Discounted Cash Flow (DCF) Analysis Levered
DISH Network Corporation (DISH)
$20.78
+0.27 (+1.32%)
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 | 14,391.38 | 13,621.30 | 12,807.68 | 15,493.44 | 17,881.11 | 19,001.21 | 20,191.47 | 21,456.30 | 22,800.35 | 24,228.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,779.51 | 2,517.84 | 2,662.40 | 3,311.78 | 4,031.25 | 3,895.47 | 4,139.49 | 4,398.79 | 4,674.34 | 4,967.15 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -6,096.45 | -1,316.70 | -1,494.60 | -2,240.05 | -2,086.18 | -3,413.49 | -3,627.31 | -3,854.53 | -4,095.99 | -4,352.57 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -3,316.94 | 1,201.14 | 1,167.80 | 1,071.73 | 1,945.07 | 481.99 | 512.18 | 544.26 | 578.36 | 614.59 |
Weighted Average Cost Of Capital
| Share price | $ 20.78 |
|---|---|
| Beta | 1.996 |
| Diluted Shares Outstanding | 636.44 |
| Cost of Debt | |
| Tax Rate | 25.11 |
| After-tax Cost of Debt | 0.05% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 12.208 |
| Total Debt | 22,870.41 |
| Total Equity | 13,225.22 |
| Total Capital | 36,095.63 |
| Debt Weighting | 63.36 |
| Equity Weighting | 36.64 |
| 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 | 14,391.38 | 13,621.30 | 12,807.68 | 15,493.44 | 17,881.11 | 19,001.21 | 20,191.47 | 21,456.30 | 22,800.35 | 24,228.60 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,779.51 | 2,517.84 | 2,662.40 | 3,311.78 | 4,031.25 | 3,895.47 | 4,139.49 | 4,398.79 | 4,674.34 | 4,967.15 |
| Capital Expenditure | -6,096.45 | -1,316.70 | -1,494.60 | -2,240.05 | -2,086.18 | -3,413.49 | -3,627.31 | -3,854.53 | -4,095.99 | -4,352.57 |
| Free Cash Flow | -3,316.94 | 1,201.14 | 1,167.80 | 1,071.73 | 1,945.07 | 481.99 | 512.18 | 544.26 | 578.36 | 614.59 |
| WACC | ||||||||||
| PV LFCF | 461.19 | 468.93 | 476.80 | 484.80 | 492.94 | |||||
| SUM PV LFCF | 2,384.65 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 4.51 |
| Free cash flow (t + 1) | 626.88 |
| Terminal Value | 24,975.18 |
| Present Value of Terminal Value | 20,031.77 |
Intrinsic Value
| Enterprise Value | 22,416.42 |
|---|---|
| Net Debt | 20,442.22 |
| Equity Value | 1,974.20 |
| Shares Outstanding | 636.44 |
| Equity Value Per Share | 3.10 |