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Discounted Cash Flow (DCF) Analysis Levered


EchoStar Corporation

EchoStar Corporation (SATS)

Technology

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 3,282.453,445.591,848.901,810.451,885.402,091.281,972.501,860.461,754.791,655.121,561.10
Revenue (%)
Operating Cash Flow 450.35840.03776.54803.30726.82734.46651.52614.51579.61546.68515.63
Operating Cash Flow (%)
Capital Expenditure -391.92-680.16-809.27-698.29-578.82-477.65-550.92-519.63-490.11-462.27-436.02
Capital Expenditure (%)
Free Cash Flow 58.43159.88-32.73105.01148.00256.81100.6094.8889.4984.4179.62

Weighted Average Cost Of Capital

Share price $ 39.63
Diluted Shares Outstanding 96.74
Cost of Debt
Tax Rate -312.93
After-tax Cost of Debt 15.70
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.94
Total Debt 2,573.20
Total Equity 3,833.85
Total Capital 6,407.05
Debt Weighting 40.16
Equity Weighting 59.84
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 3,282.453,445.591,848.901,810.451,885.402,091.281,972.501,860.461,754.791,655.121,561.10
Operating Cash Flow 450.35840.03776.54803.30726.82734.46651.52614.51579.61546.68515.63
Capital Expenditure -391.92-680.16-809.27-698.29-578.82-477.65-550.92-519.63-490.11-462.27-436.02
Free Cash Flow 58.43159.88-32.73105.01148.00256.81100.6094.8889.4984.4179.62
WACC
PV LFCF 88.0672.7060.0349.5640.92
SUM PV LFCF 544.97

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.24
Free cash flow (t + 1) 748.04
Terminal Value 7,305.10
Present Value of Terminal Value 3,754.36

Intrinsic Value

Enterprise Value 8,934.58
Net Debt -637.34
Equity Value 9,571.92
Shares Outstanding 96.74
Equity Value Per Share 16.52