Discounted Cash Flow (DCF) Analysis Levered

BlackRock Utilities, Infrastructure... (BUI)

$22.34

+0.40 (+1.82%)

All numbers are in Millions, Currency in USD

Stock DCF: 30.50 | 22.34 | undervalue

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	54.31	-14.30	80.86	59.17	119.89	-94.74	74.86	-59.15	46.74	-36.93
Revenue (%)
Operating Cash Flow	23.98	23.57	16.79	-2.28	-46.80	27.06	-21.38	16.89	-13.35	10.55
Operating Cash Flow (%)
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Capital Expenditure (%)
Free Cash Flow	-	-	-	-	-	27.06	-21.38	16.89	-13.35	10.55

Weighted Average Cost Of Capital

Share price	$ 22.34
Beta	0.000
Diluted Shares Outstanding	18.05
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	5.00%
Risk-Free Rate
Market Risk Premium
Cost of Equity	3.691
Total Debt	-
Total Equity	403.15
Total Capital	403.15
Debt Weighting	0.00
Equity Weighting	100.00
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	54.31	-14.30	80.86	59.17	119.89	-94.74	74.86	-59.15	46.74	-36.93
Operating Cash Flow	23.98	23.57	16.79	-2.28	-46.80	27.06	-21.38	16.89	-13.35	10.55
Capital Expenditure	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	27.06	-21.38	16.89	-13.35	10.55
WACC
PV LFCF						26.09	-19.89	15.15	-11.55	8.80
SUM PV LFCF										18.61

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	3.69
Free cash flow (t + 1)	10.76
Terminal Value	636.66
Present Value of Terminal Value	531.16

Intrinsic Value

Enterprise Value	549.78
Net Debt	-0.59
Equity Value	550.36
Shares Outstanding	18.05
Equity Value Per Share	30.50