Discounted Cash Flow (DCF) Analysis Unlevered

Westshore Terminals Investment Corp... (WTE.TO)

$24.47

+0.10 (+0.41%)
All numbers are in Millions, Currency in USD
Stock DCF: 33.23 | 24.47 | undervalue

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 330.03363.37395.42368.41340.47344.31348.19352.11356.08360.09
Revenue (%)
EBITDA 169.50193.35228.29211.88187.97189.38191.52193.68195.86198.07
EBITDA (%)
EBIT 152.47176.62203.42185.70159.55167.69169.58171.49173.42175.38
EBIT (%)
Depreciation 17.0316.7324.8726.1828.4221.7021.9422.1922.4422.69
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 68.5250.05131.86201.43243.49133.64135.15136.67138.21139.77
Total Cash (%)
Account Receivables 30.1615.4324.5811.6415.1518.7418.9519.1619.3819.60
Account Receivables (%)
Inventories 14.2814.3616.1218.2117.8115.5215.6915.8716.0516.23
Inventories (%)
Accounts Payable 76.7666.6756.2444.7144.5755.8256.4457.0857.7258.37
Accounts Payable (%)
Capital Expenditure -49.64-48.11-21.53-16.89-8.11-28.02-28.34-28.66-28.98-29.31
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.47
Beta 0.959
Diluted Shares Outstanding 63.26
Cost of Debt
Tax Rate 26.99
After-tax Cost of Debt 3.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.053
Total Debt 283.32
Total Equity 1,548
Total Capital 1,831.32
Debt Weighting 15.47
Equity Weighting 84.53
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 330.03363.37395.42368.41340.47344.31348.19352.11356.08360.09
EBITDA 169.50193.35228.29211.88187.97189.38191.52193.68195.86198.07
EBIT 152.47176.62203.42185.70159.55167.69169.58171.49173.42175.38
Tax Rate 26.54%28.09%27.02%27.03%26.99%27.13%27.13%27.13%27.13%27.13%
EBIAT 112127.02148.45135.50116.49122.19123.57124.96126.37127.79
Depreciation 17.0316.7324.8726.1828.4221.7021.9422.1922.4422.69
Accounts Receivable -14.73-9.1512.94-3.51-3.59-0.21-0.21-0.22-0.22
Inventories --0.08-1.76-2.090.402.29-0.17-0.18-0.18-0.18
Accounts Payable --10.09-10.43-11.54-0.1411.250.630.640.640.65
Capital Expenditure -49.64-48.11-21.53-16.89-8.11-28.02-28.34-28.66-28.98-29.31
UFCF 79.39100.20130.44144.11133.55125.82117.41118.73120.07121.42
WACC
PV UFCF 117.28102.0296.1790.6585.45
SUM PV UFCF 491.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.28
Free cash flow (t + 1) 123.85
Terminal Value 2,345.71
Present Value of Terminal Value 1,650.75

Intrinsic Value

Enterprise Value 2,142.31
Net Debt 39.83
Equity Value 2,102.47
Shares Outstanding 63.26
Equity Value Per Share 33.23