Discounted Cash Flow (DCF) Analysis Levered

ClearBridge MLP and Midstream Total... (CTR)

$27.84

-0.38 (-1.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 120,744.67 | 27.84 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue -44.68-11.73-23.62-178.36-584.33-1,914.37-6,271.81-20,547.54-67,317.36
Revenue (%)
Operating Cash Flow 35.3645.3668.29125.331,205.873,950.6512,943.0242,403.61138,921.66
Operating Cash Flow (%)
Capital Expenditure ---------
Capital Expenditure (%)
Free Cash Flow ----1,205.873,950.6512,943.0242,403.61138,921.66

Weighted Average Cost Of Capital

Share price $ 27.84
Beta 1.903
Diluted Shares Outstanding 7.71
Cost of Debt
Tax Rate -3.92
After-tax Cost of Debt 9.05%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.547
Total Debt 45.22
Total Equity 214.55
Total Capital 259.77
Debt Weighting 17.41
Equity Weighting 82.59
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Projected
2022
Projected
2023
Projected
2024
Projected
2025
Projected
Revenue -44.68-11.73-23.62-178.36-584.33-1,914.37-6,271.81-20,547.54-67,317.36
Operating Cash Flow 35.3645.3668.29125.331,205.873,950.6512,943.0242,403.61138,921.66
Capital Expenditure ---------
Free Cash Flow ----1,205.873,950.6512,943.0242,403.61138,921.66
WACC
PV LFCF 1,205.873,529.2610,329.1630,230.6188,476.67
SUM PV LFCF 119,502.92

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 11.94
Free cash flow (t + 1) 141,700.09
Terminal Value 1,425,554.27
Present Value of Terminal Value 811,067.95

Intrinsic Value

Enterprise Value 930,570.87
Net Debt 45.22
Equity Value 930,525.65
Shares Outstanding 7.71
Equity Value Per Share 120,744.67