Discounted Cash Flow (DCF) Analysis Levered

Maxar Technologies Inc (MAXR)

$ 31
1.55 (+5.26%)

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,708.341,8081,525.821,535.441,631.202,1411,6661,7231,746.591,770.501,794.731,819.301,844.21
Revenue (%)
Operating Cash Flow 143.1667.3697.42128.53205.90139317189165.87168.14170.44172.77175.14
Operating Cash Flow (%)
Capital Expenditure -59.48-79.88-57.95-99.23-126.60-218-314-308-159-161.17-163.38-165.62-167.89
Capital Expenditure (%)
Free Cash Flow 83.68-12.5339.4729.3079.30-793-1196.876.967.067.157.25

Weighted Average Cost Of Capital

Share price $ 31
Beta 1.293
Diluted Shares Outstanding 61
Cost of Debt
Tax Rate 539.13
After-tax Cost of Debt -21.96%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.748
Total Debt 2,422
Total Equity 1,891
Total Capital 4,313
Debt Weighting 56.16
Equity Weighting 43.84
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue 1,708.341,8081,525.821,535.441,631.202,1411,6661,7231,746.591,770.501,794.731,819.301,844.21
Operating Cash Flow 143.1667.3697.42128.53205.90139317189165.87168.14170.44172.77175.14
Capital Expenditure -59.48-79.88-57.95-99.23-126.60-218-314-308-159-161.17-163.38-165.62-167.89
Free Cash Flow 83.68-12.5339.4729.3079.30-793-1196.876.967.067.157.25
WACC
PV LFCF 7.368.018.709.4610.28
SUM PV LFCF 43.81

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -6.74
Free cash flow (t + 1) 7.54
Terminal Value -70.23
Present Value of Terminal Value -99.55

Intrinsic Value

Enterprise Value -55.74
Net Debt 2,395
Equity Value -2,450.74
Shares Outstanding 61
Equity Value Per Share -40.18