Discounted Cash Flow (DCF) Analysis Unlevered
FTS International Inc (FTSI)
$20.12
-0.46 (-2.24%)
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Revenue | 1,543.30 | 776.60 | 390.79 | 196.65 | 98.96 | 49.79 | 25.06 |
|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||
| EBITDA | 404.10 | 50.70 | 63.92 | 32.16 | 16.19 | 8.14 | 4.10 |
| EBITDA (%) | |||||||
| EBIT | 319.40 | -39.30 | 30.55 | 15.37 | 7.74 | 3.89 | 1.96 |
| EBIT (%) | |||||||
| Depreciation | 84.70 | 90.00 | 33.37 | 16.79 | 8.45 | 4.25 | 2.14 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Total Cash | 177.80 | 223.00 | 78.62 | 39.56 | 19.91 | 10.02 | 5.04 |
|---|---|---|---|---|---|---|---|
| Total Cash (%) | |||||||
| Account Receivables | 158.30 | 77.00 | 39.42 | 19.83 | 9.98 | 5.02 | 2.53 |
| Account Receivables (%) | |||||||
| Inventories | 66.60 | 45.50 | 19.88 | 10.00 | 5.03 | 2.53 | 1.27 |
| Inventories (%) | |||||||
| Accounts Payable | 101.10 | 36.40 | 21.96 | 11.05 | 5.56 | 2.80 | 1.41 |
| Accounts Payable (%) | |||||||
| Capital Expenditure | -100.50 | -54.40 | -26.41 | -13.29 | -6.69 | -3.37 | -1.69 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 20.12 |
|---|---|
| Beta | 1.298 |
| Diluted Shares Outstanding | 5.44 |
| Cost of Debt | |
| Tax Rate | -1.96 |
| After-tax Cost of Debt | 5.00% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.794 |
| Total Debt | 485.10 |
| Total Equity | 109.45 |
| Total Capital | 594.55 |
| Debt Weighting | 81.59 |
| Equity Weighting | 18.41 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Projected | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected |
| Revenue | 1,543.30 | 776.60 | 390.79 | 196.65 | 98.96 | 49.79 | 25.06 |
|---|---|---|---|---|---|---|---|
| EBITDA | 404.10 | 50.70 | 63.92 | 32.16 | 16.19 | 8.14 | 4.10 |
| EBIT | 319.40 | -39.30 | 30.55 | 15.37 | 7.74 | 3.89 | 1.96 |
| Tax Rate | 0.77% | -1.96% | -0.59% | -0.59% | -0.59% | -0.59% | -0.59% |
| EBIAT | 316.95 | -40.07 | 30.73 | 15.46 | 7.78 | 3.92 | 1.97 |
| Depreciation | 84.70 | 90.00 | 33.37 | 16.79 | 8.45 | 4.25 | 2.14 |
| Accounts Receivable | - | 81.30 | 37.58 | 19.58 | 9.85 | 4.96 | 2.50 |
| Inventories | - | 21.10 | 25.62 | 9.88 | 4.97 | 2.50 | 1.26 |
| Accounts Payable | - | -64.70 | -14.44 | -10.91 | -5.49 | -2.76 | -1.39 |
| Capital Expenditure | -100.50 | -54.40 | -26.41 | -13.29 | -6.69 | -3.37 | -1.69 |
| UFCF | 301.15 | 33.23 | 86.45 | 37.51 | 18.88 | 9.50 | 4.78 |
| WACC | |||||||
| PV UFCF | 110.93 | 45.23 | 21.38 | 10.11 | 4.78 | ||
| SUM PV UFCF | 140.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.43 |
| Free cash flow (t + 1) | 4.97 |
| Terminal Value | 204.58 |
| Present Value of Terminal Value | 149.81 |
Intrinsic Value
| Enterprise Value | 290.72 |
|---|---|
| Net Debt | 233.90 |
| Equity Value | 56.82 |
| Shares Outstanding | 5.44 |
| Equity Value Per Share | 10.45 |