Loading...

Discounted Cash Flow (DCF) Analysis Unlevered


Transocean Ltd (Switzerland)

Transocean Ltd (Switzerland) (RIG)

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 9,249.009,185.187,385.804,161.162,973.153,018.052,468.762,019.451,651.911,351.261,105.33
Revenue (%)
EBITDA 3,358.31-135.022,379.712,187.11-1,709.86-329.87210.59172.26140.91115.2694.28
EBITDA (%)
EBIT 2,249.36-1,263.881,416.601,294.12-2,541.75-1,147.76-257.99-211.03-172.62-141.21-115.51
EBIT (%)
Depreciation 1,108.961,128.86963.11892.99831.89817.89468.57383.29313.53256.47209.79
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 3,242.702,749.122,678.833,517.853,434.882,711.111,609.391,316.481,076.88880.89720.57
Total Cash (%)
Account Receivables 2,111.552,084.121,342.74833.06596.12603.91509.31416.61340.79278.76228.03
Account Receivables (%)
Inventories 737.15818.40627.05560.92418.02474.13282.18230.82188.81154.45126.34
Inventories (%)
Accounts Payable 1,106.18784.41454.97205.98200.98268.91194.54159.13130.17106.4887.10
Accounts Payable (%)
Capital Expenditure -2,238.26-2,164.95-2,000.81-1,344.06-497.11-184.10-534.73-437.41-357.80-292.68-239.41
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 5.32
Diluted Shares Outstanding 468.00
Cost of Debt
Tax Rate -12.90
After-tax Cost of Debt 0.69
Risk-Free Rate
Market Risk Premium
Cost of Equity 17.13
Total Debt 9,605.00
Total Equity 2,489.76
Total Capital 12,094.76
Debt Weighting 79.41
Equity Weighting 20.59
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 9,249.009,185.187,385.804,161.162,973.153,018.052,468.762,019.451,651.911,351.261,105.33
EBITDA 3,358.31-135.022,379.712,187.11-1,709.86-329.87210.59172.26140.91115.2694.28
EBIT 2,249.36-1,263.881,416.601,294.12-2,541.75-1,147.76-257.99-211.03-172.62-141.21-115.51
Tax Rate 15.50%-5.27%12.18%12.09%-3.10%-12.90%3.08%3.08%3.08%3.08%3.08%
EBIAT 1,900.81-1,330.441,244.021,137.66-2,620.52-1,295.78-250.03-204.52-167.30-136.85-111.94
Depreciation 1,108.961,128.86963.11892.99831.89817.89468.57383.29313.53256.47209.79
Accounts Receivable -27.43741.38509.67236.95-7.7994.6192.6975.8262.0250.74
Inventories --81.25191.3466.13142.90-56.11191.9651.3642.0134.3628.11
Accounts Payable --321.77-329.45-248.99-4.9967.92-74.37-35.41-28.96-23.69-19.38
Capital Expenditure --73.31-164.13-656.76-846.94-313.01350.63-97.32-79.61-65.12-53.27
UFCF 3,009.76-650.482,646.271,700.70-2,260.72-786.88781.37190.09155.49127.19104.05
WACC
PV UFCF 723.42162.94123.4093.4670.78
SUM PV UFCF 4,284.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.01
Free cash flow (t + 1) 108.21
Terminal Value 2,698.42
Present Value of Terminal Value 1,835.65

Intrinsic Value

Enterprise Value 6,120.26
Net Debt 6,893.89
Equity Value -773.63
Shares Outstanding 468.00
Equity Value Per Share -1.65