Loading...

Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


EchoStar Corporation

EchoStar Corporation (SATS)

$24.675
0.095 (+0.39%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 3,282.453,445.593,143.763,056.671,885.362,091.241,762.501,616.561,482.711,359.941,247.34
Revenue (%)
EBITDA 610.54884.83884.34859.54730.20789.44624.28490.63450.00412.74378.57
EBITDA (%)
EBIT 103.40328.02356.19364.36196.27183.4036.13132.07121.14111.11101.91
EBIT (%)
Depreciation 507.14556.81528.15495.18533.93606.04588.14358.55328.86301.63276.66
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Projected
2014
Projected
2015
Projected
2016
Projected
2017
Projected
2018
Projected
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 1,620.551,687.991,536.673,093.663,245.643,210.472,460.091,648.251,511.771,386.601,271.79
Total Cash (%)
Account Receivables 159.20163.32179.19209.69196.83201.18196.69123.18112.98103.6395.05
Account Receivables (%)
Inventories 65.9863.0566.9672.4483.5275.2848.1244.1340.4837.1334.05
Inventories (%)
Accounts Payable 201.54188.13213.78189.82108.41121.50124.0899.7491.4883.9176.96
Accounts Payable (%)
Capital Expenditure 433.61723.57812.66722.29583.14555.22418.59380.86349.33320.40293.87
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 24.675
Diluted Shares Outstanding 96.74
Cost of Debt
Tax Rate 69.29
After-tax Cost of Debt -3.41
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.51
Total Debt 0.49
Total Equity 2,387.01
Total Capital 2,387.50
Debt Weighting 0.02
Equity Weighting 99.98
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 3,282.453,445.593,143.763,056.671,885.362,091.241,762.501,616.561,482.711,359.941,247.34
EBITDA 610.54884.83884.34859.54730.20789.44624.28490.63450.00412.74378.57
EBIT 103.40328.02356.19364.36196.27183.4036.13132.07121.14111.11101.91
Tax Rate 107.42%14.28%30.79%37.27%-289.86%-408.48%69.29%-62.76%-62.76%-62.76%-62.76%
EBIAT -7.67281.19246.53228.55765.15932.5611.10214.96197.16180.83165.86
Depreciation 507.14556.81528.15495.18533.93606.04588.14358.55328.86301.63276.66
Accounts Receivable --4.12-15.87-30.4912.86-4.354.4873.5110.209.358.58
Inventories -2.92-3.91-5.48-11.088.2427.173.983.653.353.07
Accounts Payable --13.4125.65-23.96-81.4113.092.58-24.34-8.26-7.57-6.95
Capital Expenditure --289.96-89.0990.37139.1527.92136.6337.7331.5428.9226.53
UFCF 499.47533.42691.46754.171,358.601,583.50770.10664.40563.15516.52473.76
WACC
PV UFCF 564.27440.78372.57314.92
SUM PV UFCF 5,343.34

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.51
Free cash flow (t + 1) 492.71
Terminal Value 10,924.76
Present Value of Terminal Value 7,262.12

Intrinsic Value

Enterprise Value 12,605.45
Net Debt -2,459.60
Equity Value 15,065.06
Shares Outstanding 96.74
Equity Value Per Share 155.73