Brookfield Asset Management Inc. (BAM-A.TO) Discounted Free Cash Flow - Exit Multiple

Brookfield Asset Management Inc.

BAM-A.TO (TSX)

Valuation
Brookfield Asset Management Inc. Discounted Free Cash Flow - Exit Multiple

"""
    Model: Discounted Free Cash Flow - Exit Multiple

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Read more: [GitHub Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%revenue_growth_rate": None,
        "exit_ebitda_multiple": None,
        "%ebitda_margin": None,
        "%capital_expenditure_to_ebitda": None,
        "%operating_cash_flow_to_ebitda": None,
        "historical_years": 10,
        "projection_years": 5,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

# Compute ratios
data.compute({
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%netIncomeToEbitda": "income:netIncome / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

# Calculate margins
assumptions.set("%ebitda_margin", data.average("%ebitdaMargin"))
assumptions.set_bounds(
    "%ebitda_margin", low=0, high="100%"
)

assumptions.set("%operating_cash_flow_to_ebitda", data.average("%operatingCashFlowToEbitda"))
# Limit OCF range
assumptions.set_bounds(
    "%operating_cash_flow_to_ebitda", low=0, high="100%"
)

assumptions.set("%capital_expenditure_to_ebitda", data.average("%capitalExpenditureToEbitda"))
# Limit CapEx range
assumptions.set_bounds(
    "%capital_expenditure_to_ebitda", low=0, high="90%"
)

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

# Calculate the Enterprise Value and set the exit EBITDA multiple
ev = data.get("profile:mktCap + balance:totalDebt - balance:cashAndShortTermInvestments")
exit_ebitda_multiple = data.get(f"{ev} / income:ebitda")
assumptions.set("exit_ebitda_multiple", exit_ebitda_multiple)

# Compute forecasted values and ratios
data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "income:ebitda": f"income:revenue * {assumptions.get('%ebitda_margin')}",
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:ebitda * {assumptions.get('%operating_cash_flow_to_ebitda')}",
    "computedCapitalExpenditure": f"income:ebitda * {assumptions.get('%capital_expenditure_to_ebitda')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculate the terminal value
exit_multiple = assumptions.get("exit_ebitda_multiple")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"{exit_multiple} * income:ebitda:{end_year}")

# Discount the terminal value into the present
discounted_terminal_value = terminal_value / ((1 + assumptions.get("%discount_rate")) ** assumptions.get("projection_years"))

# Projected enterprise value calculation
projected_enterprise_value = discounted_terminal_value + data.sum(f"discountedFreeCashFlow:1->{assumptions.get('projection_years')}")

# Equity value calculation
equity_value = projected_enterprise_value + data.get("balance:cashAndShortTermInvestments") - data.get("balance:totalDebt")
value_per_share = equity_value / data.get("income:weightedAverageShsOut")

# Set the final value
model.set_final_value({
    "value": value_per_share,
    "units": "$"
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

# Render results
model.render_results([
    [data.get("profile:mktCap"), "Market Capitalization", "$"],
    [ev, "Current Enterprise Value (EV)", "$"],
    [data.get("income:ebitda"), "Current EBITDA", "$"],
    [exit_ebitda_multiple, "Exit EBITDA Multiple (EV/EBITDA)", "#"],
    [data.get(f"income:ebitda:{assumptions.get('projection_years')}"), "Terminal EBITDA", "$"],
    [terminal_value, "Terminal Enterprise Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Enterprise Value", "$"],
    [projected_enterprise_value - discounted_terminal_value, "Sum of Discounted Free Cash Flow", "$"],
    [projected_enterprise_value, "Present Enterprise Value", "$"],
    [data.get("balance:cashAndShortTermInvestments"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Present Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "#"],
    [value_per_share, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

# Render Chart
model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "income:ebitda": "EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical and Forecasted Data",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow",
            "income:ebitda",
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
    }
})

# Render Table for Estimated Future Data
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowToEbitda": "Operating Cash Flow to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Estimated Future Data",
        "order": "ascending",
        "number_format": "M",
    }
})

# Render Historical Table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "income:netIncome": "Net Income",
        "%netIncomeToEbitda": "Net Income to EBITDA",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowToEbitda": "Cash from Operating Activities to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M",
    }
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"exit_ebitda_multiple": r"""
        ## Exit EBITDA Multiple
        
        The exit EV/EBITDA multiple used to calculate the terminal value.
    """,

"%ebitda_margin": r"""
        ## EBITDA Margin
        
        EBITDA expressed as a percentage of Revenue.
    """,

"%capital_expenditure_to_ebitda": r"""
        ## Capital Expenditure to EBITDA
        
        Capital expenditure expressed as a percentage of EBITDA.
    """,

"%operating_cash_flow_to_ebitda": r"""
        ## Operating Cash Flow to EBITDA
        
        Operating cash flow expressed as a percentage of EBITDA.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,
})

print(f"End of model.")

Estimated Value

CAD

Market Price CAD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Exit Ebitda Multiple Exit EBITDA Multiple The exit EV/EBITDA multiple used to calculate the terminal value.	#
Ebitda Margin EBITDA Margin EBITDA expressed as a percentage of Revenue.	%
Capital Expenditure To Ebitda Capital Expenditure to EBITDA Capital expenditure expressed as a percentage of EBITDA.	%
Operating Cash Flow To Ebitda Operating Cash Flow to EBITDA Operating cash flow expressed as a percentage of EBITDA.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#

Results
Market Capitalization	0 CAD
Current Enterprise Value (EV)	267.1 Bil. CAD
Current EBITDA	30.47 Bil. CAD
Exit EBITDA Multiple (EV/EBITDA)	8.77
Terminal EBITDA	65.27 Bil. CAD
Terminal Enterprise Value	572.4 Bil. CAD
Discounted Terminal Enterprise Value	441.5 Bil. CAD
Sum of Discounted Free Cash Flow	33.4 Bil. CAD
Present Enterprise Value	475 Bil. CAD
Cash and Equivalents	15.63 Bil. CAD
Total Debt	282.7 Bil. CAD
Present Equity Value	207.9 Bil. CAD
Shares Outstanding	1.61 Bil.
Estimated Value per Share	129 CAD
Yield of the U.S. 10 Year Treasury Note	4.02%
Cost of Equity	10.03%
Equity Weight	25.13%
Cost of Debt	4.58%
Debt Weight	74.87%
Forecasted Revenue - 5 Year CAGR	21.7%
Forecasted Free Cash Flow - 5 Year CAGR	50.34%

Historical and Forecasted Data

Monetary values in CAD

{"sectionId": "section-chart-1", "sectionType": "chart", "title": "Historical and Forecasted Data", "timeseries": "annual", "series": [{"label": "Revenue", "mappingKey": "income:revenue", "data": [{"l": "2012", "x": "2012-12-31", "y": 18599588630}, {"l": "2013", "x": "2013-12-31", "y": 22153538200}, {"l": "2014", "x": "2014-12-31", "y": 21326664120}, {"l": "2015", "x": "2015-12-31", "y": 27534302490}, {"l": "2016", "x": "2016-12-31", "y": 32795690280}, {"l": "2017", "x": "2017-12-31", "y": 51305932980}, {"l": "2018", "x": "2018-12-31", "y": 77470274310}, {"l": "2019", "x": "2019-12-31", "y": 88006269780}, {"l": "2020", "x": "2020-12-31", "y": 80046451200}, {"l": "2021", "x": "2021-12-31", "y": 95729285170}, {"l": "2022", "x": "2022-12-31", "y": 116502540051, "oy": 116502540051, "e": true, "d": 2022, "g": 21.7, "og": 21.7}, {"l": "2023", "x": "2023-12-31", "y": 141783591243, "oy": 141783591243, "e": true, "d": 2023, "g": 21.7, "og": 21.7}, {"l": "2024", "x": "2024-12-31", "y": 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"2022", "x": "2022-12-31", "y": 12845125026, "oy": 12845125026, "e": true, "d": 2022, "g": 29.05, "og": 29.05}, {"l": "2023", "x": "2023-12-31", "y": 15632517157, "oy": 15632517157, "e": true, "d": 2023, "g": 21.7, "og": 21.7}, {"l": "2024", "x": "2024-12-31", "y": 19024773380, "oy": 19024773380, "e": true, "d": 2024, "g": 21.7, "og": 21.7}, {"l": "2025", "x": "2025-12-31", "y": 23153149203, "oy": 23153149203, "e": true, "d": 2025, "g": 21.7, "og": 21.7}, {"l": "2026", "x": "2026-12-31", "y": 28177382580, "oy": 28177382580, "e": true, "d": 2026, "g": 21.7, "og": 21.7}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "EBITDA", "mappingKey": "income:ebitda", "data": [{"l": "2012", "x": "2012-12-31", "y": 4763054520}, {"l": "2013", "x": "2013-12-31", "y": 7340553080}, {"l": "2014", "x": "2014-12-31", "y": 6092337180}, {"l": "2015", "x": "2015-12-31", "y": 7577360400}, {"l": "2016", "x": "2016-12-31", "y": 8991911640}, {"l": "2017", "x": "2017-12-31", "y": 10564096140}, {"l": "2018", "x": "2018-12-31", "y": 15354591720}, {"l": "2019", "x": "2019-12-31", "y": 19590107940}, {"l": "2020", "x": "2020-12-31", "y": 19600869600}, {"l": "2021", "x": "2021-12-31", "y": 25699807170}, {"l": "2022", "x": "2022-12-31", "y": 29754748729, "oy": 29754748729, "e": true, "d": 2022, "g": 15.78, "og": 15.78}, {"l": "2023", "x": "2023-12-31", "y": 36211529203, "oy": 36211529203, "e": true, "d": 2023, "g": 21.7, "og": 21.7}, {"l": "2024", "x": "2024-12-31", "y": 44069431040, "oy": 44069431040, "e": true, "d": 2024, "g": 21.7, "og": 21.7}, {"l": "2025", "x": "2025-12-31", "y": 53632497576, "oy": 53632497576, "e": true, "d": 2025, "g": 21.7, "og": 21.7}, {"l": "2026", "x": "2026-12-31", "y": 65270749550, "oy": 65270749550, "e": true, "d": 2026, "g": 21.7, "og": 21.7}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2012", "x": "2012-12-31", "y": -2036335130}, {"l": "2013", "x": "2013-12-31", "y": 757240480}, {"l": "2014", "x": "2014-12-31", "y": 1714123080}, {"l": "2015", "x": "2015-12-31", "y": 2314690020}, {"l": "2016", "x": "2016-12-31", "y": 2164346280}, {"l": "2017", "x": "2017-12-31", "y": 2912107950}, {"l": "2018", "x": "2018-12-31", "y": 4362658170}, {"l": "2019", "x": "2019-12-31", "y": 4249410750}, {"l": "2020", "x": "2020-12-31", "y": 5522072400}, {"l": "2021", "x": "2021-12-31", "y": 1255221510}, {"l": "2022", "x": "2022-12-31", "y": 4394776387, "oy": 4394776387, "e": true, "d": 2022, "g": 250.1, "og": 250.1}, {"l": "2023", "x": "2023-12-31", "y": 5348442863, "oy": 5348442863, "e": true, "d": 2023, "g": 21.7, "og": 21.7}, {"l": "2024", "x": "2024-12-31", "y": 6509054964, "oy": 6509054964, "e": true, "d": 2024, "g": 21.7, "og": 21.7}, {"l": "2025", "x": "2025-12-31", "y": 7921519892, "oy": 7921519892, "e": true, "d": 2025, "g": 21.7, "og": 21.7}, {"l": "2026", "x": "2026-12-31", "y": 9640489708, "oy": 9640489708, "e": true, "d": 2026, "g": 21.7, "og": 21.7}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2012", "x": "2012-12-31", "y": 3525535760}, {"l": "2013", "x": "2013-12-31", "y": 1665503640}, {"l": "2014", "x": "2014-12-31", "y": 1275140340}, {"l": "2015", "x": "2015-12-31", "y": 1540361220}, {"l": "2016", "x": "2016-12-31", "y": 1977602560}, {"l": "2017", "x": "2017-12-31", "y": 2125901700}, {"l": "2018", "x": "2018-12-31", "y": 2677364820}, {"l": "2019", "x": "2019-12-31", "y": 3961359090}, {"l": "2020", "x": "2020-12-31", "y": 5117707200}, {"l": "2021", "x": "2021-12-31", "y": 8698065670}, {"l": "2022", "x": "2022-12-31", "y": 8450348639}, {"l": "2023", "x": "2023-12-31", "y": 10284074293}, {"l": "2024", "x": "2024-12-31", "y": 12515718415}, {"l": "2025", "x": "2025-12-31", "y": 15231629311}, {"l": "2026", "x": "2026-12-31", "y": 18536892872}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2012", "x": "2012-12-31", "y": -2036335130}, {"l": "2013", "x": "2013-12-31", "y": 757240480}, {"l": "2014", "x": "2014-12-31", "y": 1714123080}, {"l": "2015", "x": "2015-12-31", "y": 2314690020}, {"l": "2016", "x": "2016-12-31", "y": 2164346280}, {"l": "2017", "x": "2017-12-31", "y": 2912107950}, {"l": "2018", "x": "2018-12-31", "y": 4362658170}, {"l": "2019", "x": "2019-12-31", "y": 4249410750}, {"l": "2020", "x": "2020-12-31", "y": 5522072400}, {"l": "2021", "x": "2021-12-31", "y": 1255221510}, {"l": "2022", "x": "2022-12-31", "y": 4394776387}, {"l": "2023", "x": "2023-12-31", "y": 5348442863}, {"l": "2024", "x": "2024-12-31", "y": 6509054964}, {"l": "2025", "x": "2025-12-31", "y": 7921519892}, {"l": "2026", "x": "2026-12-31", "y": 9228563354}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2022-12-31": 27, "2023-12-31": 28, "2024-12-31": 29, "2025-12-31": 30, "2026-12-31": 31}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2022-12-31	2023-12-31	2024-12-31	2025-12-31	2026-12-31

↳ Growth Rate

Estimated Future Data

Monetary values in CAD amounts except #	2021 Dec 31	LTM Feb 27	2022 Dec 31	2023 Dec 31	2024 Dec 31	2025 Dec 31	2026 Dec 31
Revenue	95,729	123,587	116,503	141,784	172,551	209,994	255,563
Revenue Growth Rate	19.59%	29.1%	21.7%	21.7%	21.7%	21.7%	21.7%
EBITDA	25,700	30,470	29,755	36,212	44,069	53,632	65,271
EBITDA Margin	26.85%	24.65%	25.54%	25.54%	25.54%	25.54%	25.54%
Operating Cash Flow	9,953	10,997	12,845	15,633	19,025	23,153	28,177
Operating Cash Flow to EBITDA	38.73%	36.09%	43.17%	43.17%	43.17%	43.17%	43.17%
Capital Expenditure	8,698	10,581	8,450	10,284	12,516	15,232	18,537
Capital Expenditure to EBITDA	33.84%	34.73%	28.4%	28.4%	28.4%	28.4%	28.4%
Free Cash Flow	1,255	415.9	4,395	5,348	6,509	7,922	9,640
Free Cash Flow to EBITDA	4.88%	1.36%	14.77%	14.77%	14.77%	14.77%	14.77%
Compounded Discount Rate			0%	0%	0%	0%	4.46%
Discounted Free Cash Flow	1,255	415.9	4,395	5,348	6,509	7,922	9,229

Historical Data

Monetary values in CAD amounts except #	Average	LTM Feb 27	2021 Dec 31	2020 Dec 31	2019 Dec 31	2018 Dec 31	2017 Dec 31	2016 Dec 31	2015 Dec 31	2014 Dec 31	2013 Dec 31	2012 Dec 31
Revenue	58,050	123,587	95,729	80,046	88,006	77,470	51,306	32,796	27,534	21,327	22,154	18,600
Revenue Growth Rate	21.7%	29.1%	19.59%	-9.04%	13.6%	51%	56.44%	19.11%	29.11%	-3.73%	19.11%	14.41%
Cost of Revenue	45,799	103,526	80,900	60,446	68,416	62,116	40,742	23,804	19,957	15,234	14,813	13,837
Gross Profit	12,251	20,061	14,829	19,601	19,590	15,355	10,564	8,992	7,577	6,092	7,341	4,763
Gross Margin	23.74%	16.23%	15.49%	24.49%	22.26%	19.82%	20.59%	27.42%	27.52%	28.57%	33.13%	25.61%
EBITDA	14,186	30,470	25,700	19,601	19,590	15,355	10,564	8,992	7,577	6,092	7,341	4,763
EBITDA Margin	25.54%	24.65%	26.85%	24.49%	22.26%	19.82%	20.59%	27.42%	27.52%	28.57%	33.13%	25.61%
Net Income	4,576	11,781	15,659	-170.9	3,642	4,891	1,839	2,218	3,237	3,612	2,255	1,373
Net Income to EBITDA	32.07%	38.66%	60.93%	-0.872%	18.59%	31.85%	17.41%	24.67%	42.72%	59.28%	30.72%	28.82%
Cash from Operating Activities	6,071	10,997	9,953	10,640	8,211	7,040	5,038	4,142	3,855	2,989	2,423	1,489
Cash from Operating Activities to EBITDA	43.17%	36.09%	38.73%	54.28%	41.91%	45.85%	47.69%	46.06%	50.88%	49.07%	33%	31.27%
Capital Expenditure	3,922	10,581	8,698	5,118	3,961	2,677	2,126	1,978	1,540	1,275	1,666	3,526
Capital Expenditure to EBITDA	28.4%	34.73%	33.84%	26.11%	20.22%	17.44%	20.12%	21.99%	20.33%	20.93%	22.69%	74.02%
Free Cash Flow	2,148	415.9	1,255	5,522	4,249	4,363	2,912	2,164	2,315	1,714	757.2	-2,036
Free Cash Flow to EBITDA	14.77%	1.36%	4.88%	28.17%	21.69%	28.41%	27.57%	24.07%	30.55%	28.14%	10.32%	-42.75%