Discounted Cash Flow (DCF) Analysis Levered
Scully Royalty Ltd (SRL)
$7.5
-0.05 (-0.66%)
Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Revenue | 866.66 | 1,638.89 | 1,579.70 | 1,131.66 | 274.03 | 139.75 | 113.27 | 96.92 | 82.93 | 70.96 | 60.72 | 51.95 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||||
| Operating Cash Flow | 10.77 | -3.98 | -104.37 | 99.87 | -3.20 | -7.19 | -9.81 | -1.63 | -1.39 | -1.19 | -1.02 | -0.87 |
| Operating Cash Flow (%) | ||||||||||||
| Capital Expenditure | -7.03 | -42.42 | -8.04 | -0.20 | -0.76 | -0.20 | -0.72 | -0.69 | -0.59 | -0.51 | -0.43 | -0.37 |
| Capital Expenditure (%) | ||||||||||||
| Free Cash Flow | 3.74 | -46.40 | -112.41 | 99.67 | -3.96 | -7.39 | -10.53 | -2.32 | -1.98 | -1.70 | -1.45 | -1.24 |
Weighted Average Cost Of Capital
| Share price | $ 7.5 |
|---|---|
| Beta | 0.992 |
| Diluted Shares Outstanding | 12.53 |
| Cost of Debt | |
| Tax Rate | -10.54 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 10.356 |
| Total Debt | 40.55 |
| Total Equity | 94.01 |
| Total Capital | 134.56 |
| Debt Weighting | 30.14 |
| Equity Weighting | 69.86 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2013 Actual | 2014 Actual | 2015 Actual | 2016 Actual | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Revenue | 866.66 | 1,638.89 | 1,579.70 | 1,131.66 | 274.03 | 139.75 | 113.27 | 96.92 | 82.93 | 70.96 | 60.72 | 51.95 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 10.77 | -3.98 | -104.37 | 99.87 | -3.20 | -7.19 | -9.81 | -1.63 | -1.39 | -1.19 | -1.02 | -0.87 |
| Capital Expenditure | -7.03 | -42.42 | -8.04 | -0.20 | -0.76 | -0.20 | -0.72 | -0.69 | -0.59 | -0.51 | -0.43 | -0.37 |
| Free Cash Flow | 3.74 | -46.40 | -112.41 | 99.67 | -3.96 | -7.39 | -10.53 | -2.32 | -1.98 | -1.70 | -1.45 | -1.24 |
| WACC | ||||||||||||
| PV LFCF | -2.32 | -1.82 | -1.43 | -1.13 | -0.89 | |||||||
| SUM PV LFCF | -6.98 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.74 |
| Free cash flow (t + 1) | -1.29 |
| Terminal Value | -27.25 |
| Present Value of Terminal Value | -17.92 |
Intrinsic Value
| Enterprise Value | -24.91 |
|---|---|
| Net Debt | -37.72 |
| Equity Value | 12.82 |
| Shares Outstanding | 12.53 |
| Equity Value Per Share | 1.02 |