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
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 | -12.72 | 21.05 | 612.44 | 17,821.67 | 518,597.35 | 15,090,797.32 | 439,130,981.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | -159.79 | 447.68 | 66.52 | 101.33 | 156.50 | -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 | -12.72 | 21.05 | 612.44 | 17,821.67 | 518,597.35 | 15,090,797.32 | 439,130,981.47 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -159.79 | 447.68 | 66.52 | 101.33 | 156.50 | -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 |