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Discounted Cash Flow (DCF) Analysis Levered


Bristow Group Inc.

Bristow Group Inc. (BRS)

Energy

Free Cash Flow

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,670.001,859.041,716.081,401.011,445.001,403.101,362.411,322.901,284.531,247.28
Revenue (%)
Operating Cash Flow 231.96253.02116.0111.07-19.9494.4391.6989.0386.4583.94
Operating Cash Flow (%)
Capital Expenditure -628.92-601.96-372.05-135.06-45.95-293.39-284.88-276.62-268.60-260.81
Capital Expenditure (%)
Free Cash Flow -396.96-348.94-256.04-123.99-65.89-198.96-193.19-187.59-182.15-176.86

Weighted Average Cost Of Capital

Share price $ 0.29
Diluted Shares Outstanding 35.00
Cost of Debt
Tax Rate 14.41
After-tax Cost of Debt -0.67
Risk-Free Rate
Market Risk Premium
Cost of Equity 24.52
Total Debt 1,430.00
Total Equity 10.15
Total Capital 1,440.15
Debt Weighting 99.30
Equity Weighting 0.70
Wacc

Build Up Free Cash Flow

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,670.001,859.041,716.081,401.011,445.001,403.101,362.411,322.901,284.531,247.28
Operating Cash Flow 231.96253.02116.0111.07-19.9494.4391.6989.0386.4583.94
Capital Expenditure -628.92-601.96-372.05-135.06-45.95-293.39-284.88-276.62-268.60-260.81
Free Cash Flow -396.96-348.94-256.04-123.99-65.89-198.96-193.19-187.59-182.15-176.86
WACC
PV LFCF -190.54-177.18-164.76-153.21-142.47
SUM PV LFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.42
Free cash flow (t + 1) 106.46
Terminal Value 25,347.87
Present Value of Terminal Value 20,418.46

Intrinsic Value

Enterprise Value -
Net Debt 1,430.00
Equity Value -
Shares Outstanding 35.00
Equity Value Per Share -

Results Levered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
6.42 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.92 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.42 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.92 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.42 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.92 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.42 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
2.92 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
2.42 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell