Discounted Cash Flow
Kingsway Corp.
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Audit / VIE / HFCA: Financial-sector DCF: free cash flow for lenders/insurers includes loan principal and deposits, so FCF ≈ 5-10× net income and is not a valuation proxy; the model shows moderate/unstable predictability and the DCF can be 5-40× market cap (lender pattern).
Sourced live via DEF 14A beneficial_ownership (edgartools proxy) for US filers and 20-F risk_factors (“controls X% of voting power” + VIE/HFCA) for foreign ADRs — cached 12h. A concentrated holder can overrule the DCF’s minority-basis assumptions on dividends, issuance, and delisting.
Average annual growth rates
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
| Dividends | — | — | — |
Endpoint CAGR (better for long term trend)
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
Projected growth rate
—
Historical inputs (10 fiscal years)
| YEAR | Sales | Net Income | Free Cash Flow | Net Margin | EPS (diluted) |
|---|---|---|---|---|---|
| 2016 | $127.8m | $293.1k | $-11.7m | 0.2% | $0.02 |
| 2017 | $139.8m (9.4%) | $-11.4m (-4005.9%) | $-17.0m (-44.9%) | -8.2% (-3671.0%) | $-0.73 (-3750.0%) |
| 2018 | $37.7m (-73.0%) | $-22.2m (-94.2%) | $-7.7m (54.7%) | -59.0% (-620.4%) | $-1.41 (-93.2%) |
| 2019 | $43.4m (15.1%) | $-5.0m (77.5%) | $-702.8k (90.9%) | -11.5% (80.5%) | $-0.32 (77.3%) |
| 2020 | $44.4m (2.4%) | $-5.6m (-12.8%) | $1.1m (250.3%) | -12.7% (-10.2%) | $-0.35 (-9.4%) |
| 2021 | $56.7m (27.8%) | $-605.1k (89.3%) | $-4.9m (-561.8%) | -1.1% (91.6%) | $-0.04 (88.6%) |
| 2022 | $67.5m (19.0%) | $17.7m (3020.6%) | $-29.7m (-509.0%) | 26.2% (2554.7%) | $1.06 (2750.0%) |
| 2023 | $74.7m (10.7%) | $17.0m (-3.8%) | $-19.1m (35.7%) | 22.7% (-13.1%) | $0.91 (-14.2%) |
| 2024 | $79.2m (5.9%) | $-6.8m (-140.2%) | $259.1k (101.4%) | -8.6% (-138.0%) | $-0.35 (-138.5%) |
| 2025 | $97.7m (23.4%) | $-8.6m (-26.1%) | $-1.2m (-552.8%) | -8.8% (-2.2%) | $-0.43 (-22.9%) |
Base FCF: — (latest fiscal year)
Discount rate: % —
Terminal growth: —
Projection period: — years
Alt A decline yrs:
Alt B total yrs:
SEC filings report in CAD. Values above are converted to USD for comparison with the US-listed share price.
Projected cash flows
| Year | Projected cash flow | Discount Factor | Present Value |
|---|
PV of projected FCF: —
Terminal FCF: —
Terminal value: —
PV of terminal value: —
Enterprise value (DCF): —
Net debt deduction: —
Current price: —
—Alternative DCF Models
| Model | Fair Value | Upside | PV(FCFs) | PV(Terminal) | Total Years |
|---|---|---|---|---|---|
| Standard (10yr→TV) | — | — | — | — | 10 + TV |
| Alt A (Gradual Decline) | — | — | — | — | — |
| Alt B (30yr Hard Stop) | — | — | — | N/A | — |
This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.