Discounted Cash Flow (DCF) Analysis Levered

DISH Network Corporation (DISH)

$6.55

-0.88 (-11.84%)
All numbers are in Millions, Currency in USD
Stock DCF: 480.74 | 6.55 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13,621.3012,807.6815,493.4417,881.1116,679.4117,667.1218,713.3319,821.4920,995.2722,238.56
Revenue (%)
Operating Cash Flow 2,517.842,662.403,311.784,031.253,092.103,594.583,807.444,032.914,271.724,524.69
Operating Cash Flow (%)
Capital Expenditure -1,316.70-1,494.60-2,240.05-2,086.18-10,918.48-3,990.01-4,226.29-4,476.56-4,741.65-5,022.44
Capital Expenditure (%)
Free Cash Flow 1,201.141,167.801,071.731,945.07-7,826.38-395.43-418.85-443.65-469.93-497.75

Weighted Average Cost Of Capital

Share price $ 6.55
Beta 1.790
Diluted Shares Outstanding 637.29
Cost of Debt
Tax Rate 25.81
After-tax Cost of Debt 0.07%
Risk-Free Rate
Market Risk Premium
Cost of Equity 12.192
Total Debt 24,037.02
Total Equity 4,174.25
Total Capital 28,211.27
Debt Weighting 85.20
Equity Weighting 14.80
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 13,621.3012,807.6815,493.4417,881.1116,679.4117,667.1218,713.3319,821.4920,995.2722,238.56
Operating Cash Flow 2,517.842,662.403,311.784,031.253,092.103,594.583,807.444,032.914,271.724,524.69
Capital Expenditure -1,316.70-1,494.60-2,240.05-2,086.18-10,918.48-3,990.01-4,226.29-4,476.56-4,741.65-5,022.44
Free Cash Flow 1,201.141,167.801,071.731,945.07-7,826.38-395.43-418.85-443.65-469.93-497.75
WACC
PV LFCF -388.21-403.69-419.79-436.53-453.94
SUM PV LFCF -2,102.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 1.86
Free cash flow (t + 1) -507.71
Terminal Value 362,648.99
Present Value of Terminal Value 330,725.83

Intrinsic Value

Enterprise Value 328,623.66
Net Debt 22,251.97
Equity Value 306,371.70
Shares Outstanding 637.29
Equity Value Per Share 480.74