Discounted Cash Flow (DCF) Analysis Unlevered

WSP Global Inc. (WSP.TO)

$159.42

+2.73 (+1.74%)
All numbers are in Millions, Currency in USD
Stock DCF: 103.79 | 159.42 | 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 6,942.207,908.108,916.108,803.9010,279.1011,362.4612,56013,883.7515,347.0116,964.50
Revenue (%)
EBITDA 524.50579.20996.20934.301,243.701,108.161,224.951,354.061,496.771,654.52
EBITDA (%)
EBIT 355.70384.80513.80458725.20636.52703.60777.76859.73950.34
EBIT (%)
Depreciation 168.80194.40482.40476.30518.50471.64521.35576.30637.04704.18
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 185.10254.70370.10555.201,069.10607.78671.83742.64820.91907.43
Total Cash (%)
Account Receivables 2,366.102,888.302,782.302,576.803,0563,654.414,039.564,465.314,935.925,456.14
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 518.50737.70608.40509.10765.70837.47925.741,023.301,131.151,250.37
Accounts Payable (%)
Capital Expenditure -104.10-126.80-149-93.10-121.20-159.32-176.11-194.67-215.19-237.86
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 159.42
Beta 0.984
Diluted Shares Outstanding 116.90
Cost of Debt
Tax Rate 26.59
After-tax Cost of Debt 2.11%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.435
Total Debt 2,797
Total Equity 18,636.47
Total Capital 21,433.47
Debt Weighting 13.05
Equity Weighting 86.95
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 6,942.207,908.108,916.108,803.9010,279.1011,362.4612,56013,883.7515,347.0116,964.50
EBITDA 524.50579.20996.20934.301,243.701,108.161,224.951,354.061,496.771,654.52
EBIT 355.70384.80513.80458725.20636.52703.60777.76859.73950.34
Tax Rate 32.37%24.66%25.74%28.48%26.59%27.57%27.57%27.57%27.57%27.57%
EBIAT 240.55289.91381.55327.57532.41461.05509.64563.36622.73688.36
Depreciation 168.80194.40482.40476.30518.50471.64521.35576.30637.04704.18
Accounts Receivable --522.20106205.50-479.20-598.41-385.15-425.75-470.62-520.22
Inventories ----------
Accounts Payable -219.20-129.30-99.30256.6071.7788.2697.57107.85119.22
Capital Expenditure -104.10-126.80-149-93.10-121.20-159.32-176.11-194.67-215.19-237.86
UFCF 305.2554.51691.65816.97707.11246.74558616.81681.82753.68
WACC
PV UFCF 231.16489.75507.19525.24543.94
SUM PV UFCF 2,297.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.74
Free cash flow (t + 1) 768.75
Terminal Value 16,218.35
Present Value of Terminal Value 11,704.98

Intrinsic Value

Enterprise Value 14,002.26
Net Debt 1,869.60
Equity Value 12,132.66
Shares Outstanding 116.90
Equity Value Per Share 103.79