Discounted Cash Flow (DCF) Analysis Unlevered

Maxar Technologies Inc (MAXR)

$ 30.42
0.97 (+3.29%)

Operating Data

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 (%)
EBITDA 256.85261.48251.42247.68318.80354366398312.75317.03321.37325.77330.23
EBITDA (%)
EBIT 184.62190.58179.76171.33151.70-95-1050112.33113.87115.43117.01118.61
EBIT (%)
Depreciation 72.2370.9071.6776.34167.10449376348200.42203.17205.95208.77211.62
Depreciation (%)

Balance Sheet Data

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
Total Cash 53.1020.6235.7519.9219.9035592734.6135.0835.5636.0536.54
Total Cash (%)
Account Receivables 388.63472.71466.33403.75548.40478357327441.24447.28453.41459.61465.91
Account Receivables (%)
Inventories 108.2986.77103.97102.7896.5031203176.4377.4878.5479.6280.71
Inventories (%)
Accounts Payable 193.27217.41166.92185.84236.90248153115192.88195.52198.20200.91203.66
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 30.42
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 1,855.62
Total Capital 4,277.62
Debt Weighting 56.62
Equity Weighting 43.38
Wacc

Build Up Free Cash

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
EBITDA 256.85261.48251.42247.68318.80354366398312.75317.03321.37325.77330.23
EBIT 184.62190.58179.76171.33151.70-95-1050112.33113.87115.43117.01118.61
Tax Rate 18.30%44.31%23.43%18.55%383.62%4.82%-41.56%539.13%123.83%123.83%123.83%123.83%123.83%
EBIAT 150.83106.13137.64139.55-430.25-90.42-14.16-219.57-26.76-27.13-27.50-27.88-28.26
Depreciation 72.2370.9071.6776.34167.10449376348200.42203.17205.95208.77211.62
Accounts Receivable --84.086.3862.59-144.6570.4012130-114.24-6.04-6.12-6.21-6.29
Inventories -21.52-17.211.196.2865.5011-11-45.43-1.05-1.06-1.08-1.09
Accounts Payable -24.14-50.4918.9251.0611.10-95-3877.882.642.682.712.75
Capital Expenditure -59.48-79.88-57.95-99.23-126.60-218-314-308-159-161.17-163.38-165.62-167.89
UFCF 163.5858.7390.04199.36-477.06287.5884.84-198.57-67.1410.4110.5610.7010.85
WACC
PV UFCF -77.4612.9114.0515.3016.66
SUM PV UFCF -17.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -6.90
Free cash flow (t + 1) 11.28
Terminal Value -103.50
Present Value of Terminal Value -147.98

Intrinsic Value

Enterprise Value -165.24
Net Debt 2,395
Equity Value -2,560.24
Shares Outstanding 61
Equity Value Per Share -41.97