Discounted Cash Flow (DCF) Analysis Levered

Borr Drilling Limited (BORR)

$3.35

-0.40 (-10.67%)
All numbers are in Millions, Currency in USD
Stock DCF: -661,212,444,569,184,256.00 | 3.35 | overvalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.10164.90334.10307.50245.30101,354.5441,878,280.5817,303,521,155.617,149,573,484,358.472,954,103,997,015,611
Revenue (%)
Operating Cash Flow -32.60-135.20-89-54.80-58.90-6,638,815.53-2,743,065,936.79-1,133,396,567,736.74-468,303,646,123,769.44-193,496,531,766,236,736
Operating Cash Flow (%)
Capital Expenditure -1,057.30-393.60-271.80-42.40-18.90-214,393,537.57-88,584,418,028.46-36,601,845,402,901.20-15,123,371,770,275,614-6,248,766,180,621,059,072
Capital Expenditure (%)
Free Cash Flow -1,089.90-528.80-360.80-97.20-77.80-221,032,353.10-91,327,483,965.25-37,735,241,970,637.94-15,591,675,416,399,384-6,442,262,712,387,295,232

Weighted Average Cost Of Capital

Share price $ 3.35
Beta 3.111
Diluted Shares Outstanding 134.73
Cost of Debt
Tax Rate -5.29
After-tax Cost of Debt 4.85%
Risk-Free Rate
Market Risk Premium
Cost of Equity 18.382
Total Debt 1,915.90
Total Equity 451.33
Total Capital 2,367.23
Debt Weighting 80.93
Equity Weighting 19.07
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 0.10164.90334.10307.50245.30101,354.5441,878,280.5817,303,521,155.617,149,573,484,358.472,954,103,997,015,611
Operating Cash Flow -32.60-135.20-89-54.80-58.90-6,638,815.53-2,743,065,936.79-1,133,396,567,736.74-468,303,646,123,769.44-193,496,531,766,236,736
Capital Expenditure -1,057.30-393.60-271.80-42.40-18.90-214,393,537.57-88,584,418,028.46-36,601,845,402,901.20-15,123,371,770,275,614-6,248,766,180,621,059,072
Free Cash Flow -1,089.90-528.80-360.80-97.20-77.80-221,032,353.10-91,327,483,965.25-37,735,241,970,637.94-15,591,675,416,399,384-6,442,262,712,387,295,232
WACC
PV LFCF -205,745,465.04-79,131,671,915.17-30,434,797,183,828.95-11,705,513,825,283,966-4,502,052,472,579,542,016
SUM PV LFCF -4,513,788,500,539,427,328

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.43
Free cash flow (t + 1) -6,571,107,966,635,041,792
Terminal Value -121,014,879,680,203,374,592
Present Value of Terminal Value -84,568,941,473,869,873,152

Intrinsic Value

Enterprise Value -89,082,729,974,409,281,536
Net Debt 1,881
Equity Value -89,082,729,974,409,281,536
Shares Outstanding 134.73
Equity Value Per Share -661,212,444,569,184,256.00