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Discounted Cash Flow (DCF) Analysis Unlevered


EchoStar Corporation

EchoStar Corporation (SATS)

Technology

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 3,282.453,445.591,848.901,810.451,885.402,091.281,972.501,860.461,754.791,655.121,561.10
Revenue (%)
EBITDA 664.70911.70854.75878.79859.36836.93746.59704.18664.19626.46590.88
EBITDA (%)
EBIT 157.56354.90326.52383.63325.61238.82271.81256.37241.81228.07215.12
EBIT (%)
Depreciation 507.14556.81528.23495.16533.76598.11474.78447.81422.38398.39375.76
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 1,620.551,687.991,536.623,092.973,245.533,210.542,228.922,102.321,982.911,870.281,764.05
Total Cash (%)
Account Receivables 604.30505.12547.28292.57332.77310.35365.90345.12325.51307.02289.58
Account Receivables (%)
Inventories 65.9863.0566.9362.6483.5275.2962.3358.7955.4552.3049.33
Inventories (%)
Accounts Payable 257.02220.86238.32171.45113.12123.18159.38150.33141.79133.73126.14
Accounts Payable (%)
Capital Expenditure -391.92-680.16-809.27-698.29-578.82-477.65-550.92-519.63-490.11-462.27-436.02
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 39.63
Diluted Shares Outstanding 96.74
Cost of Debt
Tax Rate -312.93
After-tax Cost of Debt 15.70
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.94
Total Debt 2,573.20
Total Equity 3,833.85
Total Capital 6,407.05
Debt Weighting 40.16
Equity Weighting 59.84
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 3,282.453,445.591,848.901,810.451,885.402,091.281,972.501,860.461,754.791,655.121,561.10
EBITDA 664.70911.70854.75878.79859.36836.93746.59704.18664.19626.46590.88
EBIT 157.56354.90326.52383.63325.61238.82271.81256.37241.81228.07215.12
Tax Rate 107.23%16.76%25.04%30.85%-262.56%-312.93%-65.93%-65.93%-65.93%-65.93%-65.93%
EBIAT -11.40295.41244.75265.301,180.52986.17451.03425.41401.24378.45356.96
Depreciation 507.14556.81528.23495.16533.76598.11474.78447.81422.38398.39375.76
Accounts Receivable -99.18-42.15254.71-40.2022.43-55.5520.7819.6018.4917.44
Inventories -2.92-3.884.29-20.888.2412.963.543.343.152.97
Accounts Payable --36.1517.46-66.87-58.3310.0536.20-9.05-8.54-8.05-7.60
Capital Expenditure -288.23129.11-110.98-119.47-101.1773.27-31.29-29.51-27.84-26.26
UFCF 495.741,206.40873.52841.601,475.401,523.82992.68857.20808.51762.59719.27
WACC
PV UFCF 868.94656.82542.29447.73369.66
SUM PV UFCF 5,180.22

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 14.24
Free cash flow (t + 1) 748.04
Terminal Value 7,305.10
Present Value of Terminal Value 3,754.36

Intrinsic Value

Enterprise Value 8,934.58
Net Debt -637.34
Equity Value 9,571.92
Shares Outstanding 96.74
Equity Value Per Share 98.94