Discounted Cash Flow (DCF) Analysis Unlevered

Uni-Select Inc. (UNS.TO)

$38.54

+0.37 (+0.97%)
All numbers are in Millions, Currency in USD
Stock DCF: 7.21 | 38.54 | overvalue

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 1,448.271,751.961,739.571,471.821,612.801,671.061,731.421,793.961,858.761,925.91
Revenue (%)
EBITDA 107.80104.1975.9160.2588.8291.4294.7298.15101.69105.36
EBITDA (%)
EBIT 78.1564.4911.72-2.3528.9638.0639.4340.8642.3343.86
EBIT (%)
Depreciation 29.6539.7064.1962.6059.8653.3655.2957.2959.3661.50
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 50.4428.5535.7170.3141.9048.5950.3552.1754.0556
Total Cash (%)
Account Receivables 256.45264.52253.57174.90186.25236.67245.22254.07263.25272.76
Account Receivables (%)
Inventories 458.35524.34516.17368.99343.76459.99476.60493.82511.66530.14
Inventories (%)
Accounts Payable 436.73532.68448.53313.60328.12427.77443.23459.24475.83493.01
Accounts Payable (%)
Capital Expenditure -18.27-22.66-25.12-8.22-15.55-18.46-19.12-19.81-20.53-21.27
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 38.54
Beta 1.847
Diluted Shares Outstanding 43.06
Cost of Debt
Tax Rate 50.36
After-tax Cost of Debt 3.24%
Risk-Free Rate
Market Risk Premium
Cost of Equity 11.541
Total Debt 415.71
Total Equity 1,659.70
Total Capital 2,075.41
Debt Weighting 20.03
Equity Weighting 79.97
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 1,448.271,751.961,739.571,471.821,612.801,671.061,731.421,793.961,858.761,925.91
EBITDA 107.80104.1975.9160.2588.8291.4294.7298.15101.69105.36
EBIT 78.1564.4911.72-2.3528.9638.0639.4340.8642.3343.86
Tax Rate 33.03%18.31%-14.12%10.69%50.36%19.65%19.65%19.65%19.65%19.65%
EBIAT 52.3452.6813.38-2.1014.3830.5831.6832.8334.0135.24
Depreciation 29.6539.7064.1962.6059.8653.3655.2957.2959.3661.50
Accounts Receivable --8.0710.9578.68-11.35-50.42-8.55-8.86-9.18-9.51
Inventories --65.988.17147.1825.23-116.23-16.62-17.22-17.84-18.48
Accounts Payable -95.95-84.15-134.9314.5299.6515.4516.0116.5917.19
Capital Expenditure -18.27-22.66-25.12-8.22-15.55-18.46-19.12-19.81-20.53-21.27
UFCF 63.7291.62-12.59143.2087.08-1.5158.1460.2462.4264.67
WACC
PV UFCF -1.3748.1545.4142.8240.38
SUM PV UFCF 175.39

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.88
Free cash flow (t + 1) 65.96
Terminal Value 837.11
Present Value of Terminal Value 522.62

Intrinsic Value

Enterprise Value 698.01
Net Debt 387.56
Equity Value 310.45
Shares Outstanding 43.06
Equity Value Per Share 7.21