Discounted Cash Flow (DCF) Analysis Levered
CyrusOne Inc. (CONE)
$90.36
0.00 (0.00%)
All numbers are in Millions, Currency in USD
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 | 672 | 821.40 | 981.30 | 1,033.50 | 1,205.70 | 1,397.65 | 1,620.15 | 1,878.08 | 2,177.08 | 2,523.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 289.50 | 309.30 | 365.70 | 456.30 | 477.60 | 563.99 | 653.78 | 757.86 | 878.52 | 1,018.38 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -1,406.80 | -1,719.56 | -2,054.30 | -2,163.58 | -2,524.08 | -2,925.91 | -3,391.72 | -3,931.68 | -4,557.60 | -5,283.18 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -1,117.30 | -1,410.26 | -1,688.60 | -1,707.28 | -2,046.48 | -2,361.92 | -2,737.93 | -3,173.81 | -3,679.09 | -4,264.80 |
Weighted Average Cost Of Capital
| Share price | $ 90.36 |
|---|---|
| Beta | 0.384 |
| Diluted Shares Outstanding | 123.90 |
| Cost of Debt | |
| Tax Rate | -24.02 |
| After-tax Cost of Debt | 1.69% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.440 |
| Total Debt | 3,828.60 |
| Total Equity | 11,195.60 |
| Total Capital | 15,024.20 |
| Debt Weighting | 25.48 |
| Equity Weighting | 74.52 |
| 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 | 672 | 821.40 | 981.30 | 1,033.50 | 1,205.70 | 1,397.65 | 1,620.15 | 1,878.08 | 2,177.08 | 2,523.67 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 289.50 | 309.30 | 365.70 | 456.30 | 477.60 | 563.99 | 653.78 | 757.86 | 878.52 | 1,018.38 |
| Capital Expenditure | -1,406.80 | -1,719.56 | -2,054.30 | -2,163.58 | -2,524.08 | -2,925.91 | -3,391.72 | -3,931.68 | -4,557.60 | -5,283.18 |
| Free Cash Flow | -1,117.30 | -1,410.26 | -1,688.60 | -1,707.28 | -2,046.48 | -2,361.92 | -2,737.93 | -3,173.81 | -3,679.09 | -4,264.80 |
| WACC | ||||||||||
| PV LFCF | -2,244.53 | -2,472.54 | -2,723.72 | -3,000.42 | -3,305.22 | |||||
| SUM PV LFCF | -13,746.44 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.23 |
| Free cash flow (t + 1) | -4,350.10 |
| Terminal Value | -134,677.91 |
| Present Value of Terminal Value | -104,375.49 |
Intrinsic Value
| Enterprise Value | -118,121.92 |
|---|---|
| Net Debt | 3,482.30 |
| Equity Value | -121,604.22 |
| Shares Outstanding | 123.90 |
| Equity Value Per Share | -981.47 |