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Discounted Cash Flow (DCF) Analysis Levered


Cable One Inc.

Cable One Inc. (CABO)

Communication Services

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 814.81807.23819.34959.941,072.261,151.171,235.901,326.861,424.521,529.36
Revenue (%)
Operating Cash Flow 205.82252.10257.11324.46407.78367.68394.75423.80454.99488.48
Operating Cash Flow (%)
Capital Expenditure -175.84-160.96-141.58-163.19-214.34-220.56-236.80-254.23-272.94-293.03
Capital Expenditure (%)
Free Cash Flow 29.9991.14115.53161.27193.43147.12157.95169.57182.05195.45

Weighted Average Cost Of Capital

Share price $ 1,505
Diluted Shares Outstanding 5.68
Cost of Debt
Tax Rate 22.28
After-tax Cost of Debt -1.06
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.26
Total Debt 1,142.06
Total Equity 8,554.98
Total Capital 9,697.04
Debt Weighting 11.78
Equity Weighting 88.22
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 814.81807.23819.34959.941,072.261,151.171,235.901,326.861,424.521,529.36
Operating Cash Flow 205.82252.10257.11324.46407.78367.68394.75423.80454.99488.48
Capital Expenditure -175.84-160.96-141.58-163.19-214.34-220.56-236.80-254.23-272.94-293.03
Free Cash Flow 29.9991.14115.53161.27193.43147.12157.95169.57182.05195.45
WACC
PV LFCF 147.12149.04150.98152.94154.93
SUM PV LFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.98
Free cash flow (t + 1) 617.06
Terminal Value 31,164.67
Present Value of Terminal Value 23,310.03

Intrinsic Value

Enterprise Value -
Net Debt 877.96
Equity Value -
Shares Outstanding 5.68
Equity Value Per Share -