Discounted Cash Flow (DCF) Analysis Unlevered
Urbana Corporation (URB.TO)
$3.95
-0.04 (-1.00%)
All numbers are in Millions, Currency in USD
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 | 34.28 | -42.64 | 58.55 | 16 | 69.70 | 35.07 | 17.65 | 8.88 | 4.47 | 2.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 32.70 | -44.10 | 57.18 | 14.90 | 68.71 | 34.24 | 17.23 | 8.67 | 4.36 | 2.19 |
| EBITDA (%) | ||||||||||
| EBIT | - | - | - | - | - | 34.24 | 17.23 | 8.67 | 4.36 | 2.19 |
| 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 | 0.46 | 17.16 | 0.88 | 0.73 | 0.39 | -2.26 | -1.14 | -0.57 | -0.29 | -0.15 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.06 | 0.11 | 0.24 | 0.39 | 0.53 | 0.25 | 0.12 | 0.06 | 0.03 | 0.02 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.13 | 0.91 | 1.28 | 1.53 | 0.70 | 0.97 | 0.49 | 0.25 | 0.12 | 0.06 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 3.95 |
|---|---|
| Beta | 0.746 |
| Diluted Shares Outstanding | 43.85 |
| Cost of Debt | |
| Tax Rate | 11.76 |
| After-tax Cost of Debt | 2.67% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.309 |
| Total Debt | 23.70 |
| Total Equity | 173.22 |
| Total Capital | 196.92 |
| Debt Weighting | 12.04 |
| Equity Weighting | 87.96 |
| 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 | 34.28 | -42.64 | 58.55 | 16 | 69.70 | 35.07 | 17.65 | 8.88 | 4.47 | 2.25 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 32.70 | -44.10 | 57.18 | 14.90 | 68.71 | 34.24 | 17.23 | 8.67 | 4.36 | 2.19 |
| EBIT | - | - | - | - | - | 34.24 | 17.23 | 8.67 | 4.36 | 2.19 |
| Tax Rate | 11.01% | 12.48% | 10.66% | 8.75% | 11.76% | 10.93% | 10.93% | 10.93% | 10.93% | 10.93% |
| EBIAT | - | - | - | - | - | 30.50 | 15.35 | 7.72 | 3.89 | 1.95 |
| Depreciation | - | - | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | -0.05 | -0.13 | -0.15 | -0.15 | 0.29 | 0.12 | 0.06 | 0.03 | 0.02 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | -0.22 | 0.37 | 0.25 | -0.83 | 0.28 | -0.48 | -0.24 | -0.12 | -0.06 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | 31.06 | 14.98 | 7.54 | 3.79 | 1.91 |
| WACC | ||||||||||
| PV UFCF | 29.10 | 13.15 | 6.20 | 2.92 | 1.38 | |||||
| SUM PV UFCF | 52.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.75 |
| Free cash flow (t + 1) | 1.95 |
| Terminal Value | 40.99 |
| Present Value of Terminal Value | 29.57 |
Intrinsic Value
| Enterprise Value | 82.31 |
|---|---|
| Net Debt | 23.31 |
| Equity Value | 59 |
| Shares Outstanding | 43.85 |
| Equity Value Per Share | 1.35 |