Discounted Cash Flow (DCF) Analysis Levered

BlackRock Utilities, Infrastructure... (BUI)

$20.47

-0.23 (-1.11%)
All numbers are in Millions, Currency in USD
Stock DCF: 9.43 | 20.47 | 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 54.31-14.3080.8659.17119.89-94.7474.86-59.1546.74-36.93
Revenue (%)
Operating Cash Flow 23.9823.5716.79-2.28-46.8027.06-21.3816.89-13.3510.55
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----27.06-21.3816.89-13.3510.55

Weighted Average Cost Of Capital

Share price $ 20.47
Beta 0.681
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 7.039
Total Debt -
Total Equity 369.41
Total Capital 369.41
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 54.31-14.3080.8659.17119.89-94.7474.86-59.1546.74-36.93
Operating Cash Flow 23.9823.5716.79-2.28-46.8027.06-21.3816.89-13.3510.55
Capital Expenditure ----------
Free Cash Flow -----27.06-21.3816.89-13.3510.55
WACC
PV LFCF 25.28-18.6613.78-10.177.51
SUM PV LFCF 17.73

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.04
Free cash flow (t + 1) 10.76
Terminal Value 213.48
Present Value of Terminal Value 151.93

Intrinsic Value

Enterprise Value 169.66
Net Debt -0.59
Equity Value 170.25
Shares Outstanding 18.05
Equity Value Per Share 9.43