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Discounted Cash Flow (DCF) Analysis Unlevered


Cable One Inc.

Cable One Inc. (CABO)

Communication Services

Operating Data

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 (%)
EBITDA 372.21307.88340.03418.63470.08489.82525.88564.58606.13650.74
EBITDA (%)
EBIT 238.01163.38192.22237.01272.35283.19304.03326.41350.43376.22
EBIT (%)
Depreciation 134.20144.49147.81181.62197.72206.64221.84238.17255.70274.52
Depreciation (%)

Balance Sheet Data

Year
A/P
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 6.44119.23138.06161.75264.10170.14182.67196.11210.54226.04
Total Cash (%)
Account Receivables 29.7434.7133.0229.9529.9241.2144.2547.5051.0054.75
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 71.4695.2582.67117.8894.14119.03127.79137.20147.30158.14
Accounts Payable (%)
Capital Expenditure -175.84-160.96-141.58-163.19-214.34-220.56-236.80-254.23-272.94-293.03
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,272.22
Diluted Shares Outstanding 5.73
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 7,284.68
Total Capital 8,426.74
Debt Weighting 13.55
Equity Weighting 86.45
Wacc

Build Up Free Cash

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
EBITDA 372.21307.88340.03418.63470.08489.82525.88564.58606.13650.74
EBIT 238.01163.38192.22237.01272.35283.19304.03326.41350.43376.22
Tax Rate 38.11%37.64%38.08%-23.68%22.28%24.80%24.80%24.80%24.80%24.80%
EBIAT 147.31101.88119.03293.14211.68212.95228.62245.45263.51282.91
Depreciation 134.20144.49147.81181.62197.72206.64221.84238.17255.70274.52
Accounts Receivable --4.971.693.070.03-11.30-3.03-3.26-3.50-3.75
Inventories ----------
Accounts Payable -23.79-12.5835.21-23.7424.898.769.4110.1010.84
Capital Expenditure --14.87-19.3821.6151.156.2216.2317.4318.7120.09
UFCF 281.51250.32236.57534.64436.86439.40472.43507.20544.53584.61
WACC
PV UFCF 439.40445.94451.92457.97464.11
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.94
Free cash flow (t + 1) 607.99
Terminal Value 31,339.67
Present Value of Terminal Value 23,485.22

Intrinsic Value

Enterprise Value -
Net Debt 877.96
Equity Value -
Shares Outstanding 5.73
Equity Value Per Share -

Results Unlevered DCF

Wacc / Long-term Growth -4 (%)-3 (%)-2 (%)-1 (%)0 (%)1 (%)2 (%)3 (%)4 (%)
7.94 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
7.44 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
6.94 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
6.44 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.94 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
5.44 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.94 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
4.44 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell
3.94 (%) - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell - Sell