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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Cable One Inc.

Cable One Inc. (CABO)

$1776
-59.77 (-3.26%)

Operating Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 814.81807.23819.58959.981,072.201,167.841,257.421,353.861,457.701,569.51
Revenue (%)
EBITDA 372.21302.39332.01420.76469.84531.72538.17579.45623.90671.75
EBITDA (%)
EBIT 238.01161.77188.18235.96267.94310.41310.83334.67360.34387.98
EBIT (%)
Depreciation 134.20140.62143.84184.80201.90221.31227.34244.78263.55283.77
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 6.44-138.02161.76264.08125.31175.66189.13203.64219.26
Total Cash (%)
Account Receivables 29.7434.7137.0551.1729.9138.4250.0553.8858.0262.47
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 71.4695.2582.70117.9894.14136.99133.03143.24154.22166.05
Accounts Payable (%)
Capital Expenditure -175.84156.12125.56179.32217.76262.30156.17168.15181.05194.93
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,776
Diluted Shares Outstanding 5.74
Cost of Debt
Tax Rate 23.62
After-tax Cost of Debt -1.13
Risk-Free Rate
Market Risk Premium
Cost of Equity 5.96
Total Debt 1,711.94
Total Equity 10,190.43
Total Capital 11,902.37
Debt Weighting 14.38
Equity Weighting 85.62
Wacc

Build Up Free Cash

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 814.81807.23819.58959.981,072.201,167.841,257.421,353.861,457.701,569.51
EBITDA 372.21302.39332.01420.76469.84531.72538.17579.45623.90671.75
EBIT 238.01161.77188.18235.96267.94310.41310.83334.67360.34387.98
Tax Rate 38.11%38.78%39.34%-23.30%22.28%23.62%23.14%23.14%23.14%23.14%
EBIAT 147.3199.04114.15290.95208.25237.09238.92257.24276.97298.21
Depreciation 134.20140.62143.84184.80201.90221.31227.34244.78263.55283.77
Accounts Receivable --4.97-2.33-14.1221.25-8.51-11.62-3.84-4.13-4.45
Inventories ----------
Accounts Payable -23.79-12.5635.29-23.8442.85-3.9510.2010.9911.83
Capital Expenditure --331.9630.56-53.76-38.44-44.53106.13-11.98-12.90-13.89
UFCF 281.51-73.47273.65443.14369.12448.20556.81496.41534.48575.47
WACC
PV UFCF 472.17398.44406.05413.82
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.65
Free cash flow (t + 1) 590.85
Terminal Value 35,809.15
Present Value of Terminal Value 27,204.86

Intrinsic Value

Enterprise Value -
Net Debt 1,586.63
Equity Value -
Shares Outstanding 5.74
Equity Value Per Share -