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Discounted Cash Flow (DCF) Analysis Unlevered


RPC Inc.

RPC Inc. (RES)

Energy

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,861.492,337.471,263.87729.001,595.271,720.981,941.442,190.142,470.692,787.193,144.23
Revenue (%)
EBITDA 493.85634.86124.36-17.64399.78388.60351.98397.07447.94505.32570.05
EBITDA (%)
EBIT 278.11400.88-151.03-238.67233.23221.8348.3454.5361.5269.4078.29
EBIT (%)
Depreciation 215.75233.98275.40221.03166.55166.76303.64342.54386.42435.92491.76
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 8.759.8265.22131.8091.09116.34118.43133.60150.71170.02191.80
Total Cash (%)
Account Receivables 437.08634.62232.17169.20377.92323.54435.85491.69554.67625.72705.88
Account Receivables (%)
Inventories 126.58155.68128.41108.33114.86130.11172.21194.27219.15247.22278.89
Inventories (%)
Accounts Payable 119.14175.3175.8370.57103.53103.43136.09153.53173.20195.38220.41
Accounts Payable (%)
Capital Expenditure -201.60-371.42-167.46-33.97-117.57-242.66-213.95-241.35-272.27-307.15-346.49
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.22
Diluted Shares Outstanding -
Cost of Debt
Tax Rate 20.73
After-tax Cost of Debt -0.99
Risk-Free Rate
Market Risk Premium
Cost of Equity 10.60
Total Debt -
Total Equity -
Total Capital -
Debt Weighting -
Equity Weighting -
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 1,861.492,337.471,263.87729.001,595.271,720.981,941.442,190.142,470.692,787.193,144.23
EBITDA 493.85634.86124.36-17.64399.78388.60351.98397.07447.94505.32570.05
EBIT 278.11400.88-151.03-238.67233.23221.8348.3454.5361.5269.4078.29
Tax Rate 39.59%38.61%34.94%40.99%30.20%20.73%34.18%34.18%34.18%34.18%34.18%
EBIAT 168.00246.11-98.25-140.84162.80175.8431.8235.9040.4945.6851.53
Depreciation 215.75233.98275.40221.03166.55166.76303.64342.54386.42435.92491.76
Accounts Receivable --197.55402.4562.97-208.7254.38-112.31-55.83-62.98-71.05-80.16
Inventories --29.0927.2720.08-6.53-15.25-42.10-22.06-24.89-28.07-31.67
Accounts Payable -56.18-99.48-5.2632.97-0.1032.6617.4319.6722.1925.03
Capital Expenditure -169.83-203.96-133.4983.60125.09-28.7127.4130.9234.8839.35
UFCF 383.75479.45303.4224.49230.66506.72185.00345.38389.62439.54495.84
WACC
PV UFCF -----
SUM PV UFCF -

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) -
Free cash flow (t + 1) 515.67
Terminal Value -
Present Value of Terminal Value -

Intrinsic Value

Enterprise Value -
Net Debt -116.34
Equity Value -
Shares Outstanding -
Equity Value Per Share -