Discounted Cash Flow (DCF) Analysis Unlevered

Yellow Pages Limited (Y.TO)

$12.52

+0.07 (+0.56%)
All numbers are in Millions, Currency in USD
Stock DCF: 11.60 | 12.52 | 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 745.85577.20403.21333.54287.65227.39179.75142.10112.3388.80
Revenue (%)
EBITDA -366.38182.24141.77123.6089.6239.0330.8524.3919.2815.24
EBITDA (%)
EBIT -471.88106.15102.6695.9469.9915.3212.119.577.575.98
EBIT (%)
Depreciation 105.5076.0939.1127.6619.6423.7218.7514.8211.729.26
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 46.4181.4545.33154.70125.0455.2243.6534.5127.2821.57
Total Cash (%)
Account Receivables 127.27133.2087.5964.4342.2743.6034.4727.2521.5417.03
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 59.5830.0418.5618.7319.1313.6710.818.546.755.34
Accounts Payable (%)
Capital Expenditure -67.71-16.19-9.74-5.57-5.07-8.06-6.37-5.04-3.98-3.15
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 12.52
Beta 0.941
Diluted Shares Outstanding 26.60
Cost of Debt
Tax Rate -17.89
After-tax Cost of Debt 20.19%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.095
Total Debt 49.88
Total Equity 333.07
Total Capital 382.95
Debt Weighting 13.03
Equity Weighting 86.97
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 745.85577.20403.21333.54287.65227.39179.75142.10112.3388.80
EBITDA -366.38182.24141.77123.6089.6239.0330.8524.3919.2815.24
EBIT -471.88106.15102.6695.9469.9915.3212.119.577.575.98
Tax Rate -14.01%-59.22%-35.69%23.39%-17.89%-20.68%-20.68%-20.68%-20.68%-20.68%
EBIAT -537.97169.01139.2973.4982.5118.4814.6111.559.137.22
Depreciation 105.5076.0939.1127.6619.6423.7218.7514.8211.729.26
Accounts Receivable --5.9445.6123.1622.16-1.349.137.225.714.51
Inventories ----------
Accounts Payable --29.54-11.480.170.40-5.46-2.86-2.26-1.79-1.41
Capital Expenditure -67.71-16.19-9.74-5.57-5.07-8.06-6.37-5.04-3.98-3.15
UFCF -500.18193.44202.79118.92119.6327.3433.2526.2920.7816.43
WACC
PV UFCF 24.9327.6519.9314.3710.35
SUM PV UFCF 97.23

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 9.67
Free cash flow (t + 1) 16.76
Terminal Value 218.46
Present Value of Terminal Value 137.70

Intrinsic Value

Enterprise Value 234.93
Net Debt -73.68
Equity Value 308.61
Shares Outstanding 26.60
Equity Value Per Share 11.60