Discounted Cash Flow (DCF) Analysis Levered

Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 10,5358,8038,8039,5049,7799,596.999,418.379,243.079,071.038,902.20
Revenue (%)
Operating Cash Flow 3,3322,5292,3942,5562,9002,765.882,714.402,663.882,614.302,565.64
Operating Cash Flow (%)
Capital Expenditure -12,985-11,091-10,769-12,670-13,938-12,426.61-12,195.32-11,968.34-11,745.58-11,526.97
Capital Expenditure (%)
Free Cash Flow -9,653-8,562-8,375-10,114-11,038-9,660.73-9,480.92-9,304.46-9,131.28-8,961.33

Weighted Average Cost Of Capital

Share price $ -
Beta 0
Diluted Shares Outstanding 117
Cost of Debt
Tax Rate 546.15
After-tax Cost of Debt -22.31%
Risk-Free Rate
Market Risk Premium
Cost of Equity 2.460
Total Debt 18,937
Total Equity -
Total Capital 18,937
Debt Weighting 100.00
Equity Weighting 0.00
Wacc

Build Up Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 10,5358,8038,8039,5049,7799,596.999,418.379,243.079,071.038,902.20
Operating Cash Flow 3,3322,5292,3942,5562,9002,765.882,714.402,663.882,614.302,565.64
Capital Expenditure -12,985-11,091-10,769-12,670-13,938-12,426.61-12,195.32-11,968.34-11,745.58-11,526.97
Free Cash Flow -9,653-8,562-8,375-10,114-11,038-9,660.73-9,480.92-9,304.46-9,131.28-8,961.33
WACC
PV LFCF -12,434.98-15,707.98-19,842.48-25,065.21-31,662.61
SUM PV LFCF -104,713.26

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -22.31
Free cash flow (t + 1) -9,319.78
Terminal Value 35,422.96
Present Value of Terminal Value 125,158.19

Intrinsic Value

Enterprise Value 20,444.92
Net Debt 18,072
Equity Value 2,372.92
Shares Outstanding 117
Equity Value Per Share 20.28