Discounted Cash Flow (DCF) Analysis Unlevered

Vecima Networks Inc. (VCM.TO)

$16.81

+0.01 (+0.06%)
All numbers are in Millions, Currency in USD
Stock DCF: -44.23 | 16.81 | overvalue

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 78.1085.0396.42124.18186.81234.21293.64368.15461.56578.67
Revenue (%)
EBITDA 21.355.9118.6712.7629.2037.2646.7258.5773.4392.07
EBITDA (%)
EBIT 12.43-5.762.49-211.357.589.5011.9214.9418.73
EBIT (%)
Depreciation 8.9311.6716.1714.7617.8529.6837.2146.6658.5073.34
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 57.6944.4034.5128.9112.9089.97112.80141.42177.31222.29
Total Cash (%)
Account Receivables 20.5215.7825.7929.7151.6857.6972.3390.68113.69142.54
Account Receivables (%)
Inventories 15.0212.7217.2115.5849.6142.7053.5367.1184.14105.49
Inventories (%)
Accounts Payable 4.684.796.636.2521.4016.3920.5525.7732.3140.50
Accounts Payable (%)
Capital Expenditure -18.36-19.01-13.37-18.61-23.27-40.83-51.19-64.18-80.47-100.89
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 16.81
Beta 0.633
Diluted Shares Outstanding 22.41
Cost of Debt
Tax Rate 21.35
After-tax Cost of Debt 1.40%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.856
Total Debt 16.90
Total Equity 376.74
Total Capital 393.64
Debt Weighting 4.29
Equity Weighting 95.71
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 78.1085.0396.42124.18186.81234.21293.64368.15461.56578.67
EBITDA 21.355.9118.6712.7629.2037.2646.7258.5773.4392.07
EBIT 12.43-5.762.49-211.357.589.5011.9214.9418.73
Tax Rate -103.24%40.98%17.76%91.88%21.35%13.75%13.75%13.75%13.75%13.75%
EBIAT 25.25-3.402.05-0.168.936.548.2010.2812.8916.16
Depreciation 8.9311.6716.1714.7617.8529.6837.2146.6658.5073.34
Accounts Receivable -4.74-10.01-3.93-21.97-6.01-14.64-18.35-23.01-28.85
Inventories -2.30-4.491.63-34.036.91-10.83-13.58-17.03-21.35
Accounts Payable -0.111.84-0.3815.15-54.165.226.548.20
Capital Expenditure -18.36-19.01-13.37-18.61-23.27-40.83-51.19-64.18-80.47-100.89
UFCF 15.82-3.60-7.80-6.70-37.35-8.71-27.09-33.97-42.59-53.39
WACC
PV UFCF -8.17-23.83-28.03-32.96-38.75
SUM PV UFCF -131.74

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.62
Free cash flow (t + 1) -54.46
Terminal Value -1,178.80
Present Value of Terminal Value -855.55

Intrinsic Value

Enterprise Value -987.29
Net Debt 4
Equity Value -991.28
Shares Outstanding 22.41
Equity Value Per Share -44.23