,059.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 37.89 | 65.68 | 44.14 | 90.92 | 126.25 | 175.31 | 243.42 | 338 | 469.33 | 651.68 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 175.31 | 243.42 | 338 | 469.33 | 651.68 |
| 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 | 7.42 | 11.53 | 14.09 | 19.57 | 27.17 | 37.73 | 52.39 | 72.75 | 101.02 | 140.27 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 3.72 | 5.78 | 7.07 | 9.81 | 13.63 | 18.92 | 26.27 | 36.48 | 50.66 | 70.34 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 5.26 | 8.18 | 10 | 13.89 | 19.29 | 26.78 | 37.19 | 51.64 | 71.70 | 99.57 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.33 |
|---|---|
| Beta | 1.314 |
| Diluted Shares Outstanding | 86.35 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.33% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.704 |
| Total Debt | 820.40 |
| Total Equity | 287.53 |
| Total Capital | 1,107.93 |
| Debt Weighting | 74.05 |
| Equity Weighting | 25.95 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 56.01 | 87.07 | 106.46 | 147.82 | 205.25 | 285 | 395.74 | 549.50 | 763.01 | 1,059.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 37.89 | 65.68 | 44.14 | 90.92 | 126.25 | 175.31 | 243.42 | 338 | 469.33 | 651.68 |
| EBIT | - | - | - | - | - | 175.31 | 243.42 | 338 | 469.33 | 651.68 |
| Tax Rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| EBIAT | - | - | - | - | - | 175.31 | 243.42 | 338 | 469.33 | 651.68 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -2.06 | -1.29 | -2.75 | -3.81 | -5.29 | -7.35 | -10.21 | -14.18 | -19.68 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 2.92 | 1.82 | 3.89 | 5.40 | 7.49 | 10.41 | 14.45 | 20.06 | 27.86 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 177.51 | 246.48 | 342.24 | 475.22 | 659.86 |
| WACC | ||||||||||
| PV UFCF | - | - | 169.09 | 223.65 | 295.81 | 391.26 | 517.51 | |||
| SUM PV UFCF | 1,597.32 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.98 |
| Free cash flow (t + 1) | 673.06 |
| Terminal Value | 22,585.85 |
| Present Value of Terminal Value | 17,713.47 |
Intrinsic Value
| Enterprise Value | 19,310.78 |
|---|---|
| Net Debt | 814.93 |
| Equity Value | 18,495.86 |
| Shares Outstanding | 86.35 |
| Equity Value Per Share | 214.21 |