Discounted Cash Flow (DCF) Analysis Unlevered

FTS International Inc

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 1,543.30776.60390.79196.6598.9649.7925.06
Revenue (%)
EBITDA 404.1050.7063.9232.1616.198.144.10
EBITDA (%)
EBIT 319.40-39.3030.5515.377.743.891.96
EBIT (%)
Depreciation 84.7090.0033.3716.798.454.252.14
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Total Cash 177.80223.0078.6239.5619.9110.025.04
Total Cash (%)
Account Receivables 158.3077.0039.4219.839.985.022.53
Account Receivables (%)
Inventories 66.6045.5019.8810.005.032.531.27
Inventories (%)
Accounts Payable 101.1036.4021.9611.055.562.801.41
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 1,543.30776.60390.79196.6598.9649.7925.06
EBITDA 404.1050.7063.9232.1616.198.144.10
EBIT 319.40-39.3030.5515.377.743.891.96
Tax Rate 0.77%-1.96%-0.59%-0.59%-0.59%-0.59%-0.59%
EBIAT 316.95-40.0730.7315.467.783.921.97
Depreciation 84.7090.0033.3716.798.454.252.14
Accounts Receivable -81.3037.5819.589.854.962.50
Inventories -21.1025.629.884.972.501.26
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 301.1533.2386.4537.5118.889.504.78
WACC
PV UFCF 110.9345.2321.3810.114.78
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