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

Brookfield Asset Management Inc.

BAM-A.TO (TSX)

Valuation
Brookfield Asset Management Inc. Discounted Free Cash Flow - Perpetuity

"""
    Model: Discounted Free Cash Flow - Perpetuity

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow Model

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

See our [GitHub Model 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,
        "%growth_in_perpetuity": "2.5%",
        "historical_years": 10,
        "projection_years": 5,
        "%revenue_growth_rate": None,
        "%operating_cash_flow_margin": None,
        "%capital_expenditure_margin": None,
    },
    "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)

data.compute({
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%operatingMargin": "income:operatingIncome / income:revenue",
    "%netMargin": "income:netIncome / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

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

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

average_operating_cash_flow_margin = data.average("%operatingCashFlowMargin")
assumptions.set("%operating_cash_flow_margin", average_operating_cash_flow_margin)
# Limit OCF range from 0 to 100% (all revenue converted to OCF)
assumptions.set_bounds(
    "%operating_cash_flow_margin", low=0, high="100%"
)

average_capital_expenditure_margin = data.average("%capitalExpenditureMargin")
assumptions.set("%capital_expenditure_margin", average_capital_expenditure_margin)

# Limit CapEx range from 0 to 90% of OCF Margin
assumptions.set_bounds(
    "%capital_expenditure_margin",
    low=0,
    high=assumptions.get("%operating_cash_flow_margin")*.9
)

data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"""
        income:revenue * 
        {assumptions.get('%operating_cash_flow_margin')}
    """,
    "computedCapitalExpenditure": f"""
        income:revenue * 
        {assumptions.get('%capital_expenditure_margin')}
    """,
    "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
    "%operatingCashFlowMargin": "flow:operatingCashFlow / income:revenue",
    "%capitalExpenditureMargin": "positiveCapitalExpenditure / income:revenue",
    "%freeCashFlowMargin": "flow:freeCashFlow / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculating the Terminal Value
# TV = FCF * (1 + Growth in Perpetuity) / (Discount Rate - Growth in Perpetuity)
discount_rate = assumptions.get("%discount_rate")
growth_in_perpetuity = assumptions.get("%growth_in_perpetuity")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"""
    flow:freeCashFlow:{end_year} *
    (1 + {growth_in_perpetuity}) / ({discount_rate} - {growth_in_perpetuity})
""")

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

# Get the sum between current date and projection years
discounted_free_cash_flow_sum = data.sum("discountedFreeCashFlow:1->*")

# Add all Discounted FCFs and the Discounted Terminal Value to calculate the enterprise value
enterprise_value = discounted_terminal_value + discounted_free_cash_flow_sum

# Equity value is calculated by adding cash and subtracting total debt from the enterprise value
equity_value = data.get(f"{enterprise_value} + balance:cashAndShortTermInvestments -  balance:totalDebt")

stock_value = equity_value / data.get("income:weightedAverageShsOut")

model.set_final_value({
    "value": stock_value,
    "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')}")

model.render_results([
    [terminal_value, "Terminal Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Value", "$"],
    [discounted_free_cash_flow_sum, "Sum of Discounted Free Cash Flow", "$"],
    [enterprise_value, "Enterprise Value", "$"],
    [data.get("balance:cashAndCashEquivalents"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "$"],
    [stock_value, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [average_operating_cash_flow_margin, "Average Cash from Operating Activities Margin", "%"],
    [average_capital_expenditure_margin, "Average Capital Expenditure Margin", "%"],
    [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", "%"],
])

model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow"
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical Values",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow"
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
        "width": "full"
    },
})

# Forecast table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowMargin": "Operating Cash Flow Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowMargin": "Free Cash Flow Margin",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Forecast Data",
        "order": "ascending",
        "include_ltm": False,
        "number_format": "M",
        "width": "full"
    },
})

# 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:operatingIncome": "Operating Income",
        "%operatingMargin": "Operating Margin",
        "income:netIncome": "Net Income",
        "%netMargin": "Net Margin",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowMargin": "Cash from Operating Activities Margin",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureMargin": "Capital Expenditure Margin",
        "flow:freeCashFlow": "Free Cash Flow",
    },
    "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.
    """,

"%growth_in_perpetuity": r"""
        ## Growth in Perpetuity
        
        The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.
    """,

"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.
    """,

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

"%operating_cash_flow_margin": r"""
        ## Operating Cash Flow Margin
        
        `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin`
        
        This margin represents the percentage of revenue used to estimate future Operating Cash Flow.
    """,

"%capital_expenditure_margin": r"""
        ## Capital Expenditure Margin
        
        `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin`
        
        This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.
    """,
})

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 Model

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

See our GitHub Model Documentation

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`	%
Growth In Perpetuity Growth in Perpetuity The rate at which the company's free cash flow is assumed to grow indefinitely. By default, this rate equals the yield of the U.S. 10-Year Treasury Bond.	%
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.	#
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Operating Cash Flow Margin Operating Cash Flow Margin `Projected Operating Cash Flow` = `Projected Revenue` * `Operating Cash Flow Margin` This margin represents the percentage of revenue used to estimate future Operating Cash Flow.	%
Capital Expenditure Margin Capital Expenditure Margin `Projected Free Cash Flow` = `Projected Operating Cash Flow` - `Projected Revenue` * `Capital Expenditure Margin` This margin is used to estimate future capital expenditures as a percentage of revenue, which in turn is subtracted from Operating Cash Flow to calculate Free Cash Flow.	%

Results
Terminal Value	338.6 Bil. CAD
Discounted Terminal Value	261.2 Bil. CAD
Sum of Discounted Free Cash Flow	32.38 Bil. CAD
Enterprise Value	293.6 Bil. CAD
Cash and Equivalents	15.63 Bil. CAD
Total Debt	282.7 Bil. CAD
Equity Value	26.49 Bil. CAD
Shares Outstanding	1.61 Bil. CAD
Estimated Value per Share	16.44 CAD
Yield of the U.S. 10 Year Treasury Note	4.02%
Average Cash from Operating Activities Margin	10.95%
Average Capital Expenditure Margin	7.29%
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	49.41%

Historical Values

Monetary values in CAD

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"2022-12-31", "y": 12757028135, "oy": 12757028135, "e": true, "d": 2022, "g": 28.17, "og": 28.17}, {"l": "2023", "x": "2023-12-31", "y": 15525303241, "oy": 15525303241, "e": true, "d": 2023, "g": 21.7, "og": 21.7}, {"l": "2024", "x": "2024-12-31", "y": 18894294044, "oy": 18894294044, "e": true, "d": 2024, "g": 21.7, "og": 21.7}, {"l": "2025", "x": "2025-12-31", "y": 22994355852, "oy": 22994355852, "e": true, "d": 2025, "g": 21.7, "og": 21.7}, {"l": "2026", "x": "2026-12-31", "y": 27984131071, "oy": 27984131071, "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": 4260497889, "oy": 4260497889, "e": true, "d": 2022, "g": 239.4, "og": 239.4}, {"l": "2023", "x": "2023-12-31", "y": 5185025931, "oy": 5185025931, "e": true, "d": 2023, "g": 21.7, "og": 21.7}, {"l": "2024", "x": "2024-12-31", "y": 6310176558, "oy": 6310176558, "e": true, "d": 2024, "g": 21.7, "og": 21.7}, {"l": "2025", "x": "2025-12-31", "y": 7679484872, "oy": 7679484872, "e": true, "d": 2025, "g": 21.7, "og": 21.7}, {"l": "2026", "x": "2026-12-31", "y": 9345933089, "oy": 9345933089, "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": 8496530245}, {"l": "2023", "x": "2023-12-31", "y": 10340277309}, {"l": "2024", "x": "2024-12-31", "y": 12584117485}, {"l": "2025", "x": "2025-12-31", "y": 15314870979}, {"l": "2026", "x": "2026-12-31", "y": 18638197982}], "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": 4260497889}, {"l": "2023", "x": "2023-12-31", "y": 5185025931}, {"l": "2024", "x": "2024-12-31", "y": 6310176558}, {"l": "2025", "x": "2025-12-31", "y": 7679484872}, {"l": "2026", "x": "2026-12-31", "y": 8946592780}], "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

Forecast Data

Monetary values in CAD amounts except #	2021 Dec 31	2022 Dec 31	2023 Dec 31	2024 Dec 31	2025 Dec 31	2026 Dec 31
Revenue	95,729	116,503	141,784	172,551	209,994	255,563
Revenue Growth Rate	19.59%	21.7%	21.7%	21.7%	21.7%	21.7%
Operating Cash Flow	9,953	12,757	15,525	18,894	22,994	27,984
Operating Cash Flow Margin	10.4%	10.95%	10.95%	10.95%	10.95%	10.95%
Capital Expenditure	8,698	8,497	10,340	12,584	15,315	18,638
Capital Expenditure Margin	9.09%	7.29%	7.29%	7.29%	7.29%	7.29%
Free Cash Flow	1,255	4,260	5,185	6,310	7,679	9,346
Free Cash Flow Margin	1.31%	3.66%	3.66%	3.66%	3.66%	3.66%
Compounded Discount Rate		0%	0%	0%	0%	4.46%
Discounted Free Cash Flow	1,255	4,260	5,185	6,310	7,679	8,947

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%
Operating Income	9,752	20,302	17,563	12,214	13,263	11,122	7,614	6,278	5,234	4,385	5,793	3,507
Operating Margin	18%	16.43%	18.35%	15.26%	15.07%	14.36%	14.84%	19.14%	19.01%	20.56%	26.15%	18.85%
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 Margin	8.43%	9.53%	16.36%	-0.214%	4.14%	6.31%	3.58%	6.76%	11.76%	16.94%	10.18%	7.38%
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 Margin	10.95%	8.9%	10.4%	13.29%	9.33%	9.09%	9.82%	12.63%	14%	14.02%	10.94%	8.01%
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 Margin	7.29%	8.56%	9.09%	6.39%	4.5%	3.46%	4.14%	6.03%	5.59%	5.98%	7.52%	18.95%
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