Loading...

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 $ 1,505
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

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%22.48%22.48%22.48%22.48%22.48%
EBIAT 147.31101.88119.03293.14211.68219.51235.67253.02271.64291.63
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 281.51250.32236.57534.64436.86445.96479.48514.77552.65593.33
WACC
PV UFCF 445.96452.42458.31464.28470.33
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.98
Free cash flow (t + 1) 607.99
Terminal Value 30,706.54
Present Value of Terminal Value 22,967.38

Intrinsic Value

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