Discounted Cash Flow (DCF) Analysis Levered
Artesian Resources Corporation (ARTNA)
$50.36
+1.17 (+2.38%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 80.41 | 83.59 | 88.14 | 90.86 | 98.90 | 104.17 | 109.72 | 115.58 | 121.74 | 128.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 29.14 | 18.87 | 20.36 | 31.31 | 24.26 | 29.36 | 30.92 | 32.57 | 34.31 | 36.14 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -49.05 | -40.68 | -34.28 | -40.81 | -48.48 | -50.52 | -53.22 | -56.05 | -59.04 | -62.19 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -19.91 | -21.81 | -13.92 | -9.50 | -24.22 | -21.17 | -22.29 | -23.48 | -24.73 | -26.05 |
Weighted Average Cost Of Capital
| Share price | $ 50.36 |
|---|---|
| Beta | 0.162 |
| Diluted Shares Outstanding | 9.48 |
| Cost of Debt | |
| Tax Rate | 24.62 |
| After-tax Cost of Debt | 3.23% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 4.548 |
| Total Debt | 198.26 |
| Total Equity | 477.46 |
| Total Capital | 675.73 |
| Debt Weighting | 29.34 |
| Equity Weighting | 70.66 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 80.41 | 83.59 | 88.14 | 90.86 | 98.90 | 104.17 | 109.72 | 115.58 | 121.74 | 128.23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 29.14 | 18.87 | 20.36 | 31.31 | 24.26 | 29.36 | 30.92 | 32.57 | 34.31 | 36.14 |
| Capital Expenditure | -49.05 | -40.68 | -34.28 | -40.81 | -48.48 | -50.52 | -53.22 | -56.05 | -59.04 | -62.19 |
| Free Cash Flow | -19.91 | -21.81 | -13.92 | -9.50 | -24.22 | -21.17 | -22.29 | -23.48 | -24.73 | -26.05 |
| WACC | ||||||||||
| PV LFCF | -16.57 | -16.76 | -16.95 | -17.14 | -17.33 | |||||
| SUM PV LFCF | -103.91 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.16 |
| Free cash flow (t + 1) | -26.57 |
| Terminal Value | -1,230.30 |
| Present Value of Terminal Value | -1,003.47 |
Intrinsic Value
| Enterprise Value | -1,107.38 |
|---|---|
| Net Debt | 196.95 |
| Equity Value | -1,304.34 |
| Shares Outstanding | 9.48 |
| Equity Value Per Share | -137.57 |