Discounted Cash Flow (DCF) Analysis Unlevered

Scully Royalty Ltd

Scully Royalty Ltd (SRL)

$7.49
-0.06 (-0.79%)

Operating Data

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 866.661,638.891,579.701,131.66274.03139.75113.2796.9282.9370.9660.7251.95
Revenue (%)
EBITDA 73.0295.29-28.083.39-31.17-10.49-10.98-2.19-1.87-1.60-1.37-1.17
EBITDA (%)
EBIT 73.0295.29-28.083.39-31.17-10.75-11.48-2.49-2.13-1.82-1.56-1.34
EBIT (%)
Depreciation -----0.250.500.300.260.220.190.16
Depreciation (%)

Balance Sheet Data

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
Total Cash 360.55345.59197.92125.8880.1975.1692.4534.7529.7425.4421.7718.63
Total Cash (%)
Account Receivables 154.05226.07177.66182.9656.7014.126.0913.1711.279.658.257.06
Account Receivables (%)
Inventories 108.10260.75246.4733.029.8311.412.398.417.206.165.274.51
Inventories (%)
Accounts Payable 88.58137.37110.8827.0539.5318.859.928.967.666.565.614.80
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 7.49
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 93.89
Total Capital 134.44
Debt Weighting 30.16
Equity Weighting 69.84
Wacc

Build Up Free Cash

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 866.661,638.891,579.701,131.66274.03139.75113.2796.9282.9370.9660.7251.95
EBITDA 73.0295.29-28.083.39-31.17-10.49-10.98-2.19-1.87-1.60-1.37-1.17
EBIT 73.0295.29-28.083.39-31.17-10.75-11.48-2.49-2.13-1.82-1.56-1.34
Tax Rate 39.89%77.84%-779.93%-51.81%-24.60%33.10%-10.54%-102.29%-102.29%-102.29%-102.29%-102.29%
EBIAT 43.8921.11-247.085.15-38.83-7.19-12.69-5.04-4.31-3.69-3.16-2.70
Depreciation -----0.250.500.300.260.220.190.16
Accounts Receivable --72.0248.41-5.29126.2642.578.03-7.091.901.631.391.19
Inventories --152.6614.28213.4523.19-1.589.02-6.021.211.040.890.76
Accounts Payable -48.79-26.49-83.8312.48-20.68-8.93-0.97-1.29-1.11-0.95-0.81
Capital Expenditure -7.03-42.42-8.04-0.20-0.77-0.20-0.72-0.69-0.59-0.51-0.43-0.37
UFCF 36.86-197.19-218.92129.28122.3313.18-4.78-19.50-2.82-2.41-2.07-1.77
WACC
PV UFCF -17.94-2.39-1.88-1.48-1.16
SUM PV UFCF -24.84

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.74
Free cash flow (t + 1) -1.84
Terminal Value -38.78
Present Value of Terminal Value -25.51

Intrinsic Value

Enterprise Value -50.35
Net Debt -37.72
Equity Value -12.63
Shares Outstanding 12.53
Equity Value Per Share -1.01