Discounted Cash Flow (DCF) Analysis Levered

ClearBridge MLP and Midstream Fund ... (CEM)

$32.14

+0.32 (+1.01%)
All numbers are in Millions, Currency in USD
Stock DCF: -73,365,336,371.65 | 32.14 | overvalue

Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 33.68-1.03-121.29-12.7221.05612.4417,821.67518,597.3515,090,797.32439,130,981.47
Revenue (%)
Operating Cash Flow -159.79447.6866.52101.33156.50-54,052.10-1,572,875.85-45,769,517.71-1,331,858,934.29-38,756,104,710.81
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow ------54,052.10-1,572,875.85-45,769,517.71-1,331,858,934.29-38,756,104,710.81

Weighted Average Cost Of Capital

Share price $ 32.14
Beta 2.910
Diluted Shares Outstanding 14.08
Cost of Debt
Tax Rate 9.44
After-tax Cost of Debt -7.90%
Risk-Free Rate
Market Risk Premium
Cost of Equity 16.577
Total Debt 400.83
Total Equity 452.63
Total Capital 853.46
Debt Weighting 46.97
Equity Weighting 53.03
Wacc

Build Up Free Cash Flow

Year
A/P
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
2024
Projected
Revenue 33.68-1.03-121.29-12.7221.05612.4417,821.67518,597.3515,090,797.32439,130,981.47
Operating Cash Flow -159.79447.6866.52101.33156.50-54,052.10-1,572,875.85-45,769,517.71-1,331,858,934.29-38,756,104,710.81
Capital Expenditure ----------
Free Cash Flow ------54,052.10-1,572,875.85-45,769,517.71-1,331,858,934.29-38,756,104,710.81
WACC
PV LFCF -51,439-1,424,473.31-39,447,196.53-1,092,390,644.06-30,251,004,488.86
SUM PV LFCF -31,384,318,241.76

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.08
Free cash flow (t + 1) -39,531,226,805.03
Terminal Value -1,283,481,389,773.60
Present Value of Terminal Value -1,001,818,979,826.04

Intrinsic Value

Enterprise Value -1,033,203,298,067.79
Net Debt 400.83
Equity Value -1,033,203,298,468.62
Shares Outstanding 14.08
Equity Value Per Share -73,365,336,371.65